Reports from the Obama Making Home Affordable show some positive results for GMAC Mortgage. The pending permanent home loan modifications for March are at 2,776, which is a decrease from February’s pending permanent home loan modification number of 4,388.
However, GMAC Mortgage did see an increase in the number of permanent modifications from February to March, which went from 14,675 to 17,102. This is good news for many struggling homeowners that are looking for help in their mortgage from GMAC.
While there have been problems in the home loan modification program between GMAC Mortgage and homeowners, it appears that more trouble is arising for the housing market as underwater mortgages and unemployment take their toll.
The Obama Administration is looking to open extension plans in the Making Home Affordable Program that would offer principal reductions for underwater homeowners and mortgage forbearance options for unemployed homeowners.
While not all mortgage lenders are on board with these programs, in the coming months it is hoped they will either take part in these plans to assist homeowners or provide alternatives to help struggling homeowners.