Homeowners with mortgage servicers like a GMAC Mortgage are among many who may wonder if there are any positive results that are seen after homeowners pursue a home loan modification, as a variety of banks have had trouble when it comes to dealing with homeowners and many complaints have arisen within the federal Making Home Affordable initiative in general, but there are some homeowners who may be current even after they have been denied a modification or in some instances there are reports that payment plans that do not involve a loan modification have been used to help homeowners in need.
Yet, mixed results have been seen for GMAC Mortgage in the paths that homeowners may take within these specific categories after being either denied a trial modification or having there trial modification canceled, according to Treasury Department reports. While this is not something that is only true of GMAC Mortgage, homeowners with this particular servicer who were current after their trial modification was canceled did increase slightly, in terms of the program totals being reported, between May and June, and for homeowners who were not accepted for a trial modification, the total number of homeowners that have been tracked as of June 2011 increased by a little over 100.
However, homeowners who were offered a payment plan that did not involve a formal modification after their trial modification plan was canceled saw a minor increase in these program total reports, but for homeowners who were not accepted for a trial modification, this total number of homeowners who were given an alternative payment plan outside of a modification decreased. What this means is that some homeowners who may fall into either one of these categories, among others, are not necessarily seeing consistency in terms of what happens after they are unsuccessful at getting either a trial modification or permanent modification plan.
Some servicers have seen improvements in areas like alternative modifications and these payment arrangements outside of modifications, while others are seeing increases in bankruptcies, foreclosures, or even short sale programs that are offered. Obviously, homeowners with GMAC Mortgage will not always follow the same disposition path but there are officials who are still stressing that homeowners have opportunities for mortgage assistance beyond these modifications, as some homeowners not included in this data may have found assistance from private modification plans, state programs, or there are those who have simply been offered permanent modifications and have had little trouble when it comes to making their way through HAMP.
Yet, homeowners are urged to remember that, if they are having trouble, they can consult with housing counselors like those from HUD or approved by the Making Home Affordable Program, as these resources may give homeowners better information when it comes to making their way through the modification program or simply dealing with servicers in the pursuit of a more affordable home loan payment.