GMAC Mortgage Modification

GMAC Mortgage offers the following home loan assistance programs:

• Refinance Loans: Suitable for homeowners who are current in their payments and have also built equity in their home. This option will help you get a lower interest rate, change the loan term, make a switch from an adjustable rate to a fixed rate mortgage, consolidate debt and save on your monthly payments. Call at 1-866-964-9754 to apply.
  
• Federal Government HAMP and HARP: Under the Making Home Affordable Program of the Federal Government, you may qualify for refinancing or a free mortgage loan modification. Visit makinghomeaffordable.gov to check your eligibility for the programs. If you meet the guidelines given there, you can call at 1-866-964-9754 for refinancing under Making Home Affordable Refinance.
  
• Repayment Plan: Under this scheme, you can pay a portion of the amount dues along with your regular payment each month over a period of months. Your qualification under this plan depends on the information you have supplied on the financial analysis form.
  
• Loan Modification: You can get your mortgage loan modified in such a way as to incorporate changes in your income and expenses. A loan modification plan is useful in curing delinquencies on the account and also binging down your monthly payment by a significant amount.
  
• Short Sale: It is better than home foreclosure as you do not lose much on your credit score and still be able to pay off a major portion of the outstanding mortgage bills. Moreover, the process of short sale is faster and much simpler than foreclosure, thereby allowing you to avoid unnecessary expenditure.
  
• Deed in Lieu of Foreclosure (DIL): It is the last method to avoid a foreclosure. Just transfer the ownership of your home to GMAC Mortgage and get freedom from all your debts concerning the home your have transferred to the company.