Mortgage services like GMAC Mortgage have offered foreclosure prevention plans to homeowners through home loan modification plans, most notably from the Obama Administration’s Making Home Affordable Program. Yet, there are still homeowners who are facing foreclosure and defaulting on their home loan even when home loan modification plans have been set in place.
These continued troubles for homeowners are said to be resulting from unemployment, and other economic factors, but many feel that mortgage servicers can do more to make home loan modification plans more affordable for homeowners during these difficult financial times. While permanent home loan modifications continue to increase within the Making Home Affordable Program, there have been reports that more homeowners may have been helped through private home loan modifications directly from servicers.
GMAC Mortgage is one of the servicers who has seen increases in the number of permanent home loan modifications from the Making Home Affordable Program, but there are also reports that some homeowners who did not receive assistance through the governmental foreclosure prevention plan may have received alternative assistance directly from servicers like GMAC.
While there are homeowners who continue to have difficulties in their home loan payment predicament and are calling on servicers to do more, it’s hoped that since private and governmental home loan modification programs are still in place and helping homeowners, more foreclosures can be prevented through these efforts.
There are still homeowners who may face the loss of their home through foreclosures or bankruptcy, but as reports indicate foreclosures remain a major problem, it’s hope that over the next few months homeowners will be able to find affordable foreclosure prevention solutions through one of these home loan modification plans.