Mortgage servicers like GMAC Mortgage have continued to offer modification plans to homeowners in the hopes of preventing foreclosure, but homeowner delinquency continues to arise and, as a result, many are continually facing the possibility of foreclosure. While there are certain servicers within the Making Home Affordable Program who have seen increases in the number of permanent home loan modifications they have made this year, homeowners continue to fall behind on their mortgage payments.
As an example of this, GMAC Mortgage still has, according to the September 2010 Making Home Affordable servicer report, 13,610 homeowners who are delinquent on their home loan by 60 days or more. This has necessitated that some of the nation’s top financial institutions do more to offer homeowners the assistance they need in order to avoid the loss of their home by making home loan payments more affordable.
Yet, financial institutions and the Making Home Affordable Program have come under a great deal of criticism by homeowners due to the fact that many have had a difficult time in the modification program. Homeowners who have fallen behind on their mortgage payment obligations have been offered modification plans in some cases, but there are still homeowners who default out of these assistance plans.
It goes without saying that servicers like GMAC Mortgage are said by many homeowners to have been imperfect in their implementation of these mortgage assistance plans, as the plans themselves are deemed by some to be lackluster. Yet, home loan modifications from the Making Home Affordable Program and in-house mortgage assistance plans have helped homeowners avoid the loss of their home over the past months, despite continued complaints and troubles between servicers and homeowners.
Many housing counselors have still suggested that homeowners work with their servicer if problems arise concerning making their mortgage payments, as modification programs and extension plans to address specific homeowner issues are still in place. Numerous financial institutions are still offering these assistance plans, but homeowners are being invited to talk with her servicer early before their financial troubles get out of hand, as these homeowners may find a better opportunity at avoiding foreclosure or qualifying for a foreclosure alternative program.