GMAC- Modification denied - Loan Modification Forum

willowcrystal · 07-26-2009, 11:35 AM

Hello-

We recently applied for a loan modification with GMAC/USAA and were denied. We have two loans for our home, one is a 30 year at %6.125 for $284k the other is a 2nd mortgage, 20year at %7.89 for $22k. We have been on time with all our payments-- this is our primary residence.

Our total monthly payments including taxes, insurance and HOA fees is $2587.31.

There are several reasons why we had to apply for a modification. I lost my job in February, our property taxes went up 25% and we had our first child this past October. Due to my job loss we lost 44% of our income.

My husband's take home is $4000 per month. We are spending more than half on our mortgage alone. We are totally strapped and need help. We were denied for the modification because of our assets-- we have $33k in savings and $20k in IRA/401K.

The savings are for emergencies only-- this money would cover us if god forbid my husband should lose his job. GMAC told me that we would have to get our savings down to $9,300 to qualify for the modification. If we spend that money we would be in worse shape-- we are trying to be proactive. We tried a general refinance (w/ USAA) but it would only decrease our payments by $20 per month and we would have to pay $7,100 in points!
Does anyone have any advice? We really want to stay in our home-- I am really stressed and dissapointed-- I thought the modification program was made for people in situations like ours. All advice is very much appreciated.

buz2004 · 08-04-2009, 08:41 PM

OK LOOK AT THIS!

YouTube - Foreclosure Rebellion

07-26-2009, 11:35 AM	#1 (permalink)
willowcrystal Junior Member Join Date: Jul 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	GMAC- Modification denied Hello- We recently applied for a loan modification with GMAC/USAA and were denied. We have two loans for our home, one is a 30 year at %6.125 for $284k the other is a 2nd mortgage, 20year at %7.89 for $22k. We have been on time with all our payments-- this is our primary residence. Our total monthly payments including taxes, insurance and HOA fees is $2587.31. There are several reasons why we had to apply for a modification. I lost my job in February, our property taxes went up 25% and we had our first child this past October. Due to my job loss we lost 44% of our income. My husband's take home is $4000 per month. We are spending more than half on our mortgage alone. We are totally strapped and need help. We were denied for the modification because of our assets-- we have $33k in savings and $20k in IRA/401K. The savings are for emergencies only-- this money would cover us if god forbid my husband should lose his job. GMAC told me that we would have to get our savings down to $9,300 to qualify for the modification. If we spend that money we would be in worse shape-- we are trying to be proactive. We tried a general refinance (w/ USAA) but it would only decrease our payments by $20 per month and we would have to pay $7,100 in points! Does anyone have any advice? We really want to stay in our home-- I am really stressed and dissapointed-- I thought the modification program was made for people in situations like ours. All advice is very much appreciated.

08-04-2009, 08:41 PM	#2 (permalink)
buz2004 Member Join Date: May 2009 Posts: 9 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: GMAC- Modification denied OK LOOK AT THIS!YouTube - Foreclosure Rebellion

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