Ally is set to provide home loans to nearly two million borrowers through its loan forgiveness program, and it is working with its customers to help them get them back on their feet.
Ally said in a statement that the company was working with more than 2.3 million borrowers who applied for a loan forgiveness loan.
Ally has worked with lenders for the past four years to help borrowers with these loans refinance and refinance loans, but this program is a new way to get the program started.
Ally is helping to help more borrowers refinance, as it said that more than 200,000 borrowers have applied for loans through the program.
Ally was the first financial institution to offer loan forgiveness to borrowers through Ally’s Home Equity Lines program, which is a federal program that allows borrowers to refinance their mortgages if they are paying more than their mortgage is worth.
Ally also partnered with the Federal Housing Administration to provide loans to borrowers in a loan modification program called Servicemembers Credit Recovery (SCR) program.
This program allows borrowers with low credit scores to refinances and refinances mortgages at low rates, and the borrowers receive a refund for their monthly payments.
Ally and the FHA jointly developed the Servicemanembers Loan Program.
Ally plans to work with borrowers to determine which loan modification and refinancing options they may want to take advantage of, Ally said.
Ally announced the new loan forgiveness and credit forgiveness programs on Monday, and announced the expansion of Servicemenembers credit rehabilitation program to a new category of borrowers.
For more information, visit Ally.com.
Ally borrowers can take advantage by calling 1-800-842-3511.
Ally currently has 1.2 million Ally borrowers in the program, with a loan origination rate of less than 3 percent.