IMPAC Loan Mod

connied4 · 04-05-2009, 03:23 PM

Hello everyone:

I'm new to this so please bear with me.

I recently received a letter from IMPAC telling us that they own our mortgage note. I didn't do anything with the letter but file it away. I then received a call from one of their real estate people offering a loan modification. He emailed me the forms to fill out and sign which we promptly did. We also sent along current paystubs and a hardship letter. The following day, I received a call from the same guy asking about a $15k increase on our original loan amount. This was due to a loan mod that we did back in 2007. They tacked on the interest for the year, Nov 2007 to Apr 2008. I then emailed the IMPAC guy a copy of the loan mod. He called back shortly saying we were approved for a new loan mod at 3.75% interest and at $1485 per month, plus taxes. Mind you, our current mortgage with GMAC is at $2860 plus a second mortgage with EMC for $1030. So IMPAC is offering $1485 or he said $1800 with the property taxes per month. This is for 5 years. I'm thinking this is a great deal. It would help us save about $1000 a month. He said there will be no other changes to our loan other than the new monthly amount plus the much lower interest (we're currently at 7.125% or somewhere around there with GMAC). So my understanding is IMPAC owns the note and GMAC is the servicer. The IMPAC guy sent an approval letter containing the new interest rate for 5 years but it doesn't spell out the new monthly payment. I'm concerend about this. He's also asking for a $1995 processing fee which we have to pay by 4/15 or the loan mod won't go through. He said they will draw the docs once they receive the fee. Is this legitimate? What do you guys think? I appreciate any advice. Thank you.

Moe Bedard · 04-05-2009, 03:43 PM

Hi connied4,

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

There are several members that have Impac for their investor on their GMAC loans.........

Here is a link to a member that received a similar letter and verified that it is legitimate.....

IMPAC Letter GMAC?