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Are you behind on your mortgage? Is Foreclosure The Next Step? If your loan is with GMAC, General Motors Acceptance Corporation, there may be something they can do to help you during this difficult time. GMAC offers loan modifications to those who qualify for the program.
Foreclosures in the United States have been at an all-time high due to an all-time struggling economy. The government has allowed $75 billion to finance this part of his stimulus plan. This is being done in hopes of helping struggling homeowners avoid foreclosure and stay in their homes.
The Treasury Department maintains a list of approved lenders to the federal government. Lender GMAC is on that list and they are incentivized to help homeowners rework their current home mortgage loan. The government is doing this in hopes of slowing down and reducing the home foreclosure rate.
The following guidelines must be followed in order to apply for and qualify for a GMAC loan modification:
– The borrower must have their current loan from Fannie Mae or Freddie Mac issued on or after January 1, 2009, and the home in question must also be the borrower’s primary residence.
– The owner must have a monthly payment that exceeds 31% of their monthly income.
– The owner’s current debt cannot exceed $729,750.
– Financial hardship must be certified and submitted. This means that the circumstances that created the hardship were beyond the owner’s control and that the owner’s income has decreased or stopped altogether. All proper documents will also be expected.
– GMAC will also need to provide proof that you will be able to repay the loan thereafter loan modification or refinance has been completed and they will be required to submit documents to show the same.
This is given that GMAC, like other lenders, will need some convincing to show them that you will be able to make the new modified monthly payments once you get your mortgage refinance and loan modification. With this federal plan for loan modification, you can receive a $5,000 incentive that will be applied to the loan principle if you stay current and make regular loan payments.
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