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DixieGirl1997 · 07-02-2009, 07:57 AM

MPDano our hardship letter was very similar to the one you put together. The only difference is our servicer is Bank of America, but I worked with IMPAC directly. So far we have received our paper work showing what our new reduced rate and payment will be. We just need to have it notorized and send it back. I was very leary when IMPAC first contacted me, and still think I might be dreaming if it wasn't for the Loan Modification Agreement they sent me. They are even allowing a payment deferment period without any negative effects to our credit. The only thing they do make very clear in the agreement is that at the end of 5yrs when this agreement terminates our payments will go up to whatever is the standard rate for an ARM's loan at that time. Fortunately there are no pre-pay penalties assosiated with this new agreement, so we can either try and sell or refinance before the end of 5yrs to avoid going back to an ARM's loan.

After I get my new payment coupon I will follow up just to let everyone know this just may be the miracle and hope we all need. I hope this helps some people to feel better about this offer from IMPAC.

07-02-2009, 07:57 AM	#35 (permalink)
DixieGirl1997 Junior Member Join Date: Jul 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IMPAC Letter GMAC? MPDano our hardship letter was very similar to the one you put together. The only difference is our servicer is Bank of America, but I worked with IMPAC directly. So far we have received our paper work showing what our new reduced rate and payment will be. We just need to have it notorized and send it back. I was very leary when IMPAC first contacted me, and still think I might be dreaming if it wasn't for the Loan Modification Agreement they sent me. They are even allowing a payment deferment period without any negative effects to our credit. The only thing they do make very clear in the agreement is that at the end of 5yrs when this agreement terminates our payments will go up to whatever is the standard rate for an ARM's loan at that time. Fortunately there are no pre-pay penalties assosiated with this new agreement, so we can either try and sell or refinance before the end of 5yrs to avoid going back to an ARM's loan. After I get my new payment coupon I will follow up just to let everyone know this just may be the miracle and hope we all need. I hope this helps some people to feel better about this offer from IMPAC.