Gmac ...fail - Loan Modification Forum

mario65 · 07-22-2009, 09:21 AM

GMAC is servicing a loan on one of my 2 homes. I cant sell either because the principal is above market value. THey did the numbers on me and said they dont care that I have 2 homes they only looked at my gross and the one home they have and of course I am under 31% so they said no. I received a letter with the denial and it is supposed to have a mark next to the reason why and of course they didnt mark it. I finally called GMAC exec offices because I never got the same answer as to why from the loan servicing. They never called to talk to me nor did they let me discuss anything with them. IT was a mechanical no and thats all they were interested in.

I called 8006270128 GMAC Exec office and talked to Denise ext 2365387. Of course it was a waste as far as getting anywhere towards an approval but at least I finally had the chance to talk to someone who would look at my package and answer questions.

I asked about a short refi since I am still current and they sent me to 888-521-4622. They said it looks like I might qualify. They said I would get a 1099 for the forgiven difference if it is approved.

One good thing is I found out that my mortgage holder is Residential funding corp. (a GMAC CO.). Its the first time I heard who it was.

Last I checked the Obama plan says you cant get taxed for that right?

Evan Bedard · 07-22-2009, 09:27 AM

Hi mario65 welcome and thank you for joining.

Quote:

Last I checked the Obama plan says you cant get taxed for that right?

Are you asking if you will still get taxed for a short refi?

mario65 · 07-27-2009, 11:41 AM

Hi Evan yes to answer question thats what I need to know exactly.

thanks

Quote:

Originally Posted by Evan Bedard

Hi mario65 welcome and thank you for joining.

Are you asking if you will still get taxed for a short refi?

Evan Bedard · 07-28-2009, 08:05 AM

Hi mario65,

Quote:

They said it looks like I might qualify. They said I would get a 1099 for the forgiven difference if it is approved.

Yes this is what I have heard as well. Your lender will issue a 1099 and have you pay off the taxes on what is still owed on the loan..

07-22-2009, 09:21 AM	#1 (permalink)
mario65 Junior Member Join Date: Feb 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Gmac ...fail GMAC is servicing a loan on one of my 2 homes. I cant sell either because the principal is above market value. THey did the numbers on me and said they dont care that I have 2 homes they only looked at my gross and the one home they have and of course I am under 31% so they said no. I received a letter with the denial and it is supposed to have a mark next to the reason why and of course they didnt mark it. I finally called GMAC exec offices because I never got the same answer as to why from the loan servicing. They never called to talk to me nor did they let me discuss anything with them. IT was a mechanical no and thats all they were interested in. I called 8006270128 GMAC Exec office and talked to Denise ext 2365387. Of course it was a waste as far as getting anywhere towards an approval but at least I finally had the chance to talk to someone who would look at my package and answer questions. I asked about a short refi since I am still current and they sent me to 888-521-4622. They said it looks like I might qualify. They said I would get a 1099 for the forgiven difference if it is approved. One good thing is I found out that my mortgage holder is Residential funding corp. (a GMAC CO.). Its the first time I heard who it was. Last I checked the Obama plan says you cant get taxed for that right?

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