i currently have gmac mortgage for my loan. they are taking forever on this “modification” plan and what i wanted to do was transfered my 30 year fixed rate to another bank with the same 30 year fixed but at a lower rate…is that possible?
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The short answer is no if I understand your question correctly. The only way to transfer your loan to another bank is to refinance. That means you would be paying closing costs etc.
If you are doing a modification with GMAC (vs. a refinance) then you won’t be paying costs – they are simply modifying your existing loan (meaning you don’t end up with a larger balance like you would with a refi) to get your payments down. This is your best course of action and it’s worth waiting for.
Whatever you do, don’t get talked into a refinance if you qualify for a mod. If you do a refinance, that will DISQUALIFY you from being able to do a modification (under Obama’s plan) in the future.
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