Loan Modification Forum - LoanSafe.org - View Single Post - Another GMAC mortgage....stop paying, or short sell??

Moe Bedard · 11-12-2008, 09:58 AM

Hi marinah1208,

Welcome to the forum and thank you for joining...............

The problem that you could face is that a modification won't be able to help............they might extend the period before the rate change, if it is a struggle currently that wont help........

If you were to try a short sale your agent would be able to negotiate the deficiency with the lender............
The rep for GMAC that was telling you to go into default to get help, was most likely collections not loss mit unless the investor on your loan is FannieMae or FreddieMac......they do not modify until you are 90 days in default................try calling the number below and see what options the investor on your loan has.

GMAC Loss Mitigation
1-800-850-4622 ext. 2362609

11-12-2008, 09:58 AM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,685	Re: Another GMAC mortgage....stop paying, or short sell?? Hi marinah1208, Welcome to the forum and thank you for joining............... The problem that you could face is that a modification won't be able to help............they might extend the period before the rate change, if it is a struggle currently that wont help........ If you were to try a short sale your agent would be able to negotiate the deficiency with the lender............ The rep for GMAC that was telling you to go into default to get help, was most likely collections not loss mit unless the investor on your loan is FannieMae or FreddieMac......they do not modify until you are 90 days in default................try calling the number below and see what options the investor on your loan has. GMAC Loss Mitigation 1-800-850-4622 ext. 2362609 __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.