Recently, news has arisen about GMAC Mortgage and other financial institutions suspending mortgages over questions as to whether the documentation associated with these homes was processed properly. While there are numerous individuals who feel that the majority of cases where homeowners may question the foreclosure practices of these financial institutions will be found that foreclosures were properly conducted, there is a greater question that has arisen as to whether home loan modifications help homeowners with their mortgage payments.
GMAC Mortgage has participated in the home loan modification program implemented by the Obama Administration and has also reportedly been one of the servicers to offer private home loan modifications as well. While there has been success in these areas, as GMAC Mortgage saw a rise in permanent modifications they made within HAMP, homeowners are still having difficulties in many cases as there are reports that state defaults are still a problem.
Also, homeowners continue to face problems concerning foreclosure as some are simply unable to meet their monthly mortgage payment obligation despite having mortgage assistance plans in place. While servicers like GMAC Mortgage may be able to offer assistance in cases where unemployment is a major problem for homeowners, there are those who feel that home loan modifications need to be tailored so that they can aid more homeowners in a fashion that will cut down on the amount of foreclosures that are being seen.
Homeowners with GMAC Mortgage may still qualify for a modification through either HAMP or private plans, but there are also prevention plans like foreclosure alternatives and forbearance options that may be used in some cases. Understandably, modifications are a highly debated matter, but they are still available and have done some good for homeowners in many cases. Yet, with foreclosures still a problem, servicers like GMAC Mortgage may have to retool their modification programs if more homeowners are to avoid the loss of their home through these assistance plans.