Usaa/gmac

[LHarveyMadman]

Under the new government plan, that is true. Before this plan was put into place a couple months ago, I believe most lenders did suspend any foreclosure proceedings while a loan was being evaluated for modification, but I don't know if this is an absolute requirement. It makes sense, though, that the lenders wouldn't want to waste their time pursuing two different courses.

[flproblem34]

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I recieved the SAME response from GMAC. They denied me for the Obama plan since I didnt fall in the 31% range, but told me that I could go under there plan and they would take my past due and put it into another loan and I would pay 65.00 on it, the only problem is that I had to have escrow and that would INCREASE my payments. No win for me. I called USAA and they could not do anything to my second mortgage stating that my debts were too high to show that I could afford any payment on my second mortgage. Funny, I have too much debt, and not enough money. Would seem like they would want to help, seeing that I have never missed a payment with USAA and they autodraft my payment every month. I even explained that there second mortgage is NOT secured with anything since I am so negative in equity. I asked them if they would rather me not pay the payment at all and they get nothing, or help me be able to afford my payment. The response I got was " we believe you are responsible members and will do the right thing" THANKS USAA!

[sad_one]

Thought I'd freshen up this thread. I'm a USAA member w/ GMAC-serviced Fannie Mae loan. Been at the process since Feb'09 when I was current on the 1st and 2nd mtg and my credit was excellent.

My stats:

• 1st mtg: 389,000~ w/ USAA
• 2nd mtg: 95,000~ w/ USAA
• property value: upside down w/ under $350,000 current value in Florida
• Home now in floreclosure but no date has yet been set. The judge's assistant is telling me it could be months before a date is set.

I stopped making payments around April on the first mtg, and May on the second mtg and am banking the funds so if the worst happens, I'll have some cash to pay up front on an apartment with my now-lousy credit rating. Thanks USAA for settling this in the 60-90 days as you first indicated!!

My question to the forum members:

• Have any USAA/GMAC members received a modification under the HAMP program?
• If so, how long did it take, and what were the final terms?
• If denied, does anyone speak with you about how close you are, and what minor or major things need to change to make the plan workable?

I've received 2 denials based on insufficient income, but in reviewing file w/ phone rep, we discovered they entered income incorrectly by $200 too low. So not sure if I'm within a window where the math correction will make a difference, or if I need to jump through bigger hoops and this is hopeless. I've submitted corrections in writing, but got a second denial and was told I needed to resubmit an entire new package.

In April I filed a 2008 tax-year extension moving my deadline for filing to Oct 15, 2009. Now a phone rep says he shows the file as requiring my 2008 tax return! Does this mean they'll not decide until after 10/15/09? My gawd, it's been 8 months and my property value keeps declining. Now I'm worried I may no longer qualify due to insufficient value-to-debt ratio because of their delay.

Any other USAA/GMAC borrowers care to share?

[MAXIE19]

I am not with USAA/GMAC, and so will restrict my comments to the 2008 tax return issue.

My DH and I have also not filed our 2008 taxes but will do so by 10/15. What we did do though was meet with our accountant and completed the process. She gave us back the paperwork. Though, not officially filed because to be honest we do not have the funds to pay what we owe, we still used the documents for purposes of the modification and called Chase's attention to the fact that the returns have not officially been filed since we took an extension due to the lack of funds to pay the balance owed. It has not been an issue so far.