Thanks to the President's making homes affordable plan - helping homeowners is a Top priority to the proposed changes. GMAC has announced that they are cooperating with this plan is trying to offer plans that will help homeowners stay in their homes.  You can get more information by visiting the website:  www.financialstability.gov

Here are some of the guidelines to this plan:   You may qualify for a LOAN MODIFICATION if:

• You own and occupy your home as your primary residence.
• You are either current, at risk of imminent default, or behind in your mortgage payments, or are in foreclosure or bankruptcy.
• The unpaid principal balance of the first mortgage on your primary residence is $729,750 or less (loan limits are higher on owner-occupied multi-unit properties).
• You have verifiable source(s) of income to put towards a mortgage payment each month, even if that income has recently been reduced.
• You can provide copies of your most recent tax returns and will sign an affidavit of financial hardship.
• You have not previously modified your mortgage under the MHA program.
• Note: Mortgages on second homes, vacant homes and investment properties are not eligible for modification under this program.

GMAC provides a link  If you meet the guidelines above, please go to the Download Financial Analysis Form link, complete the financial analysis form and return it to us as directed on the form. If you have questions about the form, please call 1-866-899-5308.

I am providing this information to those that have GMAC loans.  I have received several calls asking for information on GMAC.  GMAC has the reputation of not reaching out to help the homeowner, but recently they joined the support of the President's plan for making homes more affordable.  This is top priority according to GMAC.

Requests Loan modifications can be done by the homeowner for free and there are also some free services out there for the homeowners.  Homeowners can also choose to pay someone but should make sure that the agent or loan officer is licensed and is going through the DRE (California Department of Real Estate Department - if in California) to be assured you are properly respresented in this matter.  Not every agent is qualified or OK'd by DRE to do the loan modification paperwork for you.

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Check out: Real Estate Terms/Definitions.  And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog  - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties.  Our consultations are free.  Our aggressive marketing plan includes on-line listing advertising.  If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call.  If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.

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