Home loan modifications are free. GMAC acts as a responsible mortgage lender and is happy to assist homeowners who need a more affordable monthly loan payment. This help is, and always has been and will be, free. Be on the lookout for mortgage foreclosure, refinancing, and modification plans which charge fees. Mortgage lenders and banks who are truly part of Obamas stimulus plan will never charge for a home loan modification, as it is against the rules of the program.

Here are some conditions for GMAC mortgage modification;
- The home is your primary residence. This plan will not help homeowners with a second home or investment property.
- You are in foreclosure, bankruptcy, at risk of defaulting on your mortgage, or are behind on your payments.
- The remaining principal balance on the home loan is less than $729,500. The limits for this may be higher if the mortgage is for a multi unit owner occupied building.
- Your income must be verified, regardless of how much you make, to ensure you will be able to make the new monthly mortgage payment.
Thanks.

Very helpful post. Thank you.