Homeowners with GMAC Mortgage do still have opportunities for trial modification plans despite the fact that there was a decrease in the most recent Treasury Department data showing the active number of trial modifications that Citigroup had reported as of August. This information released in October can give homeowners who are pursuing a modification of better idea of how not only their particular servicer is doing within the federal initiative but how the program is progressing overall and, there may also be options from resources like housing counselors to guide homeowners through this process in the hopes of seeing a higher rate of success or helping homeowners better understand what opportunities for foreclosure prevention are available.
However, homeowners with GMAC Mortgage may have seen that the active number of trial modifications made as of July stood at 3,202 but that number decreased to 2,868 in the month of August Yet, GMAC Mortgage is not the only servicer who has seen some drops in the number of active trial modifications. This has been an area where some banks are seeing improvements, while others are seeing decreases, but what homeowners are looking for is the opportunity to transition from one of these trial plans to a permanent modification agreement down the road.
Sadly though, the modification plan has not helped as many homeowners as was originally hoped, but this particular effort has set certain standards in the industry to help servicers better implement proprietary modification plans, as of some homeowners benefit more from alternative modifications than these federal initiatives. Yet, GMAC Mortgage and other banks are in a position where homeowners have also had trouble sustaining payments, which may have led to drops in certain areas of these trial modification plans simply as a result of homeowners either missing payments while a trial modification is in place or not meeting certain qualifications when applying.
Private modification programs have been notorious for redefaults by homeowners, which some argue may be the result of these plans being too costly while others feel that there are simply financial problems still in the lives of homeowners that stop them from being able to take advantage of even a modified mortgage payment. However, homeowners do still have options when it comes to getting a reduced mortgage payment as modifications are still being made by servicers working in HAMP and there are also state initiatives that can be beneficial, and have helped some, over the past few months.
GMAC Mortgage, while it has not been without their complaints by homeowners, which is something that no servicer has been able to escape, was reported to be in need of only minor improvements according to the Treasury Department report from July, and while no bank has been perfect in implementing these modification plans nor have they always been the best option for certain homeowners, those seeking a trial modification are still in a position to potentially benefit from and succeed within the federal Making Home Affordable Program.