Mortgage Modification Law – Bankruptcy Law

I have found GMAC to be reasonable to work with in some cases, very inflexible in others.

In one case I was able to negotiate a $10,000 payoff on a $120,000 second mortgage. This was an underwater property, with little equity available to secure the second mortgage.

Another case did not go so well. The client came to me with only a few weeks remaining before foreclosure. I submitted a complete package, however, GMAC refused to call off the foreclosure until the lender gave its approval. The foreclosure date arrived and GMAC had still not agreed to extend the foreclosure date. To save the property I put the client into Chapter 13 bankruptcy.