GMAC Mortgage, along with Citigroup, made either permanent or trial home loan modifications for 50% of their homeowners who potentially qualify for the program. This number puts a lender like GMAC Mortgage ahead of the vast majority of other lenders in the Making Home Affordable Program, but many wonder if their success will continue.
Since November of 2009 GMAC Mortgage has seen an increase in their modification numbers and has made more and more permanent home loan modifications for homeowners who are struggling in their mortgage. The progress like this from other lenders is being looked for but there is a problem with the transition from trial modifications to permanent modifications.
As of the last Making Home Affordable report, for the numbers in January 2010, GMAC Mortgage has 1,352 homeowners in a pending permanent modification state. This number is good but there are many who feel that the rate at which modifications are being made isn’t good enough.
However, GMAC Mortgage, if they continue in the trend they have set over the previous months, may again see an increase in both their trial and permanent modifications. This is going to be good news for those GMAC homeowners who are looking for help in their mortgage.
