subject: Gmac Loan Modification - Federal Government's Aid For Addressing Mortgage Problems [print this page] GMAC loan modification can give you another shot at home ownership. This could be an answered prayer to your mortgage woes. This could be your chance of keeping your home.
Many homeowners are going through a rough time in their home ownership and they are not exactly to blame. Times might have been good and the payments easy when the mortgage was signed. The recession is taunted the culprit for many cases of foreclosure and bankruptcy. Loss of jobs, fluctuating interest rates, weakening currency and industries are just some of the effects of the economic crisis. What was once an easy-to-pay mortgage has now become a struggle. Money and jobs are hard to come by hence, this has become the turn of events for many homeowners.
This problem is what the government intended to address before the downfall of the house market can get any worse. If your home loan is with GMAC, you are in good hands. GMAC is on the list of approved lenders of the Treasury Department for this loan modification program.
How can you qualify for a GMAC loan modification, you might ask. Here's a basic list:
* the house in question is a primary residence
* the loan was written by GMAC on or before January 1, 2009
* the loan is not more than $729,750
* the loan is backed by Fannie Mae or Freddie Mac
GMAC loan modification can do wonders for your present circumstances. It can lower your interest rate, extend the period of your loan terms, forego late fees and other incidental charges, decrease the principal owed, etc. With all these said, it is indeed worth it to go through the meticulous process of applying for a loan modification. Anything that can make you save your home is all worth it, don't you think?
