GMAC Mortgage Home Loan Modifications–Are Foreclosure Prevention Plans Helping Homeowners?

GMAC Mortgage saw an increase in the number of home loan modifications they made from July to August according to the August 2010 Making Home Affordable Report. It was reported that GMAC has made 31,070 permanent modifications, as of August 2010, and have 4,536 active trial modifications in place.

Yet, there are troubled homeowners who are still unable to benefit from these foreclosure prevention options and feel that mortgage servicers need to do more. Foreclosure prevention plans have been desperately sought out by many homeowners who have either seen a drastic drop in their household income or who have been unemployed over the past months.

While some homeowners complain that mortgage servicers are doing all they can to prevent homeowners from obtaining mortgage modifications from the Making Home Affordable Program, increases in permanent modifications continue as in-house alternative modifications have been offered by many of the nation’s top mortgage servicers. Homeowners who may not qualify for a Making Home Affordable Program may be able to use in-house alternative modifications as a way to find the foreclosure prevention aid they seek.

However, there are those who say these in-house mortgage modification plans are more costly to homeowners than the Obama Administration’s modification programs, but there are reports that say more homeowners are being helped from these modifications made directly from banks. While no home loan mortgage servicer has been perfect in their implementation of the foreclosure prevention modification plans, it is hoped that struggling homeowners will find the assistance they need from either a Making Home Affordable modification plan or an in-house mortgage assistance program from their servicer.