GMAC Mortgage has seen increases in the number of permanent home loan modifications they have made within the Making Home Affordable Program. However, many homeowners who are having difficulty attaining foreclosure prevention assistance often cite the fact that cancellations in trial modifications and permanent modifications are causing a great deal of difficulty.
There are also many commentators who feel the Obama modification program is losing steam and may be unable to offer homeowners the mortgage aid they are seeking due to a variety of factors. While this train of thinking comes from the fact that we are seeing smaller increases in the number of permanent modifications that have been made, there are still increases in modifications each month from servicers like GMAC Mortgage.
However, cancellations and still remain a problem and many homeowners cite the fact that some mortgage servicers are not implementing the modification program in the way it was intended. GMAC Mortgage, as of August, has 4,536 active trial modifications out of 49,781 total trials that have been started. While GMAC Mortgage currently has 31,070 permanent modifications, there are some who feel numbers like these obviously show more success than servicers who have seen more cancellations than mortgage assistance plans that have been offered.
While there are troubles that still remain in the Making Home Affordable Plan, it is hoped that with these continued permanent home loan modification increases from the Making Home Affordable Program and in-house modification initiatives made directly from mortgage servicers, more homeowners may be able to find the help they need to prevent foreclosure.