The home mortgage loan modification process has been very difficult for both lenders and borrowers. One company that has seen relative success is GMAC mortgage. From the data that has been received, GMAC mortgage has 35% of the qualifying home loans in a trial modification period. The issue at hand is the fact that most of these loans that are in trial modifications have not received the proper documentation to become a permanent loan modification.

Saxon Mortgage Services leads all mortgage lenders with 44% of qualifying loans in trial modifications; CitiMortgage is second with 40%. GMAC Mortgage comes in third with 35% but is well ahead of Bank of America which has only gotten 14% of qualifying loans in the trial modification period. The government continues to urge lenders to help borrowers as much as possible but borrowers have to follow up with the proper paperwork before the modification can get out of the trial period.

If you are finding it very difficult to makes ends meet financially and making your mortgage payment in full is nearly impossible then you are likely to qualify for a home loan modification. By accessing the Making Home Affordable website you will better understand if you can qualify for a loan modification. The process can get very tedious as there is a lot of paperwork involved and the borrower has to follow up with the lender with even more paperwork as the modification period starts.

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Tags: bank of america, borrowers, GMAC, home mortgage, lenders, loan modification, mortgage, mortgage lenders, mortgage payment

This entry was posted on Thursday, December 3rd, 2009 at 10:27 am and is filed under borrowers, brokers, mortgage, news. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.