Home loan modifications through the Making Home Affordable Program and directly from servicers have been offered to homeowners in the hopes of preventing foreclosure for many individuals across the nation. Yet, difficulties remain for homeowners with servicers like GMAC Mortgage as foreclosures are still a present threat due to various economic and financial factors.
GMAC Mortgage has participated in the Making Home Affordable Program by providing homeowners with governmental modification plans, but also, there are indications that alternative assistance may be available to homeowners who do not benefit from the Obama Administration’s modification plans. Understandably, homeowners with GMAC Mortgage, like those with other servicers across the nation, have sought to avoid the foreclosure process at all costs through affordable assistance plans.
Yet, GMAC Mortgage has halted foreclosure proceedings in some states in order to review the legality of some actions that were taken against homeowners. Foreclosures have remained a problem for numerous homeowners and, according to the Making Home Affordable Report for August 2010, GMAC Mortgage has completed 4,589 foreclosures through the month of July. Also, it was reported that 13,559 foreclosure starts were in place through the same time period.
However, these numbers for GMAC Mortgage vary from the previous month’s report as the July 2010 HAMP servicer report indicates that, through June, GMAC had completed 3,549 foreclosures, with 12,573 foreclosure starts in place.
It goes without saying that homeowners are seeking any way they can find to avoid the loss of their home through these foreclosure prevention plans, and alternative assistance plans from servicer-direct modification plans have been helpful for some. Also, foreclosure alternative options are still in place, but homeowners feel there is a greater need on the part of mortgage servicers to make these assistance plans more affordable until economic conditions improve and homeowners can return to making their regular home loan payments.