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adonis · Posted: Fri Aug 14, 2009 9:30 pm Post subject:

Hi Frank,

You will have to inform the lender about your financial crisis and negotiate with him that you would only be able to pay off the dues if he modifies the loan. You will have to write a hardship letter to the lender when you request for a loan modification

Guest

This all sounds familiar. We purchased a home 4 years ago on a no doc loan. It actually cost more than we should have spent on our income but were talked into it by the realtor and mortgage broker. After all, the way prices wer going up, we could sell it in a few years and make some money and then downsize. Well, that did not happen, other blls came up, college, etc. and we have been trying t sell for over 2 years with no luck. Called GMAC several times for help ad they basically said too bad...cannot help...you have to be late. We were struggleing. They finally put us in a trial payment plan and I till don't know if it will be approved or not. In the meantime, I have been told to go to NACA.com and try to go through them they will deal with the mortgage company to try and get the mortgage modified. Hope it works! I am so tired of being on hold with GMAC and no one seems to have much information when you do call. I hanging (9/2009). I have heard some good things about NACA, so I will try that.

jameshogg · Posted: Tue Sep 08, 2009 11:28 pm Post subject:

Hi dabil,

Wish you all the best in your effort to negotiate with NACA and get your mortgage modified. Smile

Do keep the community posted whether or not you got through your modification.

Thanks

Guest

What a scam.

I was recently denied the MHA plan by GMAC because I was told that I was current on my mortgage. I sent the checks, as instructed and NOT by (wire, western Union, etc.) in 5 days prior to the due date. In the MHA documentation it states, that the payments need to come in before or on the due date.. I do everyting possible so that my mortgage is PAID on-time so I don''t loose my home and go into forclosure each month. I can not control the timimg when my payments arrive and when they get deposited in GMAC''s bank.. After countless calls to Loss Mitigation (option#5-extention 2362350 by the way) they told me that I SHOULD have wired the money to them on the EXACT day it was due.. What a mess... How can one do that when they tell you to send them the $$ via check??????? Its a SCAM!! They get the $$ from each signing of the application, tell you AT THE END of your trial period you were misinformed by their own people, tell you the information is confusing to the customer, placed a black mark on my credit report, Pay back the $$ within 1 month of the difference between the original note mortgage and HMA MOD amount (where am I now going to find this) AND REAPPLY!! I am tossed if I want to go through this ordeal all over again to be DENIED yet again for some other possible problem?? I don''t know of other service providers, but GMAC is making this a HUGE problem for me now... I thought Obama''s Plan was to help out people who are current on their mortgage and not delinquint? Seems like I have to join the masses now on NOT paying my mortage for the next 3 months and see what happens?? It seems to me WAY to risky as I am doing everything possible to NOT loose my home.. Instead it seems like the OBAMA plan was intended for a different population?? Those crooks were the ones that placed us in this economic mortgage problem where the value of our homes are now 20% or more less, and making it IMPOSSIBLE to refinance!! Great country we live in!! VOTE REPUBLICAN and toss those GREAT DEMO''s out of office..

Thanks for nothing!!

Guest

gmac mortgage is big fraud. IS there a number to call? these people at gmac are really rude and no knowledge at all. I have applied for affordable housing program they put me on trial period and then was denied saying Snce I was current on trial payments u are disqualified. where do u go at these point? please give me any advise.

smithsussane · Posted: Wed Nov 11, 2009 12:13 am Post subject:

Hi rose!

Welcome to forums!

The lender can place you in the trial modification program. If you are unable to pay during the trial period, you would not be considered for the Home Affordable Modification Program. However, if you've paid your dues regularly, then they should not have disqualified you. I would suggest you to negotiate with your lender once again.

Feel free to ask if you've further queries.

Sussane

Guest

Sussane,

I can't tell you how much GMAC and this whole MHA program has cost me. Not only the time, but NOW the expenses.

-Steve

What do you mean unable to pay.. I did pay by check, as instructed.. They told me that I was to wire the payment the day it was due, its a scam. To wire the payment, its $12.50 per wire transfer.

They are totally CLUELESS at GMAC and they run you around. I spoke to many supervisors and I got the same answer.. The reason for denial was because I was current on my payments??? Well, of course I was current but I took out loans to cover my mortgage SO I WOULD NOT go into Foreclosure.. I thought the whole Obama plan was to assit those so they did not go into foreclosure? If I was current in the first place, why did they accept my application and spend the time to come up with a figure??

I am telling you and those reading this.. They are playing with the system because somehow they can get away with this.. They already get an application fee for each one they sign up, deny you so it does not hurt GMAC in the long run, and ruin your CREDIT score for the future!!

I ended up yesterday paying the differnce back PLUS they had the nerve telling me that I also owed them over $350 in LATE FEES!! My paperwork stated that NO LATE fees will be assesed at the end of the TRIAL PERIOD..

Get this.. They said as a courtesy.. They will pay half the fees.. I GAVE UP and did not want to continue causing problems on my credit report, which was GREAT until I entered into this MHA program.

There is a petition, but I doubt it will go anywhere.. I continue to get bounce backs from my senators, etc.. So, its really going to def ears..
Here is the link anyway..

petition2congress.com/2/2564

I ended up giving up on the process with hopes I can squeeze by each month..

Guest

Just got off the phone again with GMAC..

They told me that I am a still a good candidate, but I would have to satisfy the government requirement of being delinquint for 120 days.. Meaning, if the payments are 30 days paid for 4 months then you qualify?? There are a few months with less than 30 days.. I still don't get it???

There is a small window of time to make these payments and it seems the only way this will work, is to either stand at the door to GMAC with a check in your hand the day it is due OR send the $$ via wire transfer each month the EXACT day it is due?

Not sure if I want to go through this again? Has anyone our there reapplied and had the same problem the second time?

I really can't afford to have my credit score lowered again OR PAY LATE charges for the past 4 months.. AGAIN.. After being denied the second time??

I guess its a chance you take otherwise SELL the HOME and take a LOSS OR GO into Foreclosure..
-Steve

Guest

I am in the process of loan modification. MY paperworks have been submitted and reviewed and just waiting for a final decision from my lender.The payment I sent my payment on October 2009 and my November statement showed that my payment wasn't applied towards the loan. If I skip my November payment, will it affect my credit rating?

Niicss · Posted: Mon Nov 16, 2009 2:49 am Post subject:

If you skip the payment for the month of November and if the lender reports it to the credit bureau, then your credit score would get affected.

Guest

I have had my home for 4 years. Recently I went through a hardship where I am working 64 hrs a pay instead of 80. We are not allowed overtime. I am now 3-4 months behind on my mortgage, I went through a community service for home modification, denied x3. Now I am going through NACA. Are they helpful with home modifications or should I stop wasting my time and walk away from this home.

Guest

I went through the whole ordeal with GMAC loss mitigation dept. I was qualified for the 3 month trial period which i completed. After that I called and they said I was approved for a modification and I would be receiving docs via fedex within a week. After calling twice a week to let them know I hadn't received them I was notified I was denied due to the new government criteria. Extremely frustrating! never got to talk to someone actually working on my loan, only the middle person who simply tells you the same thing over and over.

jameshogg · Posted: Tue Nov 17, 2009 11:51 pm Post subject:

Hi,

To Brandi,

In my opinion, you should contact NACA and check out if they can help you in getting a loan modification. As you're already 3-4 months late on your mortgage payments, you will have to contact them immediately. It's better to try out for a modification rather than letting the property foreclosed by the lender.

To tommy,

It's quite surprising to know that GMAC approved your modification and then canceled it. Did you reapply for the loan modification with them?

Thanks

Guest

I recieved my packet the other day.. After reading this post, again, I am skeptical about even filling it out.

Tommy, I am curious what the new government criteria is??

It seems, NO one has the same answer when you talk with even supervisors (so I am told they were) at GMAC.. There are BIG problems out there that are not addressed and many people are getting frustrated, annoyed, at the process and what is told to them first.. AND what they find out LATER.. Why bother dangling the carrot and missleading the customer??

I still think that this whole program is only for the selected few.. Forget about the masses of people that can't qualify for refinance program, due to tight restrictions and the debt to loan ratios, that are wider now that the values of our homes can be over 20% thanks to the many fine people signing off on the loans that got us into this mess in the first place!!

Would like to hear more feedback on this topic, especially what other experienced at GMAC before I go through the process again..

BTW, after I found out I was DENIED they asked me to pay them LATE FEES!! I negotiated this, but still ended up throwing in the towl and paying them something just to get my credit back in line!!

Guest

we are in the same situation....we have excusted our savings owe taxes and been denied any kind of assistance...Who do we contact? cant afford a lawyer...suggestions?

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GMAC Loss Mitigation suggested for us to skip 3 month payments?