GMAC loan mod in California

[bellasd7]

Hello to everyone and thank you for the great advice, here goes my story:
We bought our house in 2005 and bought it for 800,000 and put 20% down. We also took out 50,000 to do home improvements for the house and nothing else. Since we are self employed last year was a tough year and Dec we missed our first payment with NC mortgage (interest only for 7 years). We have always made the interest pmt and 1/2 of the principal together, so not too upside down. In Feb I contacted NC Mortgage to see about a loan modification and they informed me as of March 1 the loan was to be sold to GMAC. We still had not been able to make a payment and was told not to do so until we heard from GMAC. I then contacted GMAC on March 15 and the rep from loss mitigation informed that they had already started the process for a loan mod and would receive them fed ex.
They came fedex alright 4 sheets, basically sign here new pmt was to be $400 less they adjusted my interest rate from 5.75 to 4.69 and added the delinquent pmts to my loan. When I called loss mitigation stating I wanted to now what had been transferred over and the details of my account he stated he would re send the paperwork with the information.
Well nothing,nothing, a week later I called looking for the paperwork and the rep said "oh they forgot would email the rep to send them out", 5 days later nothing, called again "oh we will fax them to you this time" took down our fax number. Waited 3 days nothing, then I took to this forum typed up a hardship letter, 3 property comps that have sold for 1/2 of what we bought and faxed and mailed to the GMAC contacts that were listed on another thread. As of a week and a half have not heard from anyone. Called last wednesday and were told since I wanted the specifics of my account they had sent it back to financial analyst and was working on it. Called then yesterday 4/27 and was told still working on it but would send an email that I was asking for the paperwork.
In the interim I have 2/6 payments ready to send, yes my credit score is horrible now but I really don't care and just want my loan modified. Reducing the interest and still having my loan become variable next year (when the interest only period ends) doesn't help me. This I explained when I contacted GMAC loss mit, didn't put this in my hardship letter. I also received a letter stating May 17th my house would go into foreclosure !
I feel I am just waiting and being put off, put off and then they are just going to come back with the original offer and then have no recourse to agree. Is there anything else I can do, I really do feel that everytime I am told "call back later, still working on it, etc" am I being passive ??? Help !!!!!!!!!!!!!

[osfan]

I think with the MHAP and the agreement GMAC took when they accpeted the federal funds, you as a borrower are pretty protected right now. I think something like if you have applied for the MHAP and the application is in process, they can't foreclose on you. Look in some other threads about a similar post. Some of the PDFs on MHAP have great details in them if you read them in full.

[bellasd7]

Thanks osfan, I feel like I am just waiting and waiting and don't want the rug/house to be taken from under me !

[bellasd7]

Here is an update as of today, after repeatedly asking GMAC to send me a detailed statement of what NC mortgage transferred over I finally received it. I received from a Advocacy resolution specialist who hand signed the letter! Well their offer not so good, still offering 4.9% for one year (current rate 5.75) and adjustable, tacking on late payments and prop taxes advanced. I then called this person on the letter and said I had really hoped for a fixed rate rather than a 1 year 1 point deduction. He said that is what the investors came back with and their final offer. Here is the interesting part, they never requested any financial information from me so how can this be the final offer with no numbers in consideration. Makes me wonder if I pursue it with an attorney group if I will get further. I have already inititated the process and feel they will get further and a better deal ! Will keep posted !!