GMAC mortgage saw an increase in the number of permanent home loan modifications they made from the month of July to August 2010. The Making Home Affordable servicer report indicates that numerous financial institutions saw gains in the number of homeowners who were given permanent home loan modification status.
In July, GMAC Mortgage had made 29,636 permanent home modifications, as of the report’s release date. However, the August Making Home Affordable report indicates that GMAC Mortgage had increased those permanent modifications to 31,070. While continued increases in permanent home loan modifications bode well for many homeowners, there are reports that more modifications are being canceled and homeowners are still having difficulty meeting mortgage payments even when assistance plans are offered.
Yet, GMAC Mortgage also saw an increase in the number of trial home loan modifications that are currently in place as the number for July was at 2,777 but increased for the month of August to 4,536.
There are still difficulties that remain for homeowners and criticism toward the Making Home Affordable Program and servicers still continues from troubled homeowners who are not finding the help they need. However, reports have indicated that many mortgage services are also offering in-house home loan modifications to homeowners, which may be outpacing the Making Home Affordable modification plans which have been set in place for many months.
It’s hoped that more homeowners may find the mortgage assistance they need and avoid foreclosure through these modification initiatives since plans may be available from either the Making Home Affordable Program or directly from servicers in the case that a homeowner may not qualify for an Obama Administration modification plan.