Homeowners with GMAC Mortgage have been offered various modification opportunities through both the Making Home Affordable Program and, in some cases, in-house home loan assistance plans. However, there have been trouble in the lives of many homeowners which have prevented them from taking advantage of these foreclosure prevention plans and, as a result, they have faced the loss of their homes through foreclosure.
Yet, homeowners with GMAC Mortgage do have short sale and deed in lieu of foreclosure opportunities through foreclosure alternative programs, which may be beneficial for homeowners in certain instances. According to the Making Home Affordable servicer report, GMAC Mortgage is one of the largest servicers to offer short sale or deed in lieu of foreclosure opportunities.
The September 2010 report, which tracks data through August, stated that GMAC Mortgage made 480 short sale or deed in lieu of foreclosure plans available to homeowners who had their trial modification canceled and 3,524 short sale or deed in lieu of foreclosure plans for homeowners who were not accepted into a trial modification program.
It’s understandable that homeowners who are dealing with their servicer to find mortgage options obviously want a foreclosure prevention program that is both affordable and allows them to avoid defaulting or the loss of their home. Yet, troubles within the modification program and factors like unemployment have prevented numerous homeowners from keeping their home, but these foreclosure alternative plans have been beneficial in some ways as they can help homeowners get back on their feet faster.
While a formal foreclosure proceeding can be a difficult stain to erase from a homeowner’s credit history, it’s believed that these foreclosure alternative options are not only viewed more favorably by some lenders, but they may offer a homeowner the opportunity to reenter the housing market sooner once they get back to a more stable financial situation.