The economy in the United States has been bleak, at best. People are out of work across the country, and the foreclosure rates are higher than ever seen before. The government has made funding available to encourage banks to help homeowners get back on their feet and stay in their homes. The program is called the Making Home Affordable Program, and fortunately, GMAC is participating. So, if you are behind on your mortgage, you may be able to get some help through a GMAC Loan Modification.
The program has been around since 2009 as part of the stimulus funding that Congress passed to try to get the country back on its feet financially. The mortgage modifications will be done until December 31, 2012, so you still have time to try to get some help. You must meet the eligibility requirements to apply, of course, but they are different than a traditional loan application.
Being in default does not prevent you from obtaining a loan modification. As a matter of fact, the program is set up for those who have had financial hardship. You must show that the delinquency on your mortgage is not your fault, and that it was an impossible situation. You also must show that you can be relied upon to make the modified, reduced payments in the future. If you are unemployed, you cannot do a mortgage modification, but you may qualify for a period of reduced payments through the program while you search for employment.
A GMAC Loan modification may be just the answer you have been seeking, and you won't know until you apply.
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