GMAC Mortgage has seen some positive results in the area of alternative modifications for homeowners who were not accepted for a trial modification, but there have also been some decreases in the total number of homeowners who have received an alternative modification after having their trial plan canceled, which may point to a need on the part of certain homeowners to explore alternative options. As an example, homeowners who fail to receive the assistance they need from a federal modification may be in a position where they will have to consult alternative plans or extension programs, but in some cases these options are not always available from a particular servicer, despite the fact that many of the major financial institutions that service home loans do offer some form of in-house assistance.
Yet, GMAC Mortgage homeowners whose trial modification was canceled did see a slight decrease between the totals reported for May and June, but these totals increased for homeowners not accepted for a trial modification by almost 300 during the same timeframe. However, homeowners are repeatedly being reminded that foreclosure prevention assistance is not only available through modifications but there are not only extension plans from HAMP that may be able to address issues like negative equity or unemployment but states are also working with homeowners to provide programs to help avoid missed payments and the loss of their home.
While GMAC Mortgage may not offer aid through every state-specific plan, homeowners with this particular servicer may benefit it they make contact with a representative early if financial problems arise simply because this will give homeowners more time to not only apply for a modification but potentially apply for alternative plans if they are denied help from the Making Home Affordable initiative. Yet, homeowners also may find that they simply do not meet the criteria for certain plans, and as a result may be able to work with GMAC Mortgage in a short sale or deed in lieu of foreclosure program.
However, homeowners need not resign themselves to the loss of their home if plans like modifications or even state-specific programs are unavailable, as some plans may address specific issues like negative equity or instances where homeowners cannot pay their mortgage as a result of the loss of their jobs, and these plans do not usually require a homeowner to have a modification in place, as opportunities for an unemployment forbearance plan, as an example, will usually be open to homeowners who may not qualify for a HAMP modification.
Yet, homeowners must speak with their servicer or a reparable housing counselor, like those that have been made available from federal agencies, before they can get a better grasp on what opportunities are specifically available for their situation as some program qualifications are only for general guidance and a servicer may have different requirements that must be met before a homeowner is able to avoid the loss of their home through one of these payment plan modifications. Also, when it comes to decreases in alternative modifications, GMAC Mortgage may have seen some drops in their numbers for homeowners denied a permanent modification in HAMP, but there may still be proprietary plans available in some instances that can also be of help to homeowners looking for ways to avoid the loss of their home during a time where financial distress has prevented them from making traditional home loan payments.