Homeowners with GMAC Mortgage have been able to take advantage of modification plans made from the Making Home Affordable Program. While there have remained troubles between homeowners and mortgage servicers, GMAC Mortgage has seen an increase in the number of permanent home loan modifications they made over the past months.
While many might see this as a positive, as numerous mortgage servicers have also improved their permanent home loan modification numbers, there are still concerns over cancellations that have been occurring at various areas and points during the modification process. While there have been individuals who were denied a trial modification or who defaulted when they were in a permanent modification status, homeowners have had difficulty when their trial modification was canceled leaving them with no mortgage assistance on their home loan.
However, GMAC Mortgage homeowners may have alternative modification options through in-house mortgage assistance plans. While it has been reported in the August 2010 Making Home Affordable servicer report that GMAC Mortgage had a total of 14,375 trial modification cancellations, as of July 2010, there are other forms of aid for homeowners who may be struggling with their mortgage payment.
While some homeowners have faced foreclosure or bankruptcy, foreclosure alternative plans and alternate prevention options have been made available to certain homeowners. It’s been reported that in-house modifications made directly from mortgage servicers have outnumbered those assistance plans from the Making Home Affordable Program, which gives many homeowners who are denied assistance through HAMP hope that they can find foreclosure prevention efforts in other areas.
Troubles between homeowners and servicers remain, but it’s believed that with increases in the number of permanent modifications through the Making Home Affordable Program and options from mortgage lenders to prevent foreclosure, more homeowners may be able to find the mortgage payment assistance they seek.