My lender, GMAC, has turned over my account to an attorney for foreclosure. I contacted the attorney and asked for the amount I would have to pay to reinstate my loan. I was told that it will take about 5 to 7 business days for them to confirm the amount with GMAC.
In the meantime the clock is ticking.
I have read that many states require mortgage lenders to accept reinstatement plans however I live in Virginia and this state does not require that of mortgage companies.
I have also read that Virginia is a very fast track state. In other words the sale of your home comes VERY quickly.
My questions are does GMAC turn down reinstatement requests very often ?
Along with the amount owed what other information will they ask for in order to make their decision whether to reinstate my mortgage or not ?
I worry that while they are in the decision making process that my home will be sold. I have read on the Internet that this has happened to many people.
As I mentioned they move fast in this State. The letter from the attorney was dated December 21st I received it on the 28th after returning from out of town. The attorney said that in most cases the house will be for sale within 30 days. That gives me 20 more days.
I have about $150,000 in equity and of course I am worried about losing it.
Last question. Should I give the check to the attorney showing good faith or should I wait and see if they will reinstate ?
Thanks for your time. I will anxiously stand by for any help you can give me.