Homeowners have often been troubled when they were met with either a denial for a home loan modification or a cancellation of their trial period. Despite the fact that servicers like GMAC Mortgage have seen positive results in the Making Home Affordable Program homeowners feel that more needs to be done to prevent these cancellations and assist homeowners who face foreclosure.
Recently, GMAC Mortgage had questions arise as to whether some foreclosures have been properly executed and, as a result, numerous homeowners have been using these suspensions from various servicers as evidence to contradict statements that servicers are doing all they can to help homeowners prevent the loss of their home.
It’s understandable when a homeowner is upset over being denied mortgage assistance through home loan modifications, but homeowners may have alternative options from certain mortgage servicers. GMAC, along with other servicers, offer alternative modification plans to homeowners who may have been denied a modification from the Making Home Affordable Program.
There are still concerns over homeowners who may face foreclosure and questions as to why homeowners are still defaulting even though they are presented with a modification plan, factors like unemployment remain a big problem for servicers like GMAC Mortgage who are dealing with complaints from homeowners over the affordability of modifications.
While there have been questions as to whether documentation for a home loan modification was properly processed by certain lenders, there are increases in modification numbers each month according to reports from the Making Home Affordable Program and private modifications are said to be outpacing governmental modifications.
The troubles that exist between servicers and homeowners continue, but homeowners may have alternative options when it comes to mortgage assistance despite being disqualified from a Making Home Affordable modification. Homeowners with GMAC Mortgage may still face foreclosure in some cases, but it’s hoped that with both private and governmental modifications available, not to mention extension plans, more homeowners will find an affordable mortgage payment solution in the coming months.