Homeowners who have followed the foreclosure difficulties and suspensions from GMAC Mortgage may question whether homeowner assistance plans are still available. Despite the fact that numerous mortgage servicers have processed a high volume of foreclosure documents without properly reviewing them, mortgage assistance plans like home loan modifications are still available from servicers like GMAC.
GMAC/Ally Financial is still working to review the charges against their foreclosure practices, but homeowners may be comforted to know that mortgage assistance from home loan modifications can still be obtained by homeowners in need. Homeowners who fear they may default on their mortgage or face foreclosure have been advised to contact their servicer, as even financial institutions like GMAC Mortgage can still offer assistance in some cases.
The Making Home Affordable Program has set in place various options for homeowners who are having a difficult time making their mortgage payments and, through servicers like GMAC Mortgage, has seen increases in the number of modifications that have been offered.
While there have been difficulties between servicers and homeowners, with accusations being thrown at GMAC Mortgage over improper practices concerning foreclosures or not offering homeowners modification assistance, many of the nation’s top mortgage institutions have seen increasing amounts of success within their mortgage assistance plans.
Mortgage servicers like GMAC Mortgage have not been perfect in their mortgage assistance implementation plans, but homeowners do still have opportunities to save their home if financial difficulties have arisen. While it’s unlikely that all homeowners who are struggling will be assisted or avoid foreclosure, especially until factors like unemployment began to subside, homeowners are still advised to talk with their mortgage servicer and discuss more affordable payment options which may allow them to avoid the loss of their home.