Loss Mitigation Help Resource

GMAC Loan Modification Program

GMAC Bank or Ally Bank (Rechristened in 2009) is one of the top residential mortgage service operator in the country. GMAC Mortgage has more than 3 million customers all over the United States. GMAC is a part of Federal Goverment's Making Home Affordable loan modification program and offer loan loss mitigation service to the struggling homeowners.

The GMAC loan modification program changes the terms of a mortgage to help borrowers be able to better manage their payments. This program also stops foreclosure proceedings, providing those borrowers in the foreclosure process the time to get caught up and negotiate terms of the loan. GMAC does not want to foreclose on anyone’s home; it only costs them money to keep, maintain and sell the home again. There are also legal fees that are associated with a foreclosure process that they want to try to avoid.

Qualification:
  • You own and occupy your home as your primary residence.
  • You are either current, at risk of imminent default, or behind in your mortgage payments, or are in foreclosure or bankruptcy.
  • The unpaid principal balance of the first mortgage on your primary residence is $729,750 or less (loan limits are higher on owner-occupied multi-unit properties).You have verifiable source(s) of income to put towards a mortgage payment each month, even if that income has recently been reduced.
  • You can provide copies of your most recent tax returns and will sign an affidavit of financial hardship.
  • You have not previously modified your mortgage under the Making Home Affordable program.

GMAC is willing to perform a loan modification for any borrower, but only if he or she is in need. Just wanting a lower monthly payment is not going to qualify anyone for this modification. One particular need may be facing foreclosure that has been caused by a financial hardship. If you are a borrower and current with your mortgage and want to apply for loan modification, approval will be slim. You are not thought to be a high risk to the lender. Being at least one payment behind is what puts a borrower at risk.

The process of loan modification with the GMAC loan loss mitigation program must be started as soon as financial difficulty is seen or experienced by the borrower of the home loan. The lender must be called right away and the proper forms be submitted as soon as possible.

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