GMAC Loan Modification - GMAC Gives You Another Chance

Published: 11th September 2009
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If financial hardship has made your GMAC Loan Modification almost impossible to pay, you might qualify for a GMAC Loan Modification. This gives you another chance at home ownership.

When you signed your home mortgage, things may have been good. You had a good job, and the payment was easy. But, things may have changed in the sliding economy. Your plant may have closed and you had to take a lower paying job just to exist. That previously affordable house payment may have become financially overwhelming, leaving no money for other monthly expenses. This is a documentable case of financial hardship, which is what this federal program is hoping to address.

When you get behind on your mortgage, sometimes it seems you can't get it turned around. Late fees add up, and things look bleak. But, fortunately, if your home loan is with GMAC, you already have one thing in your favor. They are on the approved lender list with the Treasury Department to participate in the government's program.

Some requirements for a GMAC Loan Modification:

Loan is on a primary dwelling.

Loan was written by GMAC on or before January 1, 2009.

Loan amount is not more than $729,750.

Loan is backed by Fannie Mae or Freddie Mac.

GMAC has several ways they can adjust your house payment under this program. They can lower your interest, lengthen the duration of the loan, forgive late fees, and even decrease the principal owed. If you qualify, this is quite an opportunity for another chance to own your own home. It is worth looking into and determining whether you meet the application guidelines set down by the program and G
MAC.

You should do all your preliminary preparation completely and correctly before you contact the loss mitigation officer at GMAC. You only get one chance to apply for a GMAC Loan Modification, so you want to do it correctly.

To save your home, click here to get the help you need to qualify for a mortgage modification loan

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