Homeowners with GMAC Mortgage seeking delinquency assistance when it comes to making their home loan payment more affordable have seen some improvements in the efforts made by this particular servicer in the form of decrease in the number of homeowners who are estimated to be delinquent on their home loan, according to the most recent Treasury Department reports. Homeowners have also seen increases in areas like permanent modifications, but there are still issues that have been faced which begs the question of whether mortgage servicers are doing enough to help homeowners in need.
As an example, homeowners are still having trouble when it comes to some servicers as not all banks are working in certain areas of foreclosure prevention plans and there are still some homeowners who have found trouble when it comes to dealing with their servicer. Obviously, there have been some banks that need improvement, according to the Treasury Department, but some homeowners also still see problems in areas like lost paperwork, miscalculations on applications, and there are still homeowners who complained of being kept in a trial modification for much longer than the Making Home Affordable Program requires.
Yet, between May and June GMAC Mortgage saw a decrease of 267 homeowners who were behind on their mortgage, but there are also servicers who are seeing no decreases at all the area of these delinquencies, which has led some to the conclusion that many homeowners are still in a position where a great deal of uncertainty is in place when it comes to their ability to meet their home loan payment obligation. However, homeowners with GMAC Mortgage may be able to take advantage of proprietary programs, like private modifications, or there are also extension programs within HAMP them may still be of use also.
Obviously, when it comes to addressing issues like unemployment, homeowners with GMAC Mortgage may want to opt for the Unemployment Program, which offers forbearance on mortgage payments, rather than continuing to pursue modifications as some homeowners simply do not have the income to meet even a modified home loan payment. There are some homeowners who may have opportunities in specific states to take part in foreclosure prevention plans like the Hardest Hit Fund, but GMAC Mortgage may not be participating in all states where this option is available, as servicers are not required to help homeowners in this manner.
However, since drops in delinquencies were seen within HAMP homeowners need to be aware of the fact that there are still opportunities to avoid the loss of their home through these loss prevention programs like modifications and alternative plans, but there are no guarantees and homeowners must make sure that they keep in contact with their servicer, address their payment issues early, and see whether there are alternative opportunities from state programs or directly from their servicer that may be of help as well.