Homeowners with GMAC Mortgage who have been unable to qualify for a federal home loan assistance plan have, in some cases, had options that go beyond these programs, but when it comes to alternative modifications, data released in October from the Treasury Department indicated that these totals being tracked by various servicers did decrease in some instances, and this is also true for GMAC. However, arguments are being made that simply because this area of alternative modifications did report a decrease, it does not mean that homeowners do not still have alternative modification options available if a federal home loan assistance program is unhelpful.
Furthermore, some loans may have been removed from a servicer’s portfolio, which could attribute to decreases in some areas, but for GMAC Mortgage, homeowners who had their trial modification canceled saw a decrease in these alternative modifications by almost 200 homeowners and homeowners who were not accepted for a trial modification also saw a decrease of over 150 homeowners according to these reports that tracked data from June to July.
Homeowners do need to remember though that there are alternative assistance opportunities that can be beneficial for their situation but this does not mean that a modification will be the course of action that they have to take. GMAC Mortgage homeowners may be able to benefit from extension programs offered from the federal modification plan, or some homeowners have simply been able to benefit from addressing other debts in their life as well, which may free up money to help them when it comes to paying their mortgage or benefiting from assistance programs.
As an example, homeowners with GMAC Mortgage or other financial institutions who have their trial modification canceled are usually those who may have missed payments once again or fallen into an area of default, which could suggest that there may be factors beyond the simple inability to pay a mortgage at the present time. Understandably though, homeowners may benefit from programs to address a variety of financial problems not only related to their mortgage but other debts as well, and this is why some have turned to both housing counselors or even credit counseling agencies as a way to explore the opportunities available to help them reduce debts and implement practices that may allow them to continue making their debt repayment obligations more easily.
Some homeowners may be able to reapply for a federal trial modification if errors did occur, but when it comes to problems that may hinder homeowners from even honoring a modification payment that has lowered their mortgage payment, this could be due to factors in the financial life of a homeowner, errors on the application where their income was miscalculated or reported incorrectly, but there are also instances where homeowners may simply need to focus on addressing a variety of these factors so that modification plans and modified payments will be more helpful in the future.