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jameshogg · Posted: Mon Aug 17, 2009 10:20 pm Post subject:

Hi Brenda,

You are going through a tough situation and your lender is not ready to help you as you're not employed. Lenders want to check if you would be able to pay your debts after a loan modification. In your case, you aren't employed anymore, the lenders may feel that you won't be able to afford the payments.

Filing a Chapter 13 bankruptcy will help you in saving the property as your lender would give you a payment plan to pay off the mortgage dues. The payment plan will depend upon your financial situation. However, you should note that filing bankruptcy would badly affect your credit and would remain on your credit report for 10 years.

Thanks

Guest

You are 100% correct about GMAC you either make too much money, then you loose your job you can't afford it. We have done everything about 6 times. They lost (on purpose) parts of the package you fax. Depending on who you talk too on what day they will tell you opposite answers. You can Not get straight answers and you end up in India with barely speaking English and just sit and read. If you need help at least contact Iowa for help. I am ready to board a plane and leave for Texas where all loan modification packages are sent and camp out until I am seen. GMAC is ridiculous.

Guest

I submitted all of the paperwork for a loan modification. Here is the response;

I will pay $769.49 a month for six months (payment is generally $1,500.00). They stated this is good faith payment to show the investors my committment to the property.
At the end of the six months or before...I will be told of a loan modification offer.

I was real clear with them that my home is worth aprox. $50,000 to 80,000 less than I owe. I will not refinance and will only stay if the principal is reduced.

Can I trust this plan or is there more to this than I am being told?

Guest

I forgot to mention my loan is an FHA.

In reading on the making home affordable plan, I would not be interested. I have no intentions of paying for a house I can buy cheaper next door.

Guest

I forgot to mention I have an FHA loan. I will not accept anything less than a principal reduction.

smithsussane · Posted: Sat Sep 12, 2009 12:40 am Post subject:

Hi Terri!

Welcome to forums!

I guess the lender has given written documents stating the terms and conditions of the loan modification to you. If that's the case, then you can trust them. If they do not go according to the agreement, then you would be able to sue them after consulting a lawyer.

Feel free to ask if you've further queries.

Sussane

Guest

I have nothing in writing, I phoned to see if they had received the loan modification application and was told about the six months forebearance. They are sending me a letter.
Will my FHA loan qualify for a reduction in principal?

adonis · Posted: Sun Sep 13, 2009 11:08 pm Post subject:

Hey Terri,

You need to wait for the letter and check out the terms and conditions of the forbearance. It will depend upon the discretion of the lender whether or not he would reduce the principal of your loan. You will have to speak to your lender about the same and negotiate for a reduction.

Guest

I am a Real Estate Agent and I was so impressed how your company GMAC handled the short sale . I listed a house for sale in July 13, 2009 with in 2 weeks a PBO was ordered . The result of PBO came in quick , was assigned to a negotiator and WE CLOSED THE DEAL SEPT 16, 2009. All the Agents in our area could not believed how fast that property closes.
I was so thrilled how this company hadled thier service. Thank you
Pat Kloka , Realtor London Properties Ltd

[Phone number deleted as per forum rules. Thanks.]

Guest

I need to possible look at selling my home in a short sale. Please send me the forms or tell me where I can get them

Guest

Gmac Horror

gmakerley · Posted: Thu Nov 05, 2009 10:11 am Post subject:

well at least pat kloka is a real person and a real realtor.

Sheryl: you need to contact the loss mitigation department of your lender right away. this website is definitely not the place to be requesting short sale documents. check your mortgage bill and i'm sure you'll find a phone number to call.

Guest

For all of you mortgage broker types selling the "just call and work with them" line...GMAC will NOT work with their customers...period. I have a friend who works in their loss mitigation department and their standing orders are to "delay and foreclose." They delay by suggesting there are alternatives to foreclosure, requiring copious documentation from the consumer...losing said documentation, and at the end of several months of hoop-jumping, REFUSING any short-sale offers or deed-in-lieu settlements and ultimately going through with foreclosure.

Why would they do this?

It's simple. The bottomline. They wcan afford to sit on these properties until the market rebounds (especially since they took billions in OUR bailout tax dollars].

Face it, big mortgage company executives played a HUGE role in creating this mess, and now they are doing everything they can to screw-over the American people once again...and you all are singing thier praises shile they do it.

Bottmline for everyone? Follow the mortgage company example and LOOK OUT FOR YOURSELF AND YOUR FAMILY!

Posted: Tue Nov 24, 2009 2:35 pm Post subject: GMAC

I have a mortgage with GMAC.... I have been going through this short sale process and it is a freakin nightmare. I received a contract on my house (which is vacant) on 9/25/09. GMAC has lost documentation after telling me that they recieved everything. Now 2 months later and I still do not have an answer - I was told today after calling to find out the status, that they do not have the buyers pre approval (which was sent 9/25) nor do they have the two months of bank statements. I was told I could not talk to the negotiator and that it will take the bank another 60 days to come up with a decisiion. This is just rediculous. Im stuck with a house that is worth about 100,000 less than I owe. I had perfect credit now its crap. My family had to move out of state because of employment. The banks are not working with anyone. Just giving us the run around and a bunch of BS.

Guest

Keep on calling GMAC. You will find somebody to help you. Send all asking papers and get professional advice to fill out the papers including the harship letter. I was rejected seven times in five months (too much income, not enough income, too much reserve money, too little reserve money, etc.) untill Gmac considered my case and now I am in the four months workout plan trial.

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