GMAC Mortgage Home Loan Modification Program Report–Increase In Permanent Modifications In October

Monthly reports from the federal home loan modification program have shown that GMAC Mortgage has seen an increase in the number of permanent home loan modifications they have made for the month of October. Numerous homeowners with a variety of mortgage servicers have attempted to find affordability in their home loan situation through these modification programs, but many feel that these home loan assistance plans have only brought lackluster success.

Yet, positive signs from the Making Home Affordable Program have come in the form of increased permanent modification assistance plans. While it needs to be understood that no mortgage servicer has been perfect in their implementation of these assistance options, there are numerous avenues which homeowners may explore when it comes to finding affordability in their home loan payment.

Yet, when it comes to federal assistance plans through HAMP, GMAC Mortgage saw an increase in their permanent home loan modifications from September to October as they went from 31,932 permanent modifications to 33,012 permanent home loan modifications which are active at the present time.

There have also been indications to suggest that mortgage modifications made directly from mortgage servicers have assisted a greater number of homeowners find the affordability they need to prevent foreclosure, but homeowners still argue that more effort needs to be made on the part of these financial institutions. While it’s understandable that ongoing troubles in the personal lives of many homeowners are making their mortgage payment obligation more difficult, extension plans from the Making Home Affordable Program, alternative modifications, and traditional home loan modification programs are still in place to help homeowners in need.

While homeowners still have trouble with many mortgage servicers, there are advisers suggesting that homeowners who are having trouble making their monthly mortgage payment contact their bank to inquire about assistance options.  Modifications are no guarantee, but homeowners who begin seeking assistance early, before financial troubles get out of hand, are said to stand the best chance when it comes to finding solutions to their mortgage problems.