If you need a GMAC loan modification, you might want to check out a website and see if you qualify. They have a loan modification calculator that will tell you if you qualify and what your new payment would be once approved.
This calculator is based off Obama’s HAM program. It caps your monthly mortgage payment at 31% of your net monthly income. This is accomplished by lowering your interest rate to as low as 2%, extending the terms of your loan and reducing your principal balance. It goes in this order, so usually the payment cap is met before a reduction of principal is necessary.
This is an amazing program for those who qualify. The problem is, less than 300,000 homeowners have received a loan modification under these guidelines out of the millions and millions of homeowners who are in desperate need of one.
Some homeowners call the lenders themselves and some of them even received notices in the mail from their lender saying they were qualified. Once they get on the phone, they soon realize they are denied and are left scratching their heads!
The main reason for this is usually the financial ratios homeowners are giving their lender. You can’t just call your lender without working out your financials first! They will ask you a series of questions and if you do not anwer them correctly, you will be denied for sure. You cannot make too much money or too little either. Your income to expenses have to be just right to get approved for this plan.
Don’t worry, there is help available. Try out the calculator and see if you qualify and what your payment will be. If you want help to get that payment, just fill out the form for a free consultation if you’d like. They will be able to give you a free consultation and tell you how they can help you get approved. There are no upfront fees.
To see if you qualify for a GMAC loan modification, just visit the following links.