GMAC has been active in its loan modification efforts. When the first Making Home Affordable numbers were released back in early August, the company was blowing away many of its fellow lenders and servicers. They had one of the highest rates of trial modifications started in the industry.
Some great results have been seen with GMAC and the Making Home Affordable plan and at a quicker pace than with many other lenders.
We recently highlighted three cases on our GMAC loan modification profile page. The longest of them took three months. If that seems like a lot, you haven’t seen the results of other lenders. One recent mod was approved after 12 months and multiple rejections. Hard work from your mitigation team and patience is a requirement with most lenders, but GMAC’s performance has been impressive.
The three highlighted cases, which you can read about by clicking the link above, saved clients an average of $679.96 per month on their monthly mortgage payment. The reductions ranged from 17% to 36% of the previous total mortgage payment.
The results are ultimately based on a number of factors pertaining to your personal situation. A result cannot be guaranteed, but a reasonable idea of success can be determined through the qualification process.
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