Every loan modification is assessed on a case by case basis. There
are many loan workout programs available to homeowners who are having a
difficult time paying their mortgage, and a loan modification is one of
them.
GMAC does
do loan modifications if you qualify for one and the best way for you
to find this out is by calling them directly and inquiring. GMAC
should be able to provide you with valuable information with regards to
your opportunity to restructure your mortgage, but they, like all other
banks, are most interested in recovering as much loss as possible so
long as it is affordable to the homeowner; not the other way around.
Answer Submitted on Fri, May 22 2009
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