Does Gmac Mortgage Offer Cash For Keys?


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Connor Sephton Profile
Connor Sephton answered
Within their terms and conditions GMAC do not actually offer a 'cash for keys' scheme with their mortgages. Some internet research suggests that some customers have been able to convince the company to give them this scheme after taking several complaints to the head office. If you are in a situation where you really need to try and negotiate a 'cash for keys' deal then keeping in touch with your mortgage company is the best approach. Do not immediately contact them in an aggressive and angry way, try to first explain your situation and see if there is any sort of negotiation in the matter. If you are not successful then it is worth checking all of the small print of your contracts for anything you may be able to use in your defense and seek the advice of other people who have managed to change the company's mind. If the mortgage company does not offer a 'cash for keys' negotiation this means that they are likely to incur costs of evicting an individual from their home. Offering a homeowner money to move out is a much cheaper alternative to eviction.

'Cash for keys' schemes are a variation of the deed in lieu of foreclosure. Rather than destroy the property, the lender will actually pay the homeowner to vacate the home in a timely fashion. Lenders will often choose to negotiate 'cash for keys' in order to avoid any additional expenses that are involved in evicting these homeowners. 'Cash for keys' negotiations are just one example of a number of kinds of loss mitigation. The others include; loan modification, short sale, short refinance, deed in lieu, special forbearance and partial claim. The types of loss mitigation that are offered by a mortgage company will vary depending on their terms and conditions and the customer's circumstances.

This is a variation of the deed in lieu of foreclosure. The difference is that the lender will actually pay the homeowner to vacate the home in a timely fashion without destroying the property. The lender does this to avoid incurring the additional expenses involved in evicting such homeowners.
Vickie Martin Profile
Vickie Martin answered
I need to know if GMAC will pay you cash for keys and if you do this GMAC want come back on you for the IRS where you have to pay them.

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