GMAC Mortgage homeowners may have assistance options outside of formal modification programs, according to data from the October Making Home Affordable Program. The monthly report tracks various paths which homeowners who are not accepted into the Making Home Program follow, and there is data that suggests some homeowners have found a mortgage payment agreement which is outside of a formal modification plan.
While many homeowners have been assisted by not only the federal home loan modification program, but in-house, proprietary home loan modification plans as well, there are homeowners with GMAC Mortgage and other financial institutions who simply do not benefit from traditional modification aid. Yet, these non-modification solutions which only track homeowners who had a trial modification canceled or who were not accepted for a trial modification within HAMP may offer some promise for homeowners who need assistance that goes beyond the traditional plans.
It’s also been reported that in-house modifications are outpacing federal mortgage assistance when it comes to providing permanent modification plans for homeowners, and many feel this to be the result of homeowners being able to work with their servicer without a set of guidelines which must be applied before assistance can be offered. For this reason, many feel that servicers who can tailor various assistance options to an individual homeowner’s situation may be able to help a greater number of people since universal guidelines are not in place.
As an example, GMAC Mortgage had a total of 3,281 homeowners, as of October’s report, who received a payment arrangement that did not involve a formal loan modification in cases where they either had their trial modification canceled or were not initially accepted into a HAMP trial modification plan.
While there are still difficulties that remain between mortgage servicers and homeowners, many advisers have suggested that those who are having difficulty with their mortgage payment contact their servicer early or consult resources like the Making Home Affordable Program before their situation becomes too dire. Obviously, imperfections on the part of servicers, homeowners, and assistance programs in general have led to foreclosures, but homeowners who begin to address their troubles early may, in some situations, stand a better chance at finding the foreclosure prevention aid they need for preventing the loss of their home.