Impac/cw-loan mod approved

[dogatemy]

Congrats!!

[mkd60]

I received a letter of approval from IMPAC (they own my loan, and GMAC sends the bills). The approval states that I will have a 3.5% interest only for five years. The paper work will get started just as soon as I send them $1995 for 'processing' cost. Then I just have to get the papers notarized and it's done. No prepayment fees.
I have seen that people have asked about this same deal with IMPAC but I haven't been able to find anyone who has gone through with it. Am hoping that it's legit - if there's anyone who has seen this through or found a reason not to go through with it....PLEASE respond. Thank You!

[notasmartowner]

Hello...

Obviously to keep myself safe from any sort of litigation....I have to disclaim that USE YOUR OWN JUDGMENT! what worked for me may not work for you....but just read this thread....I am a successful IMPAC/CW/BOFA loan mod approved case. I did get a 5 year 3.5% that lowered by payment to $1000 less of what i was paying before...It was not the best option (still an ARM) but If I can save $50-$60K in the next 5 yrs this way...I am ok for now...And yes I DID have to pay the $1995 fee. Worth it in the long run...

Again....use this as an opinion and not as an ad for IMPAC or legal advice and use your own sense and judgement before any descion you make..

Good Luck!

[Magog]

Hi,
Also to reaffirm IMPAC's offer, I too paid $1995 per loan mod on my 2 loans, got a 3.5% rate for the next 5 years, still interest only, which lowered my monthly payments on 2 of my properties by approximately $200 - $300 per month each.

However, my brother, which also had an IMPAC mortgage that is serviced by GMAC, also received the same offer from IMPAC, however, he was able to go to GMAC and got almost the same offer, 4% interest only for the next 5 years, but without paying the $1995 application fee.

We figured that in the long run, I probably got the better deal, but still, it would have been nice if I didn't have to shell out $1995 x 2 up front.

[rashad2gs]

President Obama gets on TV and says don't pay a company to do this you can do this yourself. Well what if you don't have that xtra 2k sitting around. You will be denied because you couldn't pay? These lenders got paid Billions from the Tarp money, they are getting paid to do these loan Mods, now they are charging too...What a rip-off..

[korgill]

I too was leary of the IMPAC offer. The cost in August was something like $2500. My wife had a "bad feeling" and didn't want to proceed. I kept pursuing it though and it all went through without a hitch. My loan was modified exactly as they said it would be, I got two months with no payments, and I just made my new payment the first of Sept. My payment was reduced by 40%. Amazing. I live in CA where payments are high, so that meant about $1400 per month more in my pocket every month for the next five years. The whole thing is legit, even though it sounds too good to be true. I swore I would come back onto this site and post my experience if it went through since I could not find a post from someone who had actually completed the experience.

Ken
ken.orgill@gmail.com

Originally Posted by notasmartowner

Its Official!

I made the NEW payment for May last week and checked to find out that CW/BOFA has updated our Online Account info to reflect the new loan mod payment and terms...

Finally...I can rest in piece to know that at worst, I will save $60K in the course of next 5 years when the ARM adjusts again....we'll see then but for now...it works for me.. I had to take the lesser evil as we never had a Permanent hardship situation.

Thanks for ALL The help and assistance from the Forums here....Its has been incredibly helpful!

Now only if WAMU can come to terms and stop being so difficult