Chase Homeowners Seeking A Permanent Home Loan Modification See Increases In Latest Data For Successful Homeowners

J.P. Morgan Chase saw an increase in the number of permanent modifications that were currently active according to Treasury Department reports released here in early October, tracking data from the federal Making Home Affordable Program through August and showing results in various areas for different servicers and homeowners. Yet, not all homeowners have been able to benefit from these permanent modification programs, as some have become trapped in active trial modifications or have had their trial modification canceled as a result of the inability to meet payments within this particular program.

However, J.P. Morgan Chase did see a large number of active permanent modifications that were reported by the Treasury Department as in the month of July JP Morgan Chase had 92,932 active permanent modifications but August reports indicated that Chase had 97,384. This is obviously good news for homeowners who are pursuing a trial modification as it indicates this particular servicer is still making strides in the area of active modification programs, even though there have been some complaints as of late that the federal Making Home Affordable initiative has largely been a disappointment to some.

J.P. Morgan Chase has seen some homeowners who are still in a trial modification as there are certain servicers who have had problems transitioning homeowners into a permanent modification or have had a large number of homeowners who did not meet the qualifications needed to qualify for an active permanent modification on their home loan payment. Obviously, homeowners are frustrated when financial difficulties arise to the point where they cannot pay their home loan, but these modification programs, despite criticism, have been able to help a substantial number of homeowners but problems with certain banks and homeowners continue.

While the Treasury Department has called for further action on the part of some financial institutions, with J.P. Morgan Chase being one of the recent banks that it is said to be in need of substantial improvement, there are still opportunities for homeowners to benefit from a modification plan, no matter the servicer. However, some homeowners are having more trouble than others when it comes to dealing with a particular servicer or when it comes to simply finding a solution for their situation and this is where housing counselors can be beneficial as they may guide homeowners through the modification process, better help them understand what the application process will require, and may even help homeowners to explore alternatives available directly from their bank or from their state housing agency if a federal permanent modification is either unavailable for their situation or unhelpful.