GMAC Home Loan Modification Programs–Are Homeowners Finding Aid From In-House Plans Or HAMP?

Foreclosure troubles have plagued many homeowners who have attempted to gain a more affordable home loan payment through modifications from servicers like GMAC Mortgage. Recently, news broke that GMAC had suspended foreclosures in certain states over questions concerning the validity or legality of these foreclosure proceedings.

There were reports that representatives from certain mortgage servicers simply signed foreclosure documents without reviewing them or checking to make sure homeowners were offered foreclosure prevention assistance from programs like modifications. Despite the fact that GMAC Mortgage is reported to have seen success and modification areas that range from the Making Home Affordable program to private modification plans, homeowners are understandably upset over this foreclosure revelation.

Antagonistic feelings have been present between mortgage servicers and homeowners since the home loan modification program’s inception, but this question over foreclosures that have been made in numerous states across the nation has only fueled the fire of homeowners who say that mortgage servicers are not doing all they can to assist homeowners in need.

While there are critics who say home loan modification programs directly from mortgage servicers are more expensive that those from HAMP and also point out the fact that homeowners in both the Making Home Affordable Program and these in-house modification plans continue to default and face foreclosure, servicers argue that there have been increased numbers in terms of homeowners who have received permanent mortgage assistance.

Homeowners with GMAC Mortgage are still able to qualify for a Making Home Affordable modification program or in-house assistance directly from GMAC, but there are still calls from homeowners who feel more affordable, long-term mortgage assistance solutions need to be presented since, again, defaults and foreclosures remain a present problem.