Some homeowners may feel reports for GMAC Mortgage that showed mixed results in the number of foreclosure starts and completion that are being seen could be a positive sign in terms of the number of men and women who are losing their home after being denied a permanent home loan modification. Yet, there are those who feel that certain factors which may correct themselves in the coming months are to be blamed for seemingly positive numbers that are being seen by some servicers who are participating in HAMP but also may be seeing lower foreclosure starts and completions from these Treasury Department reports.
As an example, GMAC Mortgage saw their number of foreclosure starts, which were tracked from March to April decrease by five, while the number of foreclosure completions for homeowners who had their trial modification canceled increase slightly from 1326 to 1418. Yet, homeowners who were not initially accepted for a GMAC Mortgage trial modification saw that there was a decrease in the number of foreclosure starts reported during this timeframe from reports released in July. These numbers stated that the foreclosure starts for GMAC Mortgage in March were at 20,572, while the foreclosure starts in April for homeowners who were not accepted for a trial modification numbered at 20,226. However, the number of foreclosure completions during this timeframe in this category of homeowners increased from 12,393 to 13,507.
It’s no secret that foreclosures are still a problem in the housing market as there are some analysts who feel that delays which are still plaguing many of these financial institutions are to be attributed to low numbers in foreclosures and, in some cases, foreclosure delays may bleed over into 2012 and, seemingly give reports a more favorable view on the number of homes being lost to foreclosure but in actuality homes that are in a position where they are set to be repossessed remain at a high number.
While servicers like GMAC Mortgage do participate in extension plans that go beyond home loan modifications, homeowners may be able to take advantage of these plans as a way to avoid foreclosure if they feel that a federal modification is not helpful or they are simply denied this particular route of foreclosure prevention. Homeowners can still qualify for a variety of assistance plans that may be able to address unemployment issues, as we have seen with the newly created Emergency Homeowners’ Loan Program but there are also extension plans within HAMP that can help homeowners deal with a variety of issues if a traditional home loan modification is simply not enough for their foreclosure prevention needs