GMAC Mortgage Home Loan Modification Options–What Assistance Plans Are Available For Homeowners?

Homeowners with a GMAC Mortgage home loan have, like many other homeowners with various mortgage servicers, come upon difficult financial times over the past months due mainly to factors like unemployment. As a result, GMAC Mortgage has implemented modification plans through the Making Home Affordable Program and, reportedly, have also offered alternative mortgage modification options to homeowners in need.

While mortgage servicers have come under a great deal of criticism from homeowners who have faced foreclosure as a result of not finding home loan mortgage assistance, there are reports that more homeowners are being offered modification plans directly from mortgage servicers than from the Making Home Affordable Program. Yet, there have also been reports that have stated more homeowners have defaulted out of these alternative modification plans than from modifications from the Making Home Affordable Program.

GMAC Mortgage has not escaped criticism from homeowners who are angry over the loss of their home, but it’s understandable that unemployment and mortgage difficulties cause a great deal of strain for many homeowners. However, GMAC Mortgage has seen increases in the number of permanent home loan modifications they have made through the Making Home Affordable Program and, despite complaints over alternative modification plans, there have also been homeowners helped through these initiatives.

There are some who claim in-house modifications or alternative modification plans are not as affordable as those modifications from the Making Home Affordable Program, but there are analysts who say these alternative plans provide homeowners with more options. While GMAC Mortgage has not been perfect in their implementation of modification plans, and this is the case for other mortgage servicers as well, it’s hoped that more homeowners can avoid foreclosure through not only modification plans from the Making Home Affordable Programs but also from these in-house mortgage modification options which may be available to homeowners unable to find the assistance they need through HAMP.