Home Mortgage Loan Modification Success by GMAC Mortgage
Posted: December 2nd, 2009 | Author: admin | Filed under: Current News | 3 Comments »The home mortgage loan modification process has been very difficult for both lenders and borrowers. One company that has seen relative success is GMAC mortgage. From the data that has been received, GMAC mortgage has 35% of the qualifying home loans in a trial modification period. The issue at hand is the fact that most of these loans that are in trial modifications have not received the proper documentation to become a permanent loan modification.
Saxon Mortgage Services leads all mortgage lenders with 44% of qualifying loans in trial modifications; CitiMortgage is second with 40%. GMAC Mortgage comes in third with 35% but is well ahead of Bank of America which has only gotten 14% of qualifying loans in the trial modification period. The government continues to urge lenders to help borrowers as much as possible but borrowers have to follow up with the proper paperwork before the modification can get out of the trial period.
If you are finding it very difficult to makes ends meet financially and making your mortgage payment in full is nearly impossible then you are likely to qualify for a home loan modification. By accessing the Making Home Affordable website you will better understand if you can qualify for a loan modification. The process can get very tedious as there is a lot of paperwork involved and the borrower has to follow up with the lender with even more paperwork as the modification period starts.
If the current economy and your financial struggles have gotten you down make sure to check out the inspirational blog My Life After Retail. The blog is an account of the journey to find peace of mind and happiness in today’s society.
Author: Jesse Wojdylo
I decided to modify my home loan because I had invested so much money on a down payment. But trying to do it on my own got me no where. The bank knew I was a novice about real estate and banking in general, and they took advantage of me. Fortunately I found a legitimate company that was able to help me, and now I can stay in my home and not have to move. If anyone is interested, the name of the company is called secure doc prep with their web site being the same name. The people are honest and even offer me a full guarantee.
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This article needs a reality check. Where will Citimortgage, Saxon, and GMAC rank on modifications “completed” when the Treasury Dept. publishes the number of modifications on the “trial” period vs how many are actually completed at the end of December? You will see some panic and embarrassment by some of these lenders who have been bragging about how many are on a trial period when they are shamed by the results that actually mean some thing, completing these modifications for the homeowners. I am sure something is going to hit the fan in some of the boardrooms the first week in January when the bank executives read the shameful results on their true progress.