Many analysts feel that the Making Home Affordable Program is beginning to slow, which could be troubling for homeowners who are having difficulty making their mortgage payments. However, GMAC Mortgage and other top servicers are still offering modification plan, despite a decrease in the number of homeowners which are being offered assistance plans from month-to-month.
While there are still difficulties that remain within the modification program and personal financial problems for numerous homeowners, GMAC Mortgage did see an increase in the number of trial modifications that are currently active according to the September 2010 Making Home Affordable Servicer Report.
From August to September, GMAC Mortgage reportedly saw an increase in active trial modifications from 4,536 to 4,922. There were numerous servicers who did see decreases in the number of active trial modifications, but there are assistance plans still being offered and the total number of permanent modifications that were made from August to September did increase as well.
Questions over foreclosure practices have led many homeowners to believe that mortgage servicers are not offering mortgage modification plans at a rate which is helpful for the housing market. Some homeowners have accused servicers of foreclosing on their home without offering them the opportunity for a home loan modification in spite of homeowners having the opportunity to receive assistance from either the Making Home Affordable Program or in-house modification plans directly from servicers, in some instances.
While GMAC Mortgage and other servicers have still come under a heavy amount of criticism from homeowners, there are mortgage modification opportunities that remain for homeowners who may have seen a setback in their personal financial life and can no longer meet their mortgage payment. These modifications are no guarantee, as some homeowners still default despite having assistance plans in place, but homeowners are still being advised to contact their servicer early before mortgage difficulties become too problematic.