GMAC Mortgage has had difficulties recently when it comes to foreclosures and documentation processing on these homes. While there are homeowners who are angry over these recent revelations that foreclosures may have been improperly processed, there are those who are still looking for ways to lower their home loan costs through programs like the modification assistance plan.
Homeowners are, understandably, upset when it comes to their mortgage difficulties, which have arisen for a number of reasons. While cutbacks in wages or the loss of employment have caused many homeowners to struggle, those who can benefit from modifications are still reporting difficulties when it comes to dealing with their servicer.
In the Making Home Affordable Program, servicers like GMAC Mortgage have been criticized by homeowners and accused of not doing all they can to prevent foreclosure. While increases in the number of modifications have been reported in both governmental and private modification plans, defaults still remain a problem for many.
Recent troubles with servicers have caused homeowners to accuse lenders even more passionately of simply processing these foreclosures without looking for foreclosure prevention options for homeowners. However, there are those who argue that despite servicers like GMAC Mortgage having made mistakes on certain foreclosure documents, the majority of these foreclosure proceedings will have been just since homeowners would have typically been delinquent on their home loan.
There have also been indications that some homeowners had even defaulted on their mortgage payment when a modification program has been in place. While servicers do still get criticism over this problem as homeowners feel cheaper mortgage modifications could be helpful, there is worry that homeowners with servicers like GMAC mortgage may simply be unable to afford their home due to factors like unemployment.
While mortgage difficulties and foreclosure prevention troubles still remain a problem, GMAC Mortgage and other mortgage lenders in our nation are still offering assistance through the Obama modification plan and private mortgage assistance programs. However, it’s hoped that recent revelations in the foreclosure processes used by some servicers will bring about changes, which will allow more homeowners to avoid the loss of their home through programs like home loan modifications.