Posted on: 02nd Apr, 2009 02:38 pm
has anyone gotten a principle reduction from gmac? through short refinance, h4h program, loan modification?
Hi Guest!
Welcome to forums!
Frankly speaking, I don't have a personal experience with GMAC. But, as far as I know, lenders do not easily offer a principle reduction. If you are facing a financial crisis and if you are delinquent on your payments, you can definitely apply for a loan modification. However, the lender would judge your financial situation and then decide whether he would agree to it or not.
If you are current on your mortgage payments and if there is some equity in the property, then you can refinance the mortgage at a lower rate.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Frankly speaking, I don't have a personal experience with GMAC. But, as far as I know, lenders do not easily offer a principle reduction. If you are facing a financial crisis and if you are delinquent on your payments, you can definitely apply for a loan modification. However, the lender would judge your financial situation and then decide whether he would agree to it or not.
If you are current on your mortgage payments and if there is some equity in the property, then you can refinance the mortgage at a lower rate.
Feel free to ask if you have further queries.
Sussane
Thanks for your reply, Smith!
I just got a loan modification offer from GMAC, but it's still interest-only, and adjustible in 5 years. The only way I can see owning my house one day (besiding winning the jackpot, or housing price shoots through the roof), was to get a 30 year fixed P&I (but in order for me to afford the payment, a principle reduction might have to come with it). So, I wasn't sure if I should just take the loan mod offer, or negotiate more for a fixed with principle reduction. H4H calls for more than 31% 1st mortgage payment to income ratio, with the loan mod, I will no longer qualify...
I just got a loan modification offer from GMAC, but it's still interest-only, and adjustible in 5 years. The only way I can see owning my house one day (besiding winning the jackpot, or housing price shoots through the roof), was to get a 30 year fixed P&I (but in order for me to afford the payment, a principle reduction might have to come with it). So, I wasn't sure if I should just take the loan mod offer, or negotiate more for a fixed with principle reduction. H4H calls for more than 31% 1st mortgage payment to income ratio, with the loan mod, I will no longer qualify...