Frustrated homeowners trying to get relief from high mortgage payments may be eligible for a GMAC loan modification using the Obama Stimulus Plan. GMAC is one of the approved lenders authorized to offer this very aggressive loan workout to qualified borrowers. If you are facing financial hardship and are at risk of losing your home, now is the time to learn how to apply and qualify for this federal plan. Here are the basics to help get you started.
The federal government has dictated certain basic criteria in order to apply for a GMAC loan modification under this plan. If you can meet these guidelines, you may be a good candidate for assistance:
- Live in the home as your principal residence
- Your loan was originated before January 1, 2009
- Loan amount is less than $729,750
- Your current loan payment equals more than 31% of your gross monthly income
- You are facing a financial hardship situation
- Program expanded to include 2nd trust deeds as well as first position loans
Pay a Company?
A unique feature of Obamas Stimulus plan is a “pay for success” bonus that offers lump sum payments as well as annual payments to both the lender and the borrower for timely payments under the modified loan over the next five years. This feature will hopefully entice GMAC to aggressively offer the plan to qualified and borrowers and avert foreclosures for many more homeowners.
The terms used to arrive at a new affordable payment are set by the federal government and apply to every loan that is modified under Obama’s loan modification plan. The goal is to arrive at a new mortgage payment that is affordable and sustainable. The new target payment will equal just 31% of the borrowers gross monthly income, including property taxes, homeowners insurance and homeowners dues. The methods used to arrive at this target payment are:
- Interest rate reduced to as low as 2%
- Loan term extended to 40 years
- Principal deferral or forgiveness
- second trust deeds to be modified concurrently
So, how can you apply and qualify for this much need solution for unaffordable mortgage payments? The first step is to contact GMAC and let them know you wish to be considered for Obama’s Home Affordable Modification Plan. Every homeowner who asks to be considered must be reviewed for eligibility.
APPLICATION TIP: DO NOT give GMAC any of your financial information until you have learned more about the approval guidelines and understand how to complete the loan modification application forms correctly. The bank will base it’s decision on the information you provide to them, so make sure you have prepared your financial statement, hardship letter and borrower statement correctly so you have the best chance of approval. Those homeowners who understand the loan modification process will be armed and ready to win the fight to save their home.
Homeowners are only allowed one chance to apply for this program, and those borrowers who can prove in black and white that they meet the approval guidelines will get the help they need. This is not the time to take chances, take the time to learn, prepare then apply.
- Home Edition Loan Modification Kit with Customer Assist
You can get the help you need to apply and qualify for a GMAC loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Learn how to qualify for the Obama Federal loan modification plan.
Need help completing your loan modification forms? Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com
2 Responses
Trying to do a loan mod with you has been the worst experience of my life! GMAC has lied to me so many time and has not credited me for all of these multiple requested paymets for “a loan mod” to an account and then tells me I am in default because I have not paid under the terms of the previous 2nd TD and you will foreclose. I applied April 09, was denied on the 1st TD but “approved” on the 2nd TD, was sent a contract for a new 2nd TD July 09, I sent in the contract in a timely manner with the requested payment, was current on all payments through 8/09 making the 2 payment in July 09, was told by your reps the new statement will be sent & comply with the terms of the new contract with a payment due in Oct 09. I paid in Oct 09 on the new contract . I called in Nov. for the statements, was told I did not pay on time because I paid on the loan mod which was due Aug 7, 09 and cashed 7/31/09 and paid on my statement due 8/20/09 and cashed 8/19/09. We I cleared that up, they told me they lost the paperwork. Then, I was told I had a new loan mod and make a payment by 12/20/09 and the contract and statements have been sent. I made payments but did not receive contract until I made several calls, it was mailed on 12/30/09. I was again verbally told to make another payment on 1/13/10, made payment. My new loan contract has a pament due date of 3/20/10, I make payment on 3/19/10. During this whole time frame, I am getting my previous statement showing that I have not made any payment, totaling about $2,900 with penalties, when I have paid $2,200 toward this account and didn’t make the other payments because I was instructed not to. I was told 4/1/10 I had approval in Dec 09, call back next week and it should be completed and finalized, I called back and was told it is NOT approved, I have been sent a breach letter which is due to expire in 10 days at which time I can be foreclosed on. I spoke to a supervisor who reviewed the file, told me payments were made & not applied to account, and would send it to “Research’, call back in a few days. I already had this done in Dec. 90 & when I called at between Dec and Jan. I was told I owned an amount but it was offset by the amount I paid, now you claim it is only offset by $83.00. WHAT ON EARTH IS GOING ON IN YOUR DEPARTMENTS. SOMEONE PLEASE GET SOME ACCURATE INFORMATION ON MY ACCOUNT!!!!!!
Posted on April 8th, 2010 at 3:27 am
Wow, it sounds like you have really gotten the run around with this GMAC loan modification application. It is true that the lenders have had a dismal record of working on their customers applications and that is why the FED has now come down hard on them and is pressuring more loan modifications to be completed-and quickly! The only thing you can do is to continue calling GMAC and stay on top of your loan modification application.
If you have to call everyday then that is what you need to do until this is straightened out. Don’t give up-persistence can make the difference for you. I had one borrower who tried 12 different times to get a GMAC loan modification, and finally on the last attempt he was approved.
Posted on April 8th, 2010 at 11:04 am
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