GMAC Mortgage Makes 17,102 Permanent Home Loan Modifications As Of March 2010

In a report from the Making Home Affordable Program, GMAC Mortgage has made 17,102 permanent home loan modifications as of March 2010.  This number is up from 14,675 permanent home loan modification in February and 11,494 permanent home loan modifications in January.

GMAC Mortgage is currently the top lender in the Making Home Affordable home loan modification program as they have made either a permanent home loan modification or a trial modification for 48% of their homeowners who potentially qualify for a home loan modification.  This percentage is down from 53% in February and 50% in January, however it could be attributed to the rise in delinquent homeowners from February to March.

The Home Loan Modification Program is still working to help struggling homeowners and despite more and more homeowners in need of a loan modification, from some lenders, there have been increases in the number of permanent home loan modifications made by lenders such as GMAC.

However, troubles still remain in the program and homeowners are now facing new problems with underwater mortgages and unemployment, but the Obama Administration has put programs in place to combat these dilemmas as well.