Trial modifications for GMAC Mortgage homeowners did see a slight decrease between August and September, according to the most recent Treasury Department reports released here in November, but this does not mean that homeowners who are seeking a trial modification are not finding help in terms of opportunities available for lower mortgage payment assistance plans, as active trials have decreased for many servicers in spite of increases in the area of active permanent modification plans. While this data is helpful when it comes to looking at how a servicer’s performance is progressing within the federal home loan modification plan, homeowners do need to understand that these modifications may not be available or helpful for their situation in some cases.
Yet, despite the fact that the active trial modifications for GMAC Mortgage that were reported between August and September decreased from 2,868 to 2,522, the number of trial modifications reported in the September 2011 release stated that GMAC Mortgage had made 807 trial modifications available to homeowners since the August 2011 report. Obviously, this data has shown that more homeowners are seeing opportunities to acquire a modification since active permanent modifications are increasing and, in some cases, trial modifications that have been offered and started are still on the rise, this does not mean that homeowners can specifically rely on these plans to meet their needs.
Homeowners do have opportunities for unemployment assistance or even state assistance for foreclosure prevention help but GMAC Mortgage and other financial institutions may not always participate in certain plans which will leave homeowners in a situation where they must keep in contact with their servicer to inquire about what will be helpful for their situation. When homeowners have addressed these payment problems early it may give them more time to find a solution to their problems but this is not always a guarantee and, as a result, there have indeed been some homeowners to face foreclosure in spite of these efforts to qualify for an assistance plan or some may simply turn to a short sale program if factors like negative equity and the inability to pay their home loan are in place.
Housing counselors and information directly from GMAC Mortgage are available to homeowners and, for homeowners who do consult resources like from the Homeowners HOPE Hotline, a better understanding of what these programs will require when applying and what may simply be available for a homeowner has been gained in the past and can potentially benefit homeowners who are struggling when it comes to formulating a strategy to keep their home. Again, these assistance programs and servicers have not been perfect but homeowners are still being urged to look into these options quickly, before their financial distress gets out of hand, and potentially find solutions that will help them keep their home and avoid foreclosure.