| Need a CA attorney ASAP - made 3 trial HAMP pmts then denied loan mod by GMAC
I'm posting this here because I honestly don't know where else to turn. The letter below was faxed to the United States Treasury Dept and GMAC's executive offices today. We are now looking for a CA attorney. If you think you might be able to help, please reply with your contact information. Thanks.
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September 18, 2009
To Whom It May Concern:
In spring of 2009 our family qualified for Obama’s HAMP (Making Homes Affordable) home loan modification program on our GMAC loan, account # XXXXXXXXXX. We were told to make 3 trail payments due on June 1, July 1 and August 1. After we completed the 3rd trial payment on August 1 we were told we’d receive our permanent loan modification documents within 15 business days, or by August 16. After we didn’t receive our documents by August 16 I began to document religiously all my communication with GMAC because, at that point, I felt like I had been lied to. My documentation consists of detailed notes and recorded phone conversations with GMAC representatives.
It’s important to know that after we were originally informed about the modification we made some life changing financial decisions. Among the changes: we refinanced debt, consolidated debt, took on new lower interest debt and liquidated our retirement accounts. We did these things based on the fact our mortgage payment was being modified for the next 40 years. Our payment was going from $2,200 to about $950 for the initial 5 years. The term of our loan was also being rewritten to 40 years, so after the initial 5 years our payment would be about $1600 for the next 35 years. This was a substantial savings to us, making our home more affordable and allowing us to financially reorganize. From August 1 through September 16, GMAC always represented to us that our loan modification was a “done deal” that we held up our end of the bargain; all we needed to do now was sign the final loan modification documents.
From August 16 to September 16, I called GMAC 13 times to find out the status of the final loan documents. I was given many different reasons for why the documents had not been produced, but each time I was assured we’d receive them soon. All we needed to do was sign and return. On September 1, I was told we should make a 4th trial payment of $950 or the modification might not go through. We made the 4th payment even though it was not part of the original deal. We were informed we’d have our final documents by September 15.
On September 17, I called GMAC and was informed our loan modification had been denied. We were not given a reason or any explanation. We were not offered an apology or a go forward plan. Instead, we were told that our mortgage was past due and that they could start foreclosing on our home. We have NEVER been late on any of our payments to GMAC over the past 4 ½ years. But because the trial payments were less than our technical payment due, and because our loan modification was never finalized, we are now behind thousands of dollars. We are also in an unsustainable budget because we believed GMAC when they told us our loan modification was a “done deal.”
As of now, all we are asking is GMAC to deliver on their promise of our loan modification. We did everything that was required of us except the signing of the final loan documents which were never produced. We are currently seeking legal advice. We are also sharing this letter with the United States Treasury and GMAC’s executive office. If anyone can help us please contact me ASAP.
Regards,
XXXXXXXX
XXX-XXX-XXXX
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