GMAC Mortgage Home Loan Defaults–Homeowners Seek Mortgage Modifications From Alternative Plans

Homeowners with GMAC mortgage, along with other mortgage servicers across the nation, continue to have difficulties concerning defaults within a home loan modification plan. There are homeowners who have benefited from mortgage assistance plans from the Making Home Affordable Program and directly from mortgage servicers, but there are still cases where homeowners cannot make their modified payments even within these foreclosure prevention programs.

While GMAC Mortgage did see an increase in the number of permanent modifications they made as of August 2010, there are still homeowners who are defaulting during trial home loan modification plans and even when permanent modifications are set in place. Yet, alternative modification plans have been implemented as a way to assist homeowners who may default or be denied assistance from the Making Home Affordable Program.

Yet, there are reports that indicate more homeowners may be defaulting within these in-house modification programs than the Making Home Affordable modification plan. While unemployment remains a central cause for the defaults and housing troubles, there are concerns over homeowners who are still unable to make their monthly mortgage payment despite modification plans being offered.

Some analysts say that despite homeowners finding assistance through either the Making Home Affordable modification plan or in-house modification plans, there are still some who will simply be unable to continue owning their home. Sadly, there are individuals who have lost their homes even when modifications were offered but it’s hoped that mortgage servicers will be able to begin combating this problem in the near future by finding more affordable home loan payment solutions.