Loan Modification Forum - LoanSafe.org - View Single Post

MPDano · 02-07-2009, 11:00 AM

Hello all!

My first post here and I would first like to thank the creators of this site. A very informative site I might say.

My question is the validity of a letter I received from IMPAC. They state they are the owner of my note from GMAC. Is this true? They give various options that we MAY qualify for, examples:

*Put you in a mortgage payment you can afford
*Move any delinquent payments and fees to te end of my loan term
*Provide with a 5-year payment relief
*Possible reduction my loan balance

All of which we would love to qualify for. Our situation: We bought a home in Sept 2005 for $430K, Home is now appraising at under $300K. We had a year ARM, it adjusted to ungodly interest rate. We were able to make the high payments for a few months but need help. We were able to get a 2 year Modification to have our original interest rate reinstated. We would love to try and reduce our payments as the job I had (during loan Mod) has Laid me off due to budget cuts. I was lucky and able to go back to my former employer, but we are barely making ends meet with a new baby and costs and utility increases. I know for a fact if it adjusts again next year, we will not be able to make the payments. Just looking forward.

Does this IMPAC sound legitimate?

Thanks in advance!

Leo

02-07-2009, 11:00 AM	#1 (permalink)
MPDano Senior Member Join Date: Feb 2009 Posts: 56 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	IMPAC Letter GMAC? Hello all! My first post here and I would first like to thank the creators of this site. A very informative site I might say. My question is the validity of a letter I received from IMPAC. They state they are the owner of my note from GMAC. Is this true? They give various options that we MAY qualify for, examples: Put you in a mortgage payment you can afford Move any delinquent payments and fees to te end of my loan term Provide with a 5-year payment relief Possible reduction my loan balance All of which we would love to qualify for. Our situation: We bought a home in Sept 2005 for $430K, Home is now appraising at under $300K. We had a year ARM, it adjusted to ungodly interest rate. We were able to make the high payments for a few months but need help. We were able to get a 2 year Modification to have our original interest rate reinstated. We would love to try and reduce our payments as the job I had (during loan Mod) has Laid me off due to budget cuts. I was lucky and able to go back to my former employer, but we are barely making ends meet with a new baby and costs and utility increases. I know for a fact if it adjusts again next year, we will not be able to make the payments. Just looking forward. Does this IMPAC sound legitimate? Thanks in advance! Leo