GMAC Mortgage Home Loan Modification Program–Are Alternative Mortgage Modifications Available?

Homeowners with GMAC Mortgage have been experiencing similar difficulties concerning their home loan payments as have many other homeowners who are working with a variety of mortgage servicers. Yet, there have been positive results in the Making Home Affordable Program as lenders like GMAC Mortgage have seen increases in the number of permanent home loan modifications they have made.

However, there are homeowners who feel mortgage servicers are not doing all they can to help individuals in need and, as a result, home loan modification requirements and servicer activities need to be changed. While there are many who have been denied a modification from the Making Home Affordable Program, there have been reports that indicate servicers are offering alternative mortgage assistance plans.

GMAC Mortgage is reported to have offered certain homeowners alternative modification plans if they were denied a trial modification or had their trial modification plan canceled within the Making Home Affordable Program. While no mortgage servicer or modification program has been perfect, there is hope that homeowners with servicers like GMAC may find additional assistance through these in-house modification initiatives.

While the criteria that mortgage servicers use to qualify homeowners for in-house modifications will vary from servicer to servicer, it has also been said that more homeowners have been aided through these in-house modification plans than from HAMP. Not all homeowners have had success in dealing with their mortgage servicer, but as more home assistance opportunities arise, it’s hoped that the housing market troubles may abate and more homeowners can avoid foreclosure.