J.P. Morgan Chase homeowners may have seen increases in the number of foreclosure starts and completions in some areas after a failed attempt at the home loan modification program has arisen, but there are numerous servicers who are seeing continued foreclosures as homeowners continue to struggle with the requirement of meeting their mortgage payment as a result of either too much debt, unemployment, or some other form of financial distress. However, homeowners do need to be aware of the fact that foreclosure prevention programs are still available to help them avoid foreclosure, but despite the fact that there are multiple avenues which homeowners may explore, there are still some who see that foreclosure may be on the horizon if help is not made available.
While the number of foreclosure starts for Chase decreased, according to Treasury Department program totals for homeowners who had their trial modification canceled, the number of foreclosure completions did increase in this area. According to recent data released in October, the number of foreclosure starts in total for this group of homeowners by J.P. Morgan Chase as of June 2011 stood at 24,067. Yet, in the month of July this total for J.P. Morgan Chase stood at 23,879, which is obviously a decrease in the cumulative totals that are being tracked and may be good news for homeowners facing this potential situation. However, the number of foreclosure completions, which have been on the rise in many areas, did decrease between June and July for J.P. Morgan Chase in the area of homeowners who had their trial modification canceled.
Yet, homeowners who were not accepted for a trial modification with J.P. Morgan Chase saw an increase both in foreclosure starts and completions between June and July as these cumulative totals increased from 68,627 starts in June to 70,452 in July, with the number of foreclosure completions in June coming in at just under 20,000 but the number of completions increasing in July to 21,303.
Homeowners who are struggling with the possibility of foreclosure may need to look at their financial position more closely as some servicers have seen homeowners default even after being offered by the foreclosure prevention programs but it does need to be remembered that these modification plans are not always a sure fix for homeowners who are struggling financially. The importance of proper documentation in terms of income, timely submissions by homeowners, and seeking out assistance from housing counselors if needed cannot be stressed by financial advisers highly enough as homeowners want to reduce any room for error on their part that could either cause the denial of or delay of a home loan modification program.
Yet, homeowners do often have situations where they may not be able to pay on a modified home loan payments because there other financial debts and obligations are beyond their means at the present time, so this is one area where homeowners must make sure that they address their payment problems so that all major debt obligations, like a mortgage, there will be enough funds to meet even a modified payment and potentially avoid foreclosure.