My mortgage is with GMAC, do they do mortgage loan modifications? The short answer is GMAC will do a mortgage modification for you. You must however be in need. Just because you want a lower payment does not mean that the bank will automatically give it to you. You must be in a financial crisis like facing a foreclosure that was caused by some financial hardship. You may be able to get a loan modification even if you are current with your mortgage but your mortgage is an adjustable rate mortgage.
If you are current on your mortgage and are trying to get your loan modified, your chances are slim. You are not considered high risk yet. You will get more attention if you are one payment behind or more. GMAC does not want to take your home back. The reason they really do not want to foreclose is that it costs them money to hold, maintain and sell the property. This does not take into account the legal fees associated with the foreclosure process.
Caution: do not let your payment slip just to get a loan modification.
How Do I Get A Loan Modification With GMAC?
You first step in getting a loan modification with GMAC is to call the phone number that is on your monthly mortgage bill. Tell the person that you need to speak with someone in loss mitigation. In reality there is no such thing as loan modification at a bank. The proper term is a loan modification. Most likely they will know what your are talking about anyway. Once you get to the right department ask the bank agent what the procedure is for their loan modifications. You will probably have to provide significant financial information.
What Do I Need To Give GMAC To Get A Loan Mod?
Believe it or not, GMAC will want to see your tax returns, pay stubs and financial statements. If you do not have an income, the chances of getting a loan mod are very small. They want to make sure that you have an ability to make payments so you do not end up in foreclosure. So if you do not have an income, they probably will not help you. If they think that you make too much money, they will probably deny you as well. You must demonstrate that you are in crisis and at risk of going into foreclosure. They may also have you write a loan modification letter which would explain what your circumstances were that got you into the situation that you are in and how a modification would benefit you.
When Should I Start The Loan Modification Process?
You should start as soon as you know that you have a problem. Starting the loan modification process days away from the trustee sale is probably too late. You should call the loss mitigation department for GMAC as soon as you start to get behind on the mortgage.
You do not have to suffer in silence. If you are suffering, pick up the phone now and get started. Your home is worth saving.
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