Are you drowning in your home mortgage? Does foreclosure seem inevitable unless something changes? If your home loan is with General Motors Acceptance Corporation (GMAC), something just might be able to change if you qualify for a GMAC Loan Modification.
The federal government has allocated 75 billion dollars through the Stimulus Plan to rescue struggling homeowners and help them to avoid the agony of foreclosure. Foreclosures are at an all-time high right now in the United States.
Approved lenders like GMAC receive incentives to rework existing home mortgages so that the monthly payment is lowered to an affordable range. The government hopes that this will help curtail the foreclosure rate.
To qualify to apply for a GMAC Loan Modification, you must meet the following guidelines:
· Have a Fannie Mae or Freddie Mac loan that was issued on or before Jan 1, 2009 on a primary residence.
· The loan amount cannot be more than $729,750.
· The house payment with the current unaffordable mortgage must be over 31% of the homeowner’s gross monthly income.
· A certifiable case or Financial Hardship must be presented. This means that events or circumstances beyond your control have either increased your expenses or decreased your income. All applicable documentation must be provided.
· GMAC must have proof that you are able to make the new monthly house payment, and you must also documentation to show this.
It almost goes without saying that GMAC needs to be convinced that you are committed to paying the new mortgage. Under this federal plan, if you faithfully and regularly pay the payment, you will receive up to $5000 in incentives that are applied to the principal of the loan!