Recent foreclosure revelations have come to light concerning GMAC Mortgage/Ally Financial and the foreclosure processes which were used to usher paperwork through completion. While there have been numerous financial institutions who are suspending foreclosures so that foreclosure proceedings may be reviewed, countless homeowners across the nation have grown more angry with mortgage servicers concerning these suspensions.
Many homeowners with GMAC Mortgage sought out home loan modifications as a way to avoid the loss of their home. Yet, homeowners still face foreclosure despite these foreclosure prevention assistance plans being set in place and this has led many to accuse servicers of not doing all they can to provide affordable mortgage payment solutions to those in trouble.
Homeowners with a variety of mortgage servicers still see foreclosure as highly likely and, as a result, led to some financial institutions’s employees simply signing documentation to process foreclosures without properly reviewing the paperwork. This has led to a wide variety of concerns, like the effects that could be felt on the housing market and homeowners feel that they may have been booted from their home prematurely.
Despite the fact that some analysts believe these foreclosure documents will not be overturned, homeowners are still at odds with many mortgage servicers over the loss of their home. GMAC Mortgage has seen positive results over the past months concerning home loan modifications from the Making Home Affordable Program, but again, there are homeowners who continue to lose their home.
While factors like unemployment remain a driving force behind foreclosures and housing market troubles, homeowners are using these recent foreclosure suspensions and reviews as evidence that mortgage companies were not giving homeowners the opportunity to save their home through assistance plans.
On the other side of this argument, mortgage servicers mentioned that homeowners who face foreclosure, in the majority of cases, had defaulted on their monthly mortgage payments and are likely to be months behind their payment requirements.
Uncertainty over how these foreclosure suspensions will play out in the housing market remains, but homeowners who are still having difficulty with their mortgage payment and feel foreclosure may be inevitable, despite suspensions currently in place, are being advised to consult their servicer about home loan modification plans. GMAC Mortgage still takes part in the Making Home Affordable modification program and numerous servicers also offer in-house assistance options as well.
Sadly though, many homeowners may still face the loss of their home in the coming months, but there are options which homeowners may explore before surrendering to foreclosure.