Homeowners are continuing to fall behind on their mortgage payments and, for numerous servicers in the Making Home Affordable Program, this still remains a problem. As an example, GMAC Mortgage is one of the mortgage lenders who has seen an increase in the number of homeowners who are delinquent on their home loan for 60 days or more.
There are numerous factors that have caused homeowners to fall behind on their mortgage obligations, but there is a call for mortgage servicers to begin upping their mortgage modification efforts to help homeowners prevent foreclosure. Obviously, not all homeowners will be able to avoid the loss of their home through these home loan modification efforts, which are being implemented by services like GMAC Mortgage, among others, yet there are those who feel more can be done.
According to data from the Making Home Affordable Program, GMAC Mortgage had 13,610 homeowners who were delinquent on their home loan as of August 2010. This number increased to 16,192 homeowners for the month of September, and increases in delinquency, again, are not something that is simply confined to this mortgage servicer.
Yet, there have been positive signs in home loan modification areas, as numerous financial institutions did see an increase in the number of permanent home loan modifications they have made over the past months. GMAC Mortgage has seen increases in their federal modification efforts, but some reports indicate that private home loan modifications, which have been a helpful alternative to some, are outpacing these federal foreclosure prevention initiatives.
While there are still problems that remain between servicers and homeowners, with homeowners still accusing financial institutions of not doing all they can to prevent foreclosure for homeowners, advisers have still suggested that homeowners pursue these foreclosure prevention plans from both federal and alternative modification programs. As homeowners continue to see financial difficulties and miss mortgage payments, servicers will need to up their efforts in the are of home loan modifications or housing problems will continue to trouble both homeowners and financial institutions.