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

marinah1208 · 12-21-2008, 11:21 AM

So we were finally officially late last week, and made the phone call....my husband got Gary Neuman on the first try and spoke with him at length. We also have a HOPE rep assigned to go through for all our financials.

We found out our investor is Freddie Mac. Typically, you must be 3 months late to get a loan mod but Mr. Neuman said that is changing. He said our financials should show a monthly deficit -- not TOO big of a deficit, but not too small of one either. He and our HOPE rep would not give exact numbers, however.

Does anyone know from experience what kind of deficit Freddie Mac would consider acceptable for a loan mod? Are we talking a $250, $500, $800/month deficit...what would be too much or too little? We want to do this right the first time around so we don't get rejected...

12-21-2008, 11:21 AM	#9 (permalink)
marinah1208 Member Join Date: Nov 2008 Posts: 23 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Another GMAC mortgage....stop paying, or short sell?? So we were finally officially late last week, and made the phone call....my husband got Gary Neuman on the first try and spoke with him at length. We also have a HOPE rep assigned to go through for all our financials. We found out our investor is Freddie Mac. Typically, you must be 3 months late to get a loan mod but Mr. Neuman said that is changing. He said our financials should show a monthly deficit -- not TOO big of a deficit, but not too small of one either. He and our HOPE rep would not give exact numbers, however. Does anyone know from experience what kind of deficit Freddie Mac would consider acceptable for a loan mod? Are we talking a $250, $500, $800/month deficit...what would be too much or too little? We want to do this right the first time around so we don't get rejected...