Thursday, February 23, 2012
   
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GMAC Loan Modification.Foreclosure help

GMAC Logo with the word Mortgage after it.

GMAC Loan Modifications.

GMAC loan modifications are commonly used when there has been a temporary reduction in income or an increase in expenses. An effective loan modification could lower your monthly mortgage payment but qualifying for a GMAC loan modification that is really going to help you is not that easy. There are 4 types of loan modification offered, but the first two do not make much financial sense to anyone except GMAC.

  • Monthly Mortgage Payment Increase: Unpaid principal balance is added to the original balance which will result in higher monthly payment.
  • Maturity Date Extension: This increases the length of your loan or possibly add a balloon payment due at the maturity date of your loan.
  • Change mortgage rate from variable rate to fixed interest loan.
  • Mortgage Interest Rate Reduction. This option is often used as a last resort. It most likely will not increase the monthly mortgage payment.

GMAC mandates that borrowers cannot get a loan modification unless they participate in credit counseling.   Upon completion of credit counseling, the counseling agency notifies GMAC Mortgage that the borrowers have met this requirement.

GMAC offers loan modifications to those who qualify for HAMP

Criteria for HAMP:

  • Be the owner of, and live in, the home in question.
  • Have proof that you are in financial hardship.
  • Have an unpaid principal balance that is equal to or less than:
    • 1 Unit: $729,750
    • 2 Units: $934,200
    • 3 Units: $1,129,250
    • 4 Units: $1,403,400
  • Have a first lien mortgage that was originated on or before January 1, 2009.
  • Have a monthly mortgage payment (including taxes, insurance, and home owners association dues) greater than 31% of your monthly gross (pre-tax) income.
  • Have a mortgage payment that is not affordable due to a financial hardship that can be documented.

Tips to Avoid Loan Modification Scams

  1. Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.
  2. Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. Recognize and avoid common scams.
  3. Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house.
  4. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
  5. Never make a mortgage payment to anyone other than your mortgage company without their approval.

As with the reports from all banks, you must stay on top of this process. There are MANY reports on the web of people having to continuously resubmit their paperwork because the bank is unable to find it. It is quite a headache, but if you wish to keep your home and stop foreclosure, then strap on your gloves and get ready for a fight.

If you are unable to qualify for a GMAC Loan Modification, or you have no interest in staying in your home, make sure you have the option of attempting a short sale. Make sure that you choose a company with a successful track record and who knows what they are doing.For more information about the process contact us today. We assist homeowners in Broward and Miami-dade Counties, especially in Hollywood, Miramar, Plantation, Pembroke Pines, Cooper City, Hallandale and Hialeah who need foreclosure help or an experienced short sale realtor.

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Testimonials

To whom it may concern:

When my husband and I came to realization that we could not afford to keep our home, we knew that it would not be easy to find an honest and hard working Realtor to help us avoid foreclosure. With the unstable economy, many agents left the real estate industry to find secure employment and those that stayed in the game were most likely overwhelmed with trying to figure out how to handle a short sale. So on top of losing our home, we needed an agent who was honest, experienced and most importantly, could get the job done!

To Whom It May Concern:

Shirley Wise and the girls at Belrose Properties did a great job for me with the short sale of my house. I was confused and did not know what to do. I was always very stressed and could not afford my house.

Shirley came and explained my options. I know the house was not worth what I paid so I decided to do a short sale. Shirley and her negotiators did not make any false promises to me. They did exactly what they said they would do...

To whom it may concern:

Shirley Wise and her team handled my short sale with the utmost professionalism. She was always willing to speak with me and answer any questions I had. She handled the sale very well and all sides were extremely happy. I have already recommended Shirley and her team to my family, friends, and coworkers.

Sincerely,
Loretta S

The realization of losing my house was devastating. I did not want a foreclosure so my friend/Realtor, Chelsie Antenor, helped me with the short sale. Belrose Properties did it all; from assisting the tenants on moving so the property can get sold to negotiating the short sale and getting me an approval from my mortgage company. Communication was frequent and effective. They held my hand every step of the way and made this a smooth and stress free process.

I can only say good things about Shirley Wise and her staff at Florida Properties and I will continue to refer them to anyone interested in selling their property.

Warm Regards,
Scott P

Knowledgeable, personable and upfront. There is no challenge to big or too small for these professionals, they go the extra mile.
I can honestly say that my experience with Shirley Wise at Belrose Properties is excellent. They know ALL T HE INS AND OUTS OF SHORT SALES. They are forever keeping themselves ahead of the curve. In my opinion, they are short sale "gurus" of South Florida. I have learned a lot from them. They have successfully negotiated one of my properties and are currently working on my others which, unfortunately, have gone "upside down."

I cannot begin to adequately express my deep appreciation and gratitude for all that Shirley Wise and her team did to help me through this grueling house-selling process.

Due to the downturn of the housing market, I found myself in foreclosure. With spikes in my homeowners insurance and property taxes, I knew I could not afford to keep my home any longer. I was devastated to know that the home I purchased for $475,000 significantly decreased in value within 2 years and was now worth $210,000...

To whom it may concern,

I am a very pleased client of Shirley Wise.

I am a retired Businessman, who due to a recent upheaval in the economy, found myself facing the devastating possibility of a foreclosure of my home. As the market values continued to erode, I found myself significantly underwater with my home formerly valued at $1.4 million and currently reduced to $800 thousand. My mortgage balance was for $840 thousand...

To Whom It May Concern:

I am writing this letter to share with everyone that Shirley Wise from Belrose Properties, LLC and her staff our the best in providing outstanding customer service. Their execution for timely short sales, professionalism and organization is truly amazing.

I would surely recommend Shirley Wise and her staff to anyone.

Sincerely,
Jose E
Sr. Loan officer
JPM Chase

Shirley Wise and the professional staff at Belrose Properties continue to set the standard for excellence in the residential real estate industry. They have mastered the art of negotiating short sales for their clients and have kept us really busy throughout the years.

I am fortunate and grateful that they have rendered Creative Title to handle their title insurance and closing needs. I give Shirley and the Belrose Properties team my strongest possible recommendation.

Sincerely,
Erica F
Creative Title Services

To whom it may concern,

I am writing this endorsement for my friend and colleague Shirley Wise as a token of my appreciation and esteem.

Shirley has proven to be a very ethical professional in the field of Real Estate and especially in Short Sales. Although this has been a difficult time for the industry, Shirley has managed to continue to thrive and provide her clients with the excellent short sale services they deserve.

After funding close to $1 million dollars in short sale and arm's length transactions with Shirley Wise, the thing that stands out about her remarkable skill set is her unique dedication to her work & her clients. Shirley provides unparalleled knowledge of the short sale market and her preparation is second to none. Her communication with her clients and the bank is exceptional. The short sale market is a very challenging endeavor for any Realtor. She has managed to streamline the process and educate her clients to the ins & outs of the entire transaction.

Having successfully closed several short sale deals as both a Realtor and investor, I'm familiar with all the nuances in the business. It's truly rare that I meet people with the knowledge and experience that Shirley Wise possesses. I have 100% confidence in her abilities to close short sales quickly, which is why I've been sending all of my referrals to her and will continue to do so.

Craig C
Social Media Edge, Inc

© Belrose Properties, LLC
14359 Miramar Pkwy
Miramar, FL 33027
(954)274-7823