GMAC Loan Modification Help Guide

Foreclosures are never the desired option. You have hope, and with the help of a GMAC loan modification you may be able to save your home. Discover how it could help save your home!

Foreclosures are never the desired option for two reasons:
1. The home holds much sentimental value.
2. The home may work as an investment down the road.

A GMAC Loan Modification can help modify a loan if the homeowner is facing bankruptcy or foreclosure.

GMAC Will:
o Negotiate a new payment plan with you
o Propose a new mortgage structure that is affordable

Homeowners often look for a grace period within their loan so that if they fall behind on payments, they are allowed enough grace to spring back and bring their loan current. GMAC does not promise a grace period, but a loan modification does include:
o Lower interest rates
o Less principal
o Longer time frame in which to make payments

With the help of a GMAC Loan Modification you will be able to discuss and figure the best new payment plan and mortgage structure that fits into your paying capability.

The Stop Foreclosure plans are as follows:
o The Forbearance Plan
o VA Defaulted Loan Purchase
o FHA Loan

The Forbearance Plan
Generally approved by lenders, this plan creates a modified payment structure that will help those who are delinquent on their loan by a couple of months.

VA Defaulted Loan Purchase
When the lender can not negotiate a new payment plan, in VA states, a VA may purchase the loan from the lender and then present the homeowner with a negotiation.

FHA Loan
Lenders can draw up a repayment plan that offers time frames of 12, 18, and even 27 months. This gives the homeowner that much time to repay. Lenders more readily accept the FHA loan because if the homeowner defaults, FHA will cover anything lost.

Source by Jonathan Gillham

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