IMPAC loan modification- legit?

[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!

[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. 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