Home loan assistance through the federal modification program has offered GMAC Mortgage homeowners the opportunity to lower their home loan payments and avoid foreclosure as a result. However, there are many complaints by homeowners that have been waged against a variety of mortgage servicers and have called for more efforts to be made to offer permanent modification plans to those who are in need.
There have been mixed results and reviews concerning mortgage servicers and the federal mortgage modification program, as there have been homeowners who have received assistance and many servicers have seen increases in the number of permanent modifications they have made from month to month, but foreclosures continue to run rampant across the nation and are said to be outpacing these federal modifications in some areas.
While many major mortgage servicers like GMAC Mortgage offer a variety of assistance plans from both federal mortgage plans and in-house assistance opportunities, homeowners are still finding it difficult to meet their monthly mortgage payment in many cases and feel that servicers could do more to provide affordability.
Yet, concerning the federal modification program, servicers often point out that homeowners must meet federal requirements and qualifications before either a trial or permanent modifications on their home loan can be offered. Many servicers have stated that homeowners simply do not qualify or have defaulted during a trial program, which obviously has led to many homeowners being frustrated with servicers and the modification program in general.
However, proprietary modifications from various mortgage servicers are also in place and may offer alternative modification plans for homeowners who do not qualify for federal home loan assistance. While none of these modification programs or servicers have been perfect in their implementation of these foreclosure prevention options, homeowners are still being prompted to contact their mortgage servicer if mortgage payments become difficult to meet.
There is no guarantee when it comes to preventing foreclosure through these federal modification or proprietary modification programs, but there are also extension opportunities for homeowners facing unique situations on their mortgage which may also provide affordability to those who qualify.