Homeowners with GMAC Mortgage may still have opportunities for foreclosure prevention assistance through the Making Home Affordable modification program. Recent questions over foreclosure practices have led many to ask whether servicers were properly reviewing home foreclosure paperwork and offering individuals the opportunity to avoid the loss of their homes through some form of assistance plan.
While there have been admissions that improper procedures may have been used in some cases, homeowners who are struggling to make their monthly mortgage payment do still have options when it comes to modification programs on their home loan.
GMAC Mortgage is still one of the financial servicers that offers the modification plans from the Obama modification program, but there are also alternative mortgage assistance programs which may be available to GMAC homeowners.
Numerous individuals have been able to take advantage of efforts directly from servicers and through extension programs like the unemployment forbearance program offers from the Making Home Affordable Program. While some servicers have been slow to implement these extension plans, homeowners who are struggling with various mortgage troubles like underwater mortgages or suffering financial strain due to factors like unemployment may benefit from these new, extended programs which will hopefully be able to offer assistance which goes beyond regular modifications.
Homeowners with GMAC Mortgage are still having difficulty, as are homeowners with various mortgage servicers across the nation. While troubles remain between servicers and homeowners, it should be understood that homeowners who are having trouble making their monthly mortgage payment should contact their servicer to inquire about these assistance plans. Sadly, homeowners will still likely face foreclosure in certain cases, but with modifications and extensions plan still offered, it’s hoped that more homeowners will find affordable monthly mortgage payment solutions in the coming months.