Homeowners in need of assistance on their mortgage through the federal mortgage modification plan are finding that the road to more affordability in their home loan is not always easy to find. However, servicers like GMAC Mortgage are continuing to see increases in some areas of the Making Home Affordable home loan modification plan, despite concerns that mortgage modification efforts are slowing.
According to reports from the Making Home Affordable Program, trial home loan modifications are beginning to drop for most servicers and this is the case for GMAC Mortgage. Numerous servicers have seen a decline in their trial modifications, and for GMAC Mortgage this was also the case as reports show GMAC had 4,922 trial modifications as of September and 4,191 trial modifications as of October.
Homeowners have complained that the qualifications for the Making Home Affordable Program may be too strict and there are also accusations that servicers are not doing all they can to provide homeowners with the affordability they need through these modification plan. There have been some cases and accounts from homeowners where they were seemingly denied a modification plan when they should have qualified, but numerous homeowners are simply unable to meet HAMP requirements for various reasons.
Factors like unemployment are causing trouble for homeowners and servicers alike, but extension programs from the federal modification program have also been implemented to address these issues as well. Yet, homeowners with GMAC Mortgage and other servicers are still required to work with their home loan provider in order to implement these plans, but other sources of help may be available through the Making Home Affordable website or HUD-approved housing counselors.
While no servicer had been able to claim perfection in their modification efforts, homeowners with servicers who are participating in the modification program do still have foreclosure prevention options available, but advisers tell homeowners to keep in mind that these plans are no guarantee and not all homeowners may qualify.