Have you fallen behind on your mortgage? Is foreclosure the next step? If your loan is with GMAC, General Motors Acceptance Corporation, there just may be something that can be done to help you during this difficult time. GMAC provides loan modification for those that qualify for the program.

Foreclosures have been at an all time high in the United States because of the ever struggling economy. The government has allowed 75 billion dollars to fund this part of their Stimulus Plan. This is being done in hopes of saving struggling homeowners and helping them avoid foreclosure and stay in their homes.

The Treasury Department has a list of approved lenders for the Federal Government. The lender GMAC is on that list and they receive incentives for helping homeowners rework their current home mortgage loan. The government is doing this in hopes of slowing down and lowering the home foreclosure rate.

The following guidelines must be followed in order to apply and qualify for GMAC loan modification:

-The borrower has to have had their current loan from Fannie Mae or Freddie Mack issued on January 1, 2009 or after and also the home in question must be the borrowers’ primary residence.

-The owner must have a monthly payment that is more than 31% of their monthly income.

-The owner’s current loan cannot exceed $729,750.

-The financial hardship must be certifiable and presented. What this means is that the circumstances that have caused the hardship were beyond the control of the owner and that because of the events that occurred the owners income has either decrease or stopped altogether. All proper documents will also be expected.

-GMAC must also provide proof that you would be able to repay the loan after the loan modification or refinancing is completed and they must present documents that will show this.

It is a given that like other lenders GMAC will need some convincing to show them that once you get your mortgage refinance and loan modification you will be able to make the new modified monthly payments. Along with this federal plan for loan modification, if you stay current and regularly pay the loan you can receive a $5000 incentive that will be applied to the loans principle.

-M Petrone

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