HAMP Helping? J.P. Morgan Chase Increases Monthly Foreclosures
J.P. Morgan Chase has long been one of the country’s top servicers when it came to the implementation of foreclosure prevention schemes since 2009, but that has nonetheless not prevented thousands of Americans facing foreclosures after finding themselves unable to make use of initiatives such as HAMP. While results have been something of a mixed bag, the latest figures suggest that J.P. Morgan have in fact seen an increase in the number of started and completed foreclosures on a month by month basis, reminding homeowners across the country that although HAMP may be available, it in no way guarantees the prevention of foreclosure.
Between the months of May and June this year, Chase saw a marked increase in foreclosure starts for those who had seen their loan modification cancelled of around 160, while total completions in the same category increased by closer to 400. In the case of those not accepted for a trial modification in the first place, starts for the same period rose from 62,922 to 6,627, while completed foreclosures increased from 17,632 to 19,948.
It is therefore once again being pressed that homeowners must realize that the major lenders and servicers are in some cases unable to offer help depending on the circumstances and indeed the area, which is a problem the government has acknowledge and assured improvements on. While the vast majority of foreclosures are indeed fully preventable by a variety of ways and means, it is nonetheless essential to seek advice and assistance from the earliest possible stage in order to keep afloat before the damage becomes irreparable.
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