GMAC Mortgage Increases Number Of Permanent Home Loan Modifications Made As Of July 2010

GMAC Mortgage has seen increases in the number of permanent home loan modifications they have made as of July 2010. More permanent home loan modifications have been made by a variety of mortgage servicers in the Making Home Affordable Program and, as a result, homeowners are finding the assistance they need to avoid foreclosure on their home.

Recent reports indicate that GMAC Mortgage has made, as of July, 29,636 permanent home loan modifications for homeowners who qualify. This number has increased from June’s report of 27,505 permanent modifications, which many believe to be a positive for not only GMAC Mortgage but the modification program overall.

For instance, earlier this year many mortgage servicers had a very low percentage of homeowners who had been helped through a permanent home loan modification plan. GMAC Mortgage had only made 11,494 permanent home loan modifications as of January 2010, but thanks to prompting by officials and many homeowners, servicers have begun to pick up the pace for permanent modifications.

There have still been complaints and trouble between homeowners and mortgage servicers, as many accuse lenders of not doing all they can to help homeowners avoid foreclosure and overall worries are arising that the modification program is beginning to stall. There are cases where homeowners are simply unable to qualify for a permanent modification on their home loan, but Making Home Affordable extension programs and in-house mortgage assistance options have been made available for distressed homeowners.

Homeowners are still advised to contact their mortgage servicer primarily in order to begin the modification process and set a course for mortgage assistance that would be beneficial for their personal home loan situation. Yet, there is still distrust and animosity that remains between lenders and homeowners, so there are also resources like the Making Home Affordable website and Hotline that can be consulted by homeowners as well.

With increases in permanent home loan modifications, extension programs, and in-house mortgage assistance options, more homeowners are now able to take advantage of foreclosure prevention efforts and find a home loan alternative payment plan that is going to be not only within their financial means, but may also allow them to keep their home through these difficult economic times.