If you have a home loan with GMAC and you have fallen behind on your payments, you may be eligible for a loan modification. This will allow you to keep your home while making lower monthly payments. Modifying a loan is a great solution for consumers who have gotten behind on their obligations, but getting through the process can be a daunting task. It doesn't need to be though with these easy tips.
When starting the process of modifying a loan, it's important that the homeowner know who to speak to at GMAC. Banks employee a large number of people in many different departments, and wasting time talking to the wrong department will only cause frustration and delays. Borrowers should contact the bank and request to speak to loss mitigation. This is the department that handles all requests for modifications of loans. When speaking to the loss mitigation department, request that they send an informational packet about loan modifications along with an application.
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When the information from the bank arrives, it's wise to take the time to read through everything carefully before beginning to prepare the application. GMAC will request multiple documents regarding income, expenses, taxes, etc. and all documents must be submitted in order for a request to be considered. When preparing the application and documents, be sure to make copies of everything in case that something is lost in transit.
In order to ensure success, the borrower should take plenty of time when drafting their hardship letter. In this letter, a borrower will outline the circumstances that have caused them to fall behind on their payments as well as the steps that they have taken to ensure that they will be able to meet their new obligation when approved. This letter is extremely important as it allows the borrower to "plead their case" with the bank.
Typically, GMAC will assign a negotiator to a loan modification request when the application and required documents have been received. Borrowers should find out who is in charge of their application and then should be sure to follow up often. Like all banks, GMAC is overloaded with requests to modify loans. This means that, in order to be successful, borrowers should be proactive when going through this process. It's wise to call at least once a week to check the status of an application. Be sure to comply with all requests for additional information from the bank as quickly as possible. This will help to speed the process along.
Getting a loan modification may seem scary at first, but following a few simple tips and staying proactive throughout the process will help to ensure a successful outcome.
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