Mortgage modification assistance from GMAC Mortgage is still available through different programs like the Making Home Affordable and alternative modification initiatives. While many homeowners have been upset with servicers like GMAC Mortgage, the housing difficulties that continue to have warranted numerous programs to be altered so that homeowners may find the foreclosure prevention assistance they seek.
GMAC Mortgage has seen increases in the number of permanent modifications they have made within the governmental modification program, but there are also alternative assistance plans offered by a variety of mortgage servicers which may also be helpful to homeowners in need. Modifications have not always been easily obtained by homeowners, but these assistance plans are still offered from GMAC and other top servicers across the nation.
However, homeowners feel that more needs to be done on the part of servicers as there are still problems concerning defaults within these modification programs. Homeowners have still had trouble meeting payments within a modification program, and re-defaulting has become a concern as it seems factors like unemployment or improper implementation of modification programs on the part of lenders are simply making mortgage modifications too costly.
While GMAC Mortgage and other servicers do still offer these modification programs, they are by no means a guarantee to foreclosure prevention for every homeowner. Servicers have made their mistakes and, in certain cases, may have missed opportunities to make modifications available in cases where it would have saved a homeowner’s home, but homeowners are also being prompted to begin working with their servicer as early as possible in order to insure the best chance at getting assistance.
Again, modification programs and services have been imperfect, and homeowners have made mistakes as well, but advisers feel that if a homeowner begins working with their servicer before mortgage payment difficulties get out of hand, they do stand a better chance at either finding foreclosure prevention opportunities, extension programs which may be helpful, or in a worst-case scenario, they may find a foreclosure alternative program which could also be helpful.