GMAC Mortgages saw a decrease in the number of active trial modifications that were reported according to data released early here in June, but there are those who question that this dip could have come from the fact that active permanent modifications did increase for this particular servicer, which was reported on earlier this month. However, there are still foreclosures being seen by homeowners with this particular servicer as it was also indicated that the number of foreclosure starts which are being seen by GMAC during the timeframe for these reports did slow somewhat, but of course there are still foreclosure completions being seen by a wide number of banks participating in the federal modification initiatives.
Yet, what homeowners are aiming for, in the majority of cases, is a trial modification which will hopefully lead to a more permanent home loan modification payment on their home while they are facing difficulties in terms of their personal financial life which have stopped some homeowners from being able to afford necessary expenses like meeting their mortgage obligation. It’s understandable that there are homeowners who are suffering under the weight of various economic conditions which have led to different circumstances where homeowners are unable to pay their home loan, but there are still problems which have arisen for homeowners who are facing delinquency or foreclosure, as there has not always been smooth transition through the modification program with certain banks.
Despite the fact that there are continued problems, the new rating system that was put in place by the Treasury Department stated that GMAC Mortgage was one of the banks that required only moderate improvement, which means that there is room to improve but this particular financial institution was not grouped in with the worst rated banks that were singled out in this latest report from the Treasury Department. However, GMAC mortgage did see a decrease in their active trial modifications, which would indicate that fewer homeowners are being offered a trial modification, as from March to April of this year, GMAC saw a decrease from 3761 active trials to 3512.
Also, it was reported that the number of foreclosure completions from February to March increased for homeowners whose trial modification was canceled as GMAC Mortgage saw 1231 foreclosure completions in February while this number increased to 1326 in March. Homeowners who did not qualify for a trial modification initially also saw the number of foreclosure completions increase from 11,344 to 12,393.
Homeowner should know though that GMAC Mortgage does still continue to further their efforts within the modification program and, for those who are having trouble acquiring a trial modification, there may be free housing counseling assistance available from the HOPE Hotline network, as some homeowners may have made errors in filing their modification application, while others simply may need outside assistance when it comes to dealing with their bank. These resources are no guarantee when it comes to finding foreclosure prevention though, but homeowners who act quickly may see positive results within the GMAC Mortgage modification program and, as a result, could potentially save their home.