GMAC Mortgage LLC has teamed with the Rumson, N.J.-based Loan Value Group LLC (LVG) to offer LVG's Responsible Homeowner (RH) Reward program to a group of U.S. Department of Veterans Affairs (VA) borrowers. The RH Reward program offers cash rewards to underwater borrowers in exchange for the borrowers' remaining current on their mortgage payments.Â
The program creates an incentive without changing the terms of the original mortgage note, and without requiring additional documentation or disclosures by the homeowner, GMAC and LVG say. Participation in the program is completely voluntary and free to the homeowner.
