GMAC Residential Capital, the parent company to GMAC mortgage and GMAC bank, is the fifth largest servicer in the country, and manages a servicing portfolio of 2.7 million loans.
GMAC Mortgage also originates first and second lien residential mortgage loans through a nationwide network of retail offices, direct lending centers and internet sites under the brands gmacmortgage.com and ditech.com, and GM Family First, a custom homeownership services program offered to GM employees, retirees and dealers. Residential Capital’s GMAC Bank is an online bank that combines the security and stability of a traditional bank with the speed and convenience of the Internet. Products include high-yield Online Savings and Money Market Accounts and fixed-term Certificates of Deposit. GMAC Bank is a Member FDIC and an Equal Housing Lender.
What’s Being Done:
GMAC states that it strongly supports the Making Home Affordable (MHA) refinance and loan modification programs. GMAC offers the following assistance to qualified borrowers:
- Repayment plans, which allow borrowers to make a regular payment plus a portion of the amount past due each month over a period of months.
- Loan modifications, for borrowers experiencing a temporary reduction in income or increase in expenses. The types of modifications include those offered under the Making Home Affordable program.
- Short sales, which involve selling your home for less than the total loan amount. GMAC may request that the borrower make a contribution to reduce the total loss. In these cases, the property must be listed for sale at the fair market value and the borrower must forward any offers to GMAC for consideration. Please note: Acceptance of any offer will be subject to investor approval, and the maximum commission the investor will honor is 5% for transactions involving two brokers, 3% for a single broker transaction.
- Deed in lieu of foreclosure (DIL), in which the borrower may be allowed to sign title to the property over to GMAC. This option is for borrowers whose available options have failed and who are unable to sell their homes. All borrowers must have clear title to the home with the exception of the first lien.
If you are currently delinquent, or think you might fall behind on your payments on a loan that’s being serviced by GMAC, GMAC advises contacting them right away at 866-899-5308.
In addition, GMAC advises taking the following steps:
Complete the GMAC financial analysis form available athttp://www.gmacmortgage.com/pdfs/Financial_Analysis.pdf , and fax it back to 866-709-4744. Alternately, you may mail it to:
2711 North Haskell Avenue, Suite 900
Dallas TX 75204
Be prepared to provide the following documentation:
- Financial Hardship Affidavit completed and signed by all borrowers (no notary required)
- A signed and dated copy of the IRS Form 4506-T (Request for Transcript of Tax Return) for each borrower (borrowers who filed their tax returns jointly may send in one IRS Form 4506-T signed and dated by both the joint filers)
- Income verification for all of the income of each borrower (including any alimony, child support, rental income, Social Security benefits, pensions, disability or death benefits, public assistance or unemployment payments that you choose to rely upon to qualify)
- For those requesting sale of their properties, be prepared to provide:
- Copy of the listing agreement
- Copy of the sales contract
- Copy of the estimated settlement statement (HUD 1) if available
- Signed third party authorization form