Homeowners with J.P. Morgan Chase who have fallen into a category where they are either denied a trial modification or have there trial modification canceled may have looked to alternative mortgage modification plans as a way to find affordability on their mortgage payment, but there has been a decrease in these alternative modifications made by Chase according to the most recent reports from the Treasury Department here in September. Information tracked from May to June showed that J.P. Morgan Chase did see a decrease in this particular area of their modification programming when homeowners were denied either a trial modification plan or were not successful at acquiring a permanent modification plan as a result of having their trial canceled.
The most recent data states that Chase currently has a total of over 55,000 alternative modifications that have been made for homeowners whose trial modification was canceled there are also reportedly 128,320 alternative modifications that have been made or are in process after a homeowner was not accepted for trial modification with Chase. These numbers reflect decreases between May and June but homeowners should be aware of alternative payment plans that are still available which may be beneficial for those who are denied assistance from HAMP.
To begin with, some homeowners may request a review if they are denied a home loan modification as those who feel they qualify for this particular program may find that a mistake has been made in terms of paperwork related to their case and this may warrant a second look and could potentially lead to success within a HAMP modification. Yet, J.P. Morgan Chase is one of the servicers that also works within certain programs implemented by states, like the Hardest Hit Fund, and this can be one route that homeowners take as a way to avoid loss of their home through specific programs that may be helpful when it comes to a homeowner’s particular financial position and need.
While there are proprietary plans available from most mortgage servicers, when homeowners find that popular programs like these federal modifications are unavailable, it may benefit them to contact the housing counselor or simply speak with servicer representatives in order to explore options that may still be available in their area or directly from their bank. These reports that show alternative modifications have decreased after homeowners were denied a trial modification or permanent modification plan in HAMP may be disappointing for some, it by no means indicates that there are no alternatives available to homeowners seeking assistance.
Chase does not always offer programs in every state or in all cases that may be helpful for homeowners needs, but most servers are usually in a position where, when foreclosure is preventable and long-term sustainability is achievable, they will offer help from either proprietary plans, extension programs within HAMP, or help homeowners through state initiatives, as simple modification programs be they federal or alternative plans, are not all that homeowners have as a way for more affordable mortgage payments.