GMAC Mortgage Alternative Modification Programs–Proprietary Modifications May Aid Homeowners Outside Of HAMP

Homeowners with GMAC Mortgage may have alternative modification plans available for their mortgage difficulties if they are unable to find assistance through the Making Home Affordable Program. Numerous homeowners have waged complaints against mortgage servicers, like GMAC, because they have been unable to find the mortgage assistance options they need for their personal home loan situation.

While there have been troubles which have arisen on the part of servicers and many accuse financial institutions of not doing all they can to assist the maximum number of homeowners which may be helped through modifications, low numbers in the Making Home Affordable Program may not take into account proprietary modifications which are being made by financial institutions.

GMAC Mortgage is listed among the financial institutions who are being tracked by HOPE NOW, which has reported that these financial institutions have made a greater number of in-house, alternative home loan modifications to homeowners over the past months than have been offered through the Making Home Affordable Program.

It needs to be understood, though, that homeowners who are in search of a modification program may not be guaranteed foreclosure prevention through these proprietary modifications. While, again, there are indications that more homeowners are being assisted through these home modification plans directly from servicers, there are still defaulting and foreclosure problems that remain even within these in-house initiatives.

Understandably, some homeowners are still angry with their mortgage servicer or may feel that there is no opportunity through these modification efforts, but financial advisers are still prompting homeowners to contact their servicer and inquire about available assistance options. Some may argue that these modifications have been lackluster, but homeowners should know these plans are available and, in some cases, have been helpful to homeowners over the past months.