The recently released HAMP report for lenders working to make home loan modifications has shown that, through the month of April, that GMAC Mortgage has seen an increase in the number of permanent home loan modifications made. The data, through the month of April, looks to be positive as overall permanent home loan modifications have increased.
However, in terms of GMAC Mortgage, the lender has made 20,471 permanent home loan modifications through April and this number is up from the March data that showed GMAC had made 17,102 permanent home loan modifications.
GMAC Mortgage also has 13,950 trial modification in progress, which is out of a total 23,960 potentially eligible homeowners that may qualify for a home loan modification. These eligible homeowners are those who are more than 60 days delinquent in their mortgage, and fortunately, GMAC’s April report showed a decrease in these homeowners.
There have been many homeowners that are having trouble with lenders in the home loan modification program, but homeowners are still being advised to contact their mortgage lender if they are having trouble making their mortgage payment.
The modification program is not always easy for homeowners, but it’s going to be better to take a difficult road and get an affordable mortgage, rather than face foreclosure.