J.P. Morgan Chase homeowners who have filed bankruptcy after unsuccessfully making their way through the Making Home Affordable Program saw increases in this area according to the latest Treasury Department reports, which has been common among some of the larger financial institutions who are working to address the financial assistance needs of numerous homeowners who may find themselves in a variety of different situations after being unable to acquire assistance from HAMP. Yet, homeowners may have opportunities beyond federal modification programs when it comes to finding affordability in their personal financial life and this could pave the way for some to avoid falling into bankruptcy.
Yet, the total number of homeowners for J.P. Morgan Chase who were either in process or had completed bankruptcy increased between May and June for both those whose trial modification was canceled and for homeowners who were not offered a trial modification when they initially applied. The number of homeowners being tracked, in total, that have turned to bankruptcy after J.P. Morgan Chase did not accept them for a trial modification within HAMP did increase by almost 800, but homeowners whose trial modification was canceled only saw an increase in the number of bankruptcies by less than 20.
What this means for homeowners who are struggling financially is that if a modification is denied, alternatives may need to be sought out before turning to extremes like bankruptcy or resigning themselves to foreclosure, as the problem that homeowners may have leading them to bankruptcy could be more in the area of their personal financial life than financial hardships that were outside of their control. As an example, homeowners may simply have over-leveraged themselves in their financial life and could potentially seek out assistance from other creditors, then this may offer them the opportunity to reduce payments on other debts and have enough funds left over to pay their mortgage.
Obviously, when factors like bankruptcy are the result of unemployment or other issues that may have been beyond a homeowner’s control, there are opportunities from Chase and state programs that may be helpful as forbearance opportunities and unemployment assistance programs are available in different areas and may come in the form of plans that range from payment assistance to dischargeable loans, depending on homeowners area and situation.
It’s common sense that homeowners are not guaranteed financial assistance no matter what their position happens to be, but as there are still problems in the housing market and the job market, homeowners need to realize that there are still options available that may help them keep their home as well, despite the fact that their situation may look quite bleak. Talking with servicers or housing counselors approved by the Making Home Affordable Program is usually advisable to homeowners facing financial trouble, but homeowners need to remember that taking these actions early could give them more time when it comes to avoiding the loss of their home or turning to bankruptcy as a result of troubles.