Treasury Department home loan modification reports tracking the top financial institutions that are offering aid to homeowners recently reported here in July that GMAC Mortgage, through the month of May, has seen a decrease in the number of delinquent GMAC borrowers who were being tracked within HAMP data. Obviously, there are some banks who are seeing fewer homeowners fall into delinquency, while others may have seen increases during the earlier parts of 2011, but it’s hoped that, as we continue on into the year, these delinquencies will become less of a problem for homeowners.
While there are factors like unemployment that still will have to be addressed, seeing as how there are still countless men and women who are seeking a job and attempting to stay afloat on their mortgage, GMAC has been able to also offer more homeowners a modification plan during the earlier parts of 2011 as well. Yet, the increases that are being seen for some of these servicers, in terms of the number of permanent modifications that are currently active, have begun to slow but this does not mean these programs are still unavailable or unhelpful.
Some homeowners have been fortunate enough to take advantage of state-specific programs which may help them meet their mortgage payment needs while others with a variety of servicers may have been able to participate in an underwater sale, known as a short sale, as a way to avoid a formal foreclosure on their home. While this is common knowledge for many, homeowners do need to know that there are options outside of simple federal foreclosure prevention assistance that may help them avoid foreclosure and, in some cases, even avoid the loss of their home through a plan like a short sale.
Home loan payment frustrations are not something that are exclusive to GMAC Mortgage homeowners, as there are those who are simply struggling with negative equity, income issues, health issues, or an overwhelming amount of debt which has led to them facing the loss of their home, but in terms of homeowners who are reportedly delinquent on their mortgage, decreases that are being seen in this area with servicers like GMAC Mortgage and others are hoped to be a positive sign in terms of the number of homeowners who may still need assistance versus those who are new to home loan payment delinquency and will require loss mitigation in the future.