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GMAC Modification?

Posted on: 06th Aug, 2009 06:14 am
I have been trying to get a modification from GMAC since early April.I even hired an attorney based out of New York for $1500.I borrowed the cash for that thinking an attorney would speed the modification process along.It has been over two months now and my e-mails and phone calls to him result in no response.So I now talk to GMAC but all they care about is trying get more money from me and they just tell me my modification is still in review.My first request was denied.I had to fill out the same papers again to re- apply after 30 days
I bought my home in 2006 at a 3 yr..Arm, Interest only.My 3 yr ARM adjusted July 1 to a much higher mortgage payment that I can not pay.I still send them the interest only portion($1376.) but the nuisance calls have started 2-3 times a week.from GMAC.Most of their calls I answer and keep telling them the same thing that they have my latest financial statement for modification and it's easy to see I cannot pay the much higher payments now, but they agree to accept the interest only portion but still they try and get more money from me,they even want me to set up a 2 yr payment plan for the money I now owe.-what a joke.
When I purchased my home the mortgage broker and real estate agent(snakes, I realized later) I had told me that if I made all my payments on time for three years I would qualify for a lower interest rate and my mortgage payments would increase only slightly.I thought this would be easy for me because I was proud to have maintained "Perfect" credit my entire life.It only took me about three days after closing date that I realized I was tricked into the sale with lies and I really trusted these people that helped with my purchase but all they cared about was filling their pockets with money I am 64 now and I'm sure GMAC has trashed my credit score by now and this fact alone has me very depressed not to mention I'll probably will still will lose my home that I love now to foreclosure anyhow.I feel now that buying a home was the biggest mistake I've ever made in my life
I feel like GMAC will not ever modify my loan now because they are receiving more money from me now than they would if they modify my loan for lower payments.I feel it would be wrong for me to just stop paying them completely because that's my nature.I just don't know what to do now.
Depressed
Hi jerrya,

If you want to save the property, the best way is to negotiate with the lender for a loan modification. You can contact the lender and check out whether or not they would accept your loan modification. If they are not ready to modify your loan, then it would be better if you could sell off the property. You can apply for a deed in lieu of foreclosure with your lender and check whether he accepts it or not.

Thanks
Posted on: 07th Aug, 2009 12:44 am


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Posted on: 03rd Sep, 2009 11:47 am
Hi jerrya,

As you are currently 64 yrs old and I hope you no longer want to take any type of debt in coming future.So in a nutshell even if you go for BK or foreclosure both the options are appropriate for you.
Rather I do not agree with your comment on real estate agents refering them as snakes. Some ethical people are also there in this industry.
It is just the fact that you got a bitter one.....
Posted on: 08th Sep, 2009 06:55 am
If they don't want to modify it (or they are slow to modify it), don't keep paying. The markets are so down that they would be stupid not to work with you. You can probably buy a new house or rent a house for alot cheaper than you are paying now. Just jump ship and let them keep the debt. I'd document that you have tried to work with them. I know how this is, because we have went through it with them. So, we have decided just to quit paying and let them keep the overpriced property.
Posted on: 28th Aug, 2010 12:23 am
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