There is a new law that mortgage lenders have to show attempts at helping customers avoid foreclosure. GMAC?

said we do not qualify for the Obama's MHA program. They said our income needs to increase and/or the debts need to decrease. This, even though, payments have always been on time and in full. Is there an appeal process after being denied a loan modification?There is a new law that mortgage lenders have to show attempts at helping customers avoid foreclosure. GMAC?
Nope. The modification process IS the appeal! You are appealing the terms that you originally agreed to. remember, you are not entitled to a house. If a bank determines that you cannot afford the house, they are NOT obligated to make the loan work until you can afford it.There is a new law that mortgage lenders have to show attempts at helping customers avoid foreclosure. GMAC?
Your only appeal is a civil law suit against your bank, and they can hire attorneys much more expensive than you can, and drag it out for years. The court cost by themselves will exceed the value of your home, and the looser pays the court cost and attorney fees for both sides.





This is an example of being entitled to as much justice as you can afford.





The bank wins simply because you can't afford to challenge them.