The homeowners with J.P. Morgan Chase who may face potential bankruptcy are in a position where there are opportunities to help them avoid such an action and potentially find more affordability on their overall home loan payment, but we have seen that homeowners who are denied mortgage modification assistance from the federal program have seen increases with J.P. Morgan Chase in terms of bankruptcies. While there are numerous other financial institutions who have also seen homeowners struggle with bankruptcy as well, Chase homeowners who are considering this course of action may want to explore other opportunities before turning to bankruptcy as a way to alleviate themselves of financial burdens.
Understandably though, some homeowners are seeing a great deal of hardships arise in their financial lives and this can be even more of a problem when mortgage assistance is not offered from programs like the federal home modification plan. For J.P. Morgan Chase, homeowners whose trial modification was canceled and sought bankruptcy as a result increase between June and July as the cumulative total for this data indicated that there were 797 homeowners in June in this situation, but that number increased to 813 in July. Furthermore, homeowners who were not accepted for a trial modification and faced bankruptcy with J.P. Morgan Chase as a result increased in number from 5,998 to 6,234.
Yet, homeowners may be in a position where alternatives like a short sale or cash for key programs, as well as a deed in lieu of foreclosure plan, may be more helpful and allow them to avoid bankruptcy or even a formal foreclosure as these opportunities to avoid these extreme measures that homeowners may feel they have to take could be seen in a more positive light by financial institutions in the future when it comes to getting lines of credit or even reentering the housing market. Homeowners may want to contact free housing counseling assistance before resigning themselves to foreclosure or bankruptcy, as a J.P. Morgan Chase homeowners among others can potentially benefit from programs not only within the federal modification initiative but from various state mortgage assistance plans, as well as aid directly made available from Chase Bank.
Understandably though, when homeowners are in a difficult financial position where debt is seemingly attacking them from all sides, bankruptcy does hold a certain promise in that some homeowners have been able to avoid foreclosure as a result of filing bankruptcy, restart their financial life in a way that will help them avoid crushing debts, or it has been in the minds of many homeowners the best route for them to take in light of their financial predicaments, but again homeowners do need to remember there are options outside of bankruptcy that can help. While modifications are, once again, not the only option that homeowners have, there are also some creditors may be willing to work with homeowners who are suffering from financial distress like unemployment who can potentially lower credit card payments, allow for more affordable interest rates, or even offer forbearance for a short time so that homeowners may potentially get their finances back in order.