First of all, is this home your primary residence? This means that you live there more than half of the time. If the property is a 1-4 unit apartment house, you still must live in one unit as your primary residence.
Did you sign the loan with GMAC on or before January 1, 2009? Is the amount owed $729,750 or less? If the property is duplex, tri-plex, or 4-unit building, the loan can be more. On two units, it can be $934,200. On three units it can be $1,129,250, and four units can have a balance of $1,403,400. Four unit homes are the maximum number of units eligible for modification under this program.
Is your GMAC house payment currently more than 31% of your gross monthly income? This figure includes property taxes, homeowner’s insurance, and association dues. Are you having difficulty making your house payment? Has your income gone down, your expenses gone up, or you have had something unforeseen like an illness place you in financial hardship?
If you meet these basic eligibility requirements, you should find out if you might qualify for a GMAC Loan Modification through MHA. You could have your late fees and penalties waived, your back payments financed in, and your payment reduced. Under the new improvements, you could very well have part of your principal forgiven.
For must know facts about how you can get approved for a loan modification, visit our blog at http://www.1MortgageModifications.com/ to get help today.
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