How To Make A GMAC Mortgage Modification
If you are having trouble paying your monthly mortgage, understanding the process on how to make a GMAC mortgage modification is strongly recommended. The good news is that GMAC mortgage is one of the Home Affordable Modification Program (HAMP) authorized providers. Note that not everyone who has mortgage issues can qualify for HAMP. The following instructions will show you how to make a GMAC mortgage modification.
To make a GMAC mortgage modification, you will need:
- Request for Modification and Affidavit form (from HAMP)
- Form 4506T-EZ - Tax Authorization (from the IRS)
- All the proof of income
- Determine your eligibility. In order to make a GMAC mortgage modification, these five things are absolutely required. First of all, your home must be your primary residence. Secondly, the amount that you owe on the mortgage must be less than $729,950. Thirdly, unable to make mortgage payments must be a current issue. Fourthly, the mortgage must be issued prior to January 1, 2009. Lastly, the mortgage payment must be more than 31% of your total pre-tax income.
- Submit the required paperwork. You have to fill out two sets of forms to complete a GMAC mortgage modification. The first one is the Request for Modification and Affidavit. The other one is the Form 4506T-EZ. Remember to gather all the proof of income. Once you have signed and verified all the forms, send in everything to GMAC mortgage.
- Complete the trial period. Now, you are qualified to make a GMAC mortgage modification. Nevertheless, your proof of making payments on time after the reduction is necessary without any excuses. The completion of the trial period will take three to four months. As a result of passing the trial period, you will be granted the permanent loan modification.
Congratulations on making a GMAC mortgage modification! Although the GMAC mortgage modification is not meant to be for everyone, you should take full advantage of it after you are qualified. Instead of dealing with foreclosure, you will be staying at your house happily ever after.