GMAC Mortgage has seen a slight increase in the number of permanent home loan modifications they made from August to September, according to the Making Home Affordable Report for September 2010. While there have been servicers who have seen steady increases over the past months, there have been decreases in some cases as more homeowners are having difficulty meeting their mortgage payments even within a modification program.
Yet, some servicers continue to see increases from month-to-month, and GMAC Mortgage did see a rise in the number of permanent modifications they made as their number grew from 31,070 permanent modifications to 31,932 active permanent modifications. The increase came between August and September, but GMAC Mortgage was up for the year as they had only reported 11,494 permanent modifications according to the January 2010 Making Home Affordable Report.
Recently, GMAC Mortgage had difficulties concerning foreclosure documentation questions and held suspensions in various states to review their foreclosure process. While there have been accusations that fraudulent means were used when it comes to processing foreclosures, GMAC Mortgage resumed foreclosure practices and stated that there was no evidence that homeowners had been unfairly evicted from their home.
While homeowners do still struggle with foreclosure, there are various reports that indicate in-house modification plans are helping more homeowners than the Making Home Affordable Program and some servicers are even working within the Making Home Affordable Program through extension plans to address issues like unemployment or underwater home loans.
Servicers often suggest that homeowners who are having trouble making their mortgage payment seek assistance early before mortgage difficulties become insurmountable. While factors like unemployment remain a major problem, homeowners who begin addressing their financial troubles early may have a better opportunity at an affordable payment plan and avoiding foreclosure.