Homeowners who have a mortgage through GMAC may have found assistance through home loan modification plans that have been made through the Making Home Affordable Program. However, there have been difficulties that have arisen between mortgage servicers like GMAC Mortgage and homeowners that have stemmed from difficulties that came about when homeowners have pursued some form of foreclosure prevention.
Yet, there are reports that servicers have been offering in-house modification programs to homeowners who may have either been denied a modification through the Making Home Affordable Program or those who simply chose to work directly with their mortgage servicer initially. While there are still complaints that these in-house modification plans are not as affordable as those from the Making Home Affordable Program, there are reports that more homeowners are being helped through these servicer-direct modifications than from the Obama Administration’s plan.
Some say that homeowners may be able to obtain a lower interest rate on their mortgage, an extended mortgage lifetime, or may simply be offered lower monthly mortgage payments through these in-house initiatives, which mirrors options within the Making Home Affordable Program. While animosity remains between servicers and homeowners, financial institutions like GMAC Mortgage may be able to provide alternative plans for homeowners who are unable to benefit from the Making Home Affordable Program.
While new data that is set to be released in the coming days regarding the Making Home Affordable Program is believed to show increases in the number of permanent modifications that have been made, homeowners may have alternative avenues which can be taken if they need mortgage assistance so that they can avoid the loss of their home. No mortgage servicer has been perfect in assisting homeowners through these modification plans, but it is believed that with extension programs and various modification options, more homeowners can avoid foreclosure in the future.