The total number of offers that have been extended and trial modifications that have been begun by JP Morgan Chase saw improvements between July and August according to the most recent information we have concerning the federal home loan modification program, which may be beneficial news to homeowners who are currently looking for mortgage payment assistance from this particular program. Yet, homeowners do need to understand that simply because a trial modification is offered does not necessarily mean that all homeowners have benefited from this particular type of plan but for many homeowners with not only J.P. Morgan Chase but others as well, this is where foreclosure prevention starting point has often been.
Understandably though, homeowners do have options that may come from state plans or directly from their mortgage servicer, but it is helpful to know that there are still trial plans being started for homeowners facing financial setbacks. Chase did see increases in both the areas of offers extended and trials started as the trial modification plans that were offered improved by almost 6,000 between July and August, with the number of trials started increasing from 261,188 to 272,122. Again though, there have been some problems that homeowners have seen not only with J.P. Morgan Chase but with other banks as well, and it’s because of this that homeowners need to be aware of what issues may arise.
Homeowners who do get one of these trial plans will either successfully complete this phase of the program or, in some cases, some may stumble and miss payments or default once again, which would obviously necessitate that there is a need for an alternative plan to help their financial situation to a point where their mortgage is more affordable. If homeowners are seeing that factors like unemployment or other debts in their life are hindering them from taking advantage of one of these modifications, it will be important to address these issues early as homeowners may be able to benefit from unemployment mortgage assistance or counseling and aid from either nonprofit organizations or their creditors so that other debts do not hinder their ability to make a modified payment.
Understandably though, homeowners are still in a position where a great deal of uncertainty and financial hardships have arisen, so when we come to the point where a trial modification, like these with J.P. Morgan Chase, may be offered to a homeowner, it should be done early when a homeowner has first begun to have problems rather than after financial setbacks have already occurred. Again, these modification programs are no guarantee but homeowners may stand a better likelihood of finding solutions to their mortgage payment problems if you do not wait too long to seek out assistance as, in cases where a traditional modification may not help, homeowners will want to give themselves more time and more of a safety net in terms of their personal finances and savings, so that they can look into other plans without seeing areas of their life drastically suffer financially.
