GMAC financial fully supports President Obamas “Making Home Affordable” plan. What that means for homeowners is the chance to get a home loan modification into a more affordable monthly mortgage payment. Homeowners who use GMAC will have an easier time getting approved, and here is how:

First things first, home loan modifications are free. GMAC acts as a responsible mortgage lender and is happy to assist homeowners who need a more affordable monthly loan payment. This help is, and always has been and will be, free. Be on the lookout for mortgage foreclosure, refinancing, and modification plans which charge fees. Mortgage lenders and banks who are truly part of Obamas stimulus plan will never charge for a home loan modification, as it is against the rules of the program.

A homeowner may be eligible for a Home Loan Modification if:

-The home is your primary residence. This plan will not help homeowners with a second home or investment property.

-You are in foreclosure, bankruptcy, at risk of defaulting on your mortgage, or are behind on your payments.

-The remaining principal balance on the home loan is less than $729,500. The limits for this may be higher if the mortgage is for a multi unit owner occupied building.

-Your income must be verified, regardless of how much you make, to ensure you will be able to make the new monthly mortgage payment.

-Homeowners must be able to provide their most recent tax documents and returns, as well as sign an affidavit declaring a “Financial Hardship”.

-You can only take part in the “Making Home Affordable” plan one time. If you already have, you are not eligible for a GMAC mortgage modification.

-Home loans for second homes, vacation homes, and investment properties are not eligible for assistance using Obamas mortgage bailout plan.

-M Petrone

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