Good News From GMAC

If you had your mortgage with GMAC, and were in some stage of foreclosure action by GMAC that you thought was incorrect, until now you had to stand on the sidelines and drool enviously as borrowers in similar situations to you with other major lenders got compensated by the huge deal under the Federal and OCC with those lenders. However, now the same deal has been reached with GMAC. As part of the settlement, GMAC has agreed to pay a total of $230 million to homeowners in this situation who were incorrectly placed there by GMAC. That sum will divided up among 232,000 GMAC borrowers who were any stage of foreclosure in 2009 or 2010. If you have any questions, call Rust Consulting at 1-888-952-9105. These questions can include how much you may be entitled to and details on the timing of the payment. As always, Good Luck.

Help From Fifth Third Bank

Fifth Third Bank has established a way to help those who are now out of work from falling victim to foreclosure. As I mention in my book, Save Your House From Foreclosure!, loss of a job is one of the four major causes of foreclosure. However, 5th Third has set up a possible way to avoid this fate when you lose your job. Working with it partner, NextJob, the bank helps its mortgage borrowers locate a new job. This gets the borrower back to work and re-establishes his/her ability to pay the mortgage, thus avoiding foreclosure. For details, contact your local Fifth Third branch, or log on to NextJob's web site, www.next-job.com . As always, good luck.