Foreclosure prevention has been at the forefront of many homeowners’s concern over the past months as numerous individuals face loss of their home for factors related to, most commonly, unemployment. However, servicers like GMAC Mortgage/Ally Financial have been offering homeowners foreclosure prevention assistance through home loan modification programs.
Reports indicate that GMAC Mortgage has seen success over the past months when it comes to home loan modification plans, but there are still homeowners who are facing foreclosure and questions over foreclosure practices with GMAC Mortgage have recently arisen leading to suspensions of foreclosure proceedings.
Homeowners who are having a hard time making their mortgage payments may have various options, though, in order to avoid the loss of their home. Both home loan modifications from the Home Affordable Modification Program and proprietary plans have been said to have helped numerous homeowners who are attempting to find a more affordable monthly mortgage payment.
Homeowners with GMAC Mortgage are, understandably, upset over the recent revelations about foreclosure proceedings and have many either concerned they will lose their home unjustly or have homeowners questioning whether they could have benefited from some form of foreclosure prevention assistance. While it’s believed that the vast majority of homes which were questionably foreclosed upon will be found to have been deserving of foreclosure due to homeowners defaulting, there are still questions over prevention initiatives by servicers like GMAC.
Despite troubles, homeowners may still find assistance from GMAC Mortgage through both governmental home loan modification plans and proprietary mortgage assistance programs as well. There are also extension plans which may help some homeowners avoid the loss of their home, but again, while these foreclosure troubles are being sorted out and corrections are being made, homeowners may still have a tough road to face when it comes to finding more affordable options on their home.