Homeowners with J.P. Morgan Chase who are seeking out mortgage payment assistance may benefit from alternative modifications as there were reports that homeowners who did not qualify for a federal modification with Chase did see increases in the number of alternative modifications in some cases. Typically, homeowners struggle with the federal modification program when it comes to either acquiring a trial modification and making payments in the hopes of getting a permanent modification plan, but there are also occurrences where homeowners see their trial modification canceled as a result of factors such as missed payments, homeowners defaulting once again, or other issues that may prevent homeowners from successfully completing this process.
Yet, when these alternative modifications are being offered, Chase did see mixed results in some areas as homeowners whose modification was canceled did see a decrease in these cumulative totals for alternative modifications offered as the Treasury Department reported a decrease between June and July in this area for Chase from 55,533 to 35,162. However, there was some improvements in the numbers of alternative modifications offered in cases where homeowners were not accepted for a trial modification as these numbers for Chase increased between June and July from 128,320 to 132,712.
Obviously, when homeowners are unsuccessful at getting a trial modification plan these alternatives can be greatly helpful as servicers are in a position to better tailor a modification plan to meet homeowner’s needs but this does not always guarantee success as we have seen some reports that indicate private modifications sometimes see higher levels of default than the federal modification plans, as there are some homeowners who slipped back into a position where they can no longer meet even a modified mortgage payment. It’s because of this that homeowners do need to keep their servicer aware of changes in their income or financial situation so that if deterioration of a homeowner’s income or ability to pay a modified payment as help may be offered still.
Again though, J.P. Morgan Chase does offer more opportunities for homeowners to find affordability and foreclosure prevention than these simple home loan modification plans, so speaking with servicers about alternative programs, extension plans within HAMP or even a state housing agencies initiatives in certain areas could potentially help homeowners when it comes to finding the affordable options they want and need and also avoid the loss of their home through foreclosure.