GMAC Mortgage/Ally financial has been in the news as of late due to questions over foreclosure practices by certain homeowners. While there are concerns that some of these foreclosures were improperly processed, many feel that the vast majority of these cases will be found to have been justifiable foreclosures despite troubles with document processing.
However, homeowners with GMAC Mortgage have been seeking home loan assistance through foreclosure prevention plans like mortgage modifications. Lower monthly mortgage payments have been sought out by homeowners for a variety of reasons, most common of which is unemployment, and according to recent reports from the Making Home Affordable Program, GMAC Mortgage has seen increases in the number of modifications they have offered to homeowners.
While there are still some individuals who are being denied assistance from the Making Home Affordable Program, servicers have also been offering private modification assistance in cases where a homeowner may face default after being denied a home loan modification.
It’s understandable that mortgage servicers like GMAC Mortgage have had a difficult time when it comes to processing the number of mortgage assistance plan requests they have received, but homeowners are still angry over the number of foreclosures that are still occurring. Many question whether mortgage servicers are implementing these modification programs correctly, but mortgage servicers continue to point to the fact that homeowners are still defaulting when home loan modification plans are in place.
These difficulties, which are not confined solely to GMAC Mortgage, have many homeowners asking if perhaps servicers are not to blame, but the modification programs themselves. Many homeowners argue that home loan modification plans could be more affordable so that homeowners who are in an extreme case of financial distress may still be able to avoid the loss of their home until their financial predicament improves.
Again, trouble still remain between servicers and homeowners, but GMAC Mortgage does still offer home loan modifications and other assistance plans as well, which homeowners may take advantage of if they are facing the loss of their home. While foreclosures do still remain a problem, it’s hoped that in the coming months both economic and housing conditions will improve and, with the help of mortgage assistance plans like modifications, foreclosures will begin to abate and more homeowners will find a stable financial ground.