Many homeowners have been looking for a trial modification with their servicer and for GMAC Mortgage, there was a decrease in the number of active trial modifications that were seen in reports recently released by the Treasury Department attracted data through May of 2011. While there are new reports due out here at the first of August, many homeowners were still questioning whether GMAC Mortgage and other financial institutions within the federal modification program are in a position to aid homeowners through these plans as from modifications have slowed with a variety a banks, in terms of the number of active trials that are being seen.
Yet, GMAC Mortgage did see an increase in the number of total from modifications that they had started as it is cumulative number may give some homeowners a better indication of how many trials are being offered, even when active trial modifications may not look so positive. It was reported in April that GMAC Mortgage had 60,569 cumulative trial modifications they have started within HAMP but information in May stated that the total number of modifications was at 61,226.
What is means is homeowners are still being offered trial modifications but when the homeowners see a dip in the number of active trial modifications with their servicer this could indicate that more homeowners are being moved from active modifications to a permanent modification, but there are also some homeowners who are having trouble maintaining their trial modification payment. Yet, when it comes to being offered a trial modification, there are still opportunities for homeowners who are facing financial distress, but it needs to be understood that a modification with a particular servicer is not always guaranteed nor is a homeowner going to be able to make their way to a permanent modification in all cases.
Yet, it was also stated in the May HAMP report that GMAC Mortgage had reported 657 from modifications since April of 2011, and there have also been some reports that servicers are continuing to see trial modifications extended to homeowners, so there is hope for those who are relying on a trial plan to get them through. Homeowners also may be in a position where they can take advantage of proprietary home loan modifications that are available directly from servicers if a federal home modification is not available or if they do not qualify.
Homeowners may need to stay very active when it comes to dealing with their servicer and pursuing a trial modification but again homeowners need to remember that there are housing counselors that may be able to help them with this process. While GMAC Mortgage homeowners are not unique in their need for these trial modifications, many servicers are seeing increases in the cumulative total up from modifications that have been made as of late, and for the modification program in general, this number is also up and this may point to positive signs for some homeowners in need.