Usaa/gmac

[awood22]

I have a first (no 2nd) with USAA. The loan is serviced by GMAC. I missed my February payment and they say they have submitted my package to the investor for review. All my info has been taken over the phone. I've heard bad things about USAA's flexibility. Anyone have any specific experience with similar facts? Thanks.

[Moe Bedard]

Hi awood22,


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

To make it easier, just in case these specific members working with USAA do not see your post............you can go the the top of the forum and put USAA into the search and everyone that is working with them that has posted that info will come up.

You would need to go through GMAC for the process of the modification.............have you started this with them?

[awood22]

I have started the process. I applied for help while still current and of course, I was denied. I missed my first payment February 15th and they are now interested in pursuing "additional options" that have recently become available. I provided all my financial information over the phone and the background behind my hardship (open heart surgery last June, a 2 month period of unemployment and a $15K pay cut upon reemployment). We have not discussed options, although I am hoping and will be pushing for an interest rate and principal reduction so I can sell the house. I'm hopeful the totality of the circumstances will encourage them to help. But I've heard USAA is pretty tough so I'm not too optimistic.

[awood22]

I received a phone call from USAA last night. They hold my mortgage ($325K @ 6.75, fixed for 30 years). The loan is serviced by GMAC. I missed my February payment in an attempt to force the mod issue as my finances will be taking a huge hit in June when my second child is due. USAA called to see if I was aware my account was past due and to see if I could make a payment. My modification request has been submitted and I'm awaiting the initial decision. The rep told me I should make a payment to avoid the appearance that I can't afford the house. She said that by not making a payment, I was putting any modification program at risk. Anyone ever heard of this? Is she telling the truth or just trying to get a payment out of me? Or both?

[Dan Bailey]

awood,
The collections agents will say anything to put a check next to your name on their computer sheet.

[awood22]

That's what I figured. I heard someone once say "you know a collection agent is lying when their lips are moving." Thanks for the help.

[LHarveyMadman]

I don't know if it's a good idea to intentionally miss a payment to force a modification. The general advice around here is to keep making payments if you can.

Remember, Obama's plan states that it is intended to help "responsible" borrowers. Refusing to make a payment in order to force the lender to modify your loan would arguably take you out of the "responsible" category.

You did not mention whether you are upside down on your mortgage. If not, then you should also be exploring a conventional refinance of your loan. Refinancing at current conforming rates could knock at least 1.5% off your current interest rate.

[awood22]

I guess I should be more clear. I'm operating at a $500 per month deficit right now and will only get worse come June. I paid $320,000 for my home in July of 2007 and similar homes in my area of Florida are selling in the $275,000-$280,000 range. Obviously, I would like to avoid foreclosure, but a long term solution given my drop in income and increase in expenses has to include a modification of some kind. I would love to get an interest rate and principal reduction. But I've heard USAA is pretty tough to work with.

[awood22]

I could really use the help. Getting nowhere with the Loss Mitigation Department. Thanks.

[awood22]

I am two months behind on my mortgage ($320,000; 6.75% Fixed). The third past due payment becomes delinquent April 15th. I've submitted my modification package and have made contact with USAA's CEO. Today (Sunday) someone drove up to the house and took a picture of the house. I asked him what he was doing and he said he was with GMAC and they hired him to take a picture. Any idea what this could mean? Foreclosure coming or something else? Any ideas would be greatly appreciated.

[Moe Bedard]

a real estate agent does what is called a BPO (Broker Price Opinion) which is a mini appraisal.......it is done as a part of the process.

[awood22]

Is that part of the loan mod process or the foreclosure process. The photographer said he was hired by GMAC, the loan servicer.

[Moe Bedard]

as a part of the modification process the servicer will use this to make sure that a modification will provide a better financial outcome for the investor than not modifying the loan.


According to the modification guidelines:

The servicer may use, at its discretion, either one of the government sponsored enterprises (GSEs) automated valuation model (AVM) – provided that the AVM renders a reliable confidence score – or a broker price opinion (BPO).

[awood22]

Does anyone have contact information for GMAC/Homecomings Execs?

[awood22]

Just got word last night that our Mod has been approved and they are calculating the monthly payment. I was told we would need to make 3 straight payments starting in June and then the mod could become permanent. Does this sound familiar to anyone? They said it was under the Obama plan. So I'm not sure what the new payment will be. Waiting for the docs in the mail.

[flproblem34]

When did you start your process? I started in March, they said something similiar to me about the modification payments starting in June for 3 months, but they added the escrow ( which I never had) and made my payment go up 624.00. They said I had to start paying that in June and when they modifided the mortgage ( could be after June) my payment may go down, but they couldnt promise how much. I called and said that I couldnt pay more obviously and they said they would now consider me for the "traditional" modification through GMAC/USAA. I called today and still "under review" The people at GMAC are terrible!

[awood22]

Crap. That's not the news I wanted to hear. I missed my first payment in February. So I'm 3 months behind. I was afraid the final numbers wouldn't be good. But that's good to know that there is another step in the process after the Obama Plan garbage. Hopefully the numbers will be favorable, but if not, I'll head on down the "traditional" modification road.

[flproblem34]

They are such a PAIN to deal with! I havent seen many on here that have USAA/GMAC.
I am now 30 days behind, didnt make April and havent made May. I dont know if I should pay it, or will they think I can afford the payments and not consider me for a modification? Did you get foreclosure papers?

[awood22]

I haven't made a payment since January because I was told, not by GMAC, that if you pay they withdraw your mod request. I haven't received foreclosure papers yet, but they said they will be authorized to do so starting May 2nd. I'm not intimidated by the foreclosure process but obviously don't want to be foreclosed on. But if they don't offer a meaningful modification, then that may be unavoidable.

[flproblem34]

Did you ever get your mod papers? How did they look?

[awood22]

Nope. Haven't received anything yet. What about you? Anything going on?

[flproblem34]

No, nothing. I spoke to USAA about my second mortgage and they said they cannot do anything. That really made me mad, as there loan is at 8%, and is not secured at all due to loss of value on my home. GMAC is the same run around, one person tells me I am denied, and then I call back and someone else tells me that it is still under review. I am ready to give up!

[awood22]

Well, I just received word from GMAC regarding my loan modification application. They have agreed to bring my loan current and "allow" me to start making my regular payments, at the original amount, starting June 1st. Then in January, I can start paying an additional $85.00 per month to make up for the past due amount.

I told them this wasn't going to work and they told me that their analysis indicated that my loan was affordable. I was told that if any of the information on my financial affidavit was incorrect I could resubmit which I will have to do.

I believe the problem lies with one of my discussions with a loan mod representative. When she first looked at my information she said my deficit was too large, but if I stated on the phone that I would stop paying my credit cards they should be able to help me. So I said I would stop paying the credit cards and that, evidently, removed any deficit and made the loan "affordable."

Not sure where to go from here other than to resubmit with all the information and see what happens.

[awood22]

I thought I read somewhere that the mortgage holder cannot begin foreclosure proceedings while a current loan mod application is in processing. Is that true?

[Believe]

Hello, awood22. My loan isn't with USAA/GMAC, but I stumbled across this thread and wanted to voice my support to you. It's tough, isn't it? Month after month of getting the runaround really wears a person down. Keep the faith, and do what you can do to save your sanity and home. I wish you the best of luck.