In the early parts of September the Treasury Department released information regarding home loan modification plans with a variety of mortgage servicers and GMAC Mortgage was one of these financial institutions that assault varied results when it comes to permanent and trial modification options that are currently available. Obviously, the data that we have can give homeowners some indication of what their particular service or is doing, but there are alternative plans that may be available from certain mortgage servicers that are going to be more helpful for homeowners in need, despite the fact that these federal modifications have been quite popular and, for some, useful over the past months.
While GMAC Mortgage saw an increase in the number of permanent home on modifications they have made between June and July from 38,076 to 38,509, there was a slight drop in the number of active trial modifications of a little over 300, the cumulative total for GMAC Mortgage, in terms of all of the trial plans they have offered and started increased between June and July as well. Understandably, many homeowners still has issues when it concerns their mortgage service or, but there have been resources set in place, by housing counseling services, that may be helpful when it comes to aiding homeowners in the application process, getting their documentation in order, and exploring what all foreclosure prevention programs may be available.
GMAC Mortgage has had their fair share of complaints when it comes to homeowners who are upset with this particular service or in their home loan modification efforts, but in the July 2011 Making Home Affordable report, which again was released here in the early parts of September, GMAC Mortgage was one of the three major mortgage servicer’s to be grouped in Treasury Department rating category where only a minor is needed. Numerous servicers are being asked to up their efforts, in terms of helping more homeowners, streamlining their efforts, and working to reduce mistakes but there are still imperfections when it comes to servicers and modification program in general.
Yet, homeowners may be able to work with GMAC Mortgage in certain states to take advantage of Hardest Hit Fund programs, but in areas where these options are unavailable there may be extension opportunities that will help homeowners through initiatives like the Unemployment Program, which can offer a mortgage payment forbearance for homeowners or the Home Affordable Refinance Program, which may help homeowners address issues like negative equity. Again, the servicers have been working to improve their modification programs, and there are alternatives that can be helpful to certain homeowners, but when it comes to getting through the modification program successfully or simply exploring loss mitigation initiatives, homeowners are urged to take action quickly and consult with resources like housing counselors if needed so that they can more efficiently address their mortgage payment assistance needs.