A GMAC Loan Modification: 3 Easy Tips for Success

GMAC offers many programs for borrowers struggling with monthly payments, including the U.S. government’s Making Home Affordable Program (HAMP). successful loan with GMAC Mortgage.

1. Difficulty card – This step is often overlooked by the average homeowner and can result in your loan modification being denied before it has a chance to be reviewed. Common reasons for denial based on hardship are temporary hardship, excessive unsecured debt obligations, and investment-related hardship. Your hardship letter should be as specific as possible complete with dates and results. If you’re doing all this work, you’ll want to make sure the review isn’t immediately denied because of your difficulties.

2.Documents – Be prepared to send paperwork, sometimes the same document three or four times. There is no point in asking why or trying to tell them that you already feel exactly what they are asking for. It doesn’t matter, just send it again. It’s also a good idea to take the initiative and fax them updated pay stubs every two weeks, whether they ask for them or not. Always try to think ahead and give them what they are asking for ahead of time. There is nothing worse than finding out that your loan modification review has been closed for not updating your documents on time.

3.Follow up – This is by far the most important step to success with GMAC. You should call for status updates at least once a week, twice a week is better, and is sometimes necessary at certain stages of the loan modification process. With each call, you must confirm the total balance due, where the loan is in the foreclosure process, and if any documents are requested. You can’t expect to make incredible progress with every call, but you need to avoid getting lost in the mix of thousands of GMAC loans in the modification process with you.

Some of the most impressive loan modifications have come from GMAC home loans lately. Like most major lenders, they are inundated with loan modification requests and forced to follow strict guidelines based solely on your household finances. Don’t let GMAC’s guidelines become a source of frustration, try to use them to your advantage and you could end up saving a lot of money on your mortgage payments.