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Home >> Lending >> Home Mortgage
Details Regarding GMAC Mortgage Loan
Am I able to place one or two months of payments on a GMAC mortgage loan at the end of the loan?
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This question is somewhat vague, but it does sound as though the meaning is that of an extension. An extension is an interest only payment and for each monthly payment that is extended, the contract has an additional payment added to the end. This is very common around the holidays on consumer loans. It is less common on mortgages.
Often mortgage payments are mostly attributable to interest owed, so the payment may not decrease much. Also, if the original mortgage documents don't allow for extensions, papers must be drawn, often by an attorney, and filings must occur where the mortgage was filed, to indicate the modification of terms. So, while it is possible to extend mortgage payments in general, it is not common because of the work and cost involved.
As to whether any one particular mortgage lender offers extensions, that would be up to their policy and those can change based on needs and the marketplace. It doesn't hurt to ask, and if there is a payment problem, communicate with your lender.
Published on BankingQuestions.com 4/08/08
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