GMAC Mortgage Home Loan Modification Plans Cancelled–What Options Do Homeowners Have After Modification?

Homeowners with GMAC Mortgage have attempted to gain home loan assistance through the Making Home Affordable modification program, which has helped numerous homeowners over the past months find a more affordable home loan payment option. However, there have been homeowners who were denied a modification from GMAC and as a result have been left wondering what other options may be available to aid them in their foreclosure prevention efforts.

According to the July Making Home Affordable servicer report, GMAC mortgage offered alternative modification plans for homeowners who either had their trial modification canceled or who were denied a trial modification altogether. The report indicates that 6,455 homeowners received an alternative modification plan from GMAC when their trial modification was canceled and 26,945 homeowners received an alternate modification when they were not accepted for a trial modification.

Reports have indicated that these alternative modification plans have assisted more homeowners than modifications that were made from the Making Home Affordable Program. While there are still troubles that remain between homeowners and mortgage servicers like GMAC Mortgage, it’s hoped that these alternative modification efforts may help more homeowners avoid the loss of their home by providing them with a lower monthly mortgage payment, interest rate, or an extension of their mortgage terms.

Countless homeowners have waged complaints against GMAC Mortgage, but these types of complaints have been levied against every lender in the modification program, but this is understandable when homeowners are frustrated and angry upon being denied modification assistance. However, there may be hope for GMAC homeowners who are denied a modification since these alternative modification plans have benefited certain homeowners and may be available to those who are denied assistance through the Home Affordable Modification Program.