Homeowners with GMAC Mortgage may have noticed that there have been some positive results recently, despite the fact that there are still homeowners with a variety of servicers who are still having problems when it comes to getting an affordable home loan modification plan for their particular situation. However, the Treasury Department reported that there were not only increases in the number of active permanent modifications but also active trial modifications that GMAC Mortgage had in place as of June 2011.
Understandably, not all homeowners have had a positive experience with their mortgage servicer, but when it comes to getting an affordable home loan payment for a period of time which will allow a homeowner to avoid foreclosure, many often turn to these modification programs first as numerous major financial institutions are working within the Home Affordable Modification Program to provide this available assistance at the present time. Yet, not all servicers have seen positive results and there have still been issues after the fact which homeowners have faced that led to a danger of falling into foreclosure once again.
However, GMAC Mortgage that saw an increase in the number of active permanent modifications they had from 37,928 in May to 38,076 in June. Also, the number of active trial modification during the same time period increased from 3,453 to 3,525, which for some servicers has been a problem since they have seen drops in the total number of active trial modifications they have in place. Yet, homeowners should be aware that there are still issues that some have when it comes to affordability.
As an example, homeowners with a variety of servicers will have fallen back into an area of delinquency even after a modification has been made, which suggests that no servicer and no modification initiative is perfect nor will address every homeowner’s financial problems. Yet, homeowners do need to be aware of programs that may go beyond a simple modification as there are some servicers participating in additional programs like the Hardest Hit Fund or may be able to offer assistance within the federal home loan modification plan that may offer forbearance or even refinancing opportunities.
While there are still homeowners who are having problems with their servicer, it needs to be remembered that consulting housing counselors like those from the HOPE Hotline or keeping in contact with representatives from a homeowner’s mortgage servicer are a few of the steps that homeowners have taken in the past to help them find the best solution for their mortgage payment troubles. However, homeowners are often advised to take advantage of any reputable resources like those from the Making Home Affordable Program that may help them better explore opportunities beyond traditional modifications that could be available or helpful for their situation.