GMAC Loan Modification Through Obama's Stimulus Package

by Heather Herman




Are you behind on your GMAC mortgage? Is foreclosure a real possibility? You are probably in a panic, which is quite normal. However, it could be that you have run into mortgage problems at a fortunate time, if you qualify for a GMAC Loan Modification through Obama's Stimulus Package.

The Home Affordable Mortgage Program (HAMP) offers a great opportunity for qualified homeowners to actually improve the terms of their mortgage, while avoiding foreclosure. Not only do you manage to keep your home, but you have obtained a lower house payment and better terms for the future of your mortgage.

GMAC is a participating lender in this program; they are on the approved lender list. They are required to consider your eligibility for this government program before proceeding with a foreclosure on your property.

The program is in effect through December 31, 2012. The government has applied $75 billion dollars worth of funding to this program. They are hoping to help homeowners like you who qualify, and they are hoping to stimulate the real estate market, too. Foreclosures are at an all-time record high.

Your GMAC loan has to be serviced by Freddie Mac or Fannie Mae, or you are already ineligible! Your loan amount must be $729,500 or less, and the original loan had to be signed on or before Jan 1, 2009. Financial hardship is one of the most basic parts of the program; something happened to you to reduce your income or increase your expenses. The result was your inability to stay current on your mortgage.

You need a lower payment, and you need to get a fresh start on your GMAC mortgage. You want to keep your home, and you might qualify for a GMAC Loan Modification.

For must know facts about how you can take advantage of Obama's Home Affordable Plan, visit our blog at http://HomeBuyerStimulus.info/ to get answers today.