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This is a discussion on Received a trial mod from GMAC within the Loan Modification forums, part of the Foreclosure Forum category; Normal 0 oNotOptimizeForBrowser/> Hello to all, we started to this process in the end of middle of May. As we ...
Hello to all, we started to this process in the end of middle of May. As we sent off all info entire packet complete with W2's and pay stubs and also hardship letter. I have been reading this forum for the last few days since I just received my packet via Fed Ex. It says our payment will go down from 48% of gross to 31% of gross but I'm concerned we will be shown as late now, if I pay the lesser amount.
We have never been late on our house ever but are finding it more difficult every month. Due to having our pay cut in half over a year and a half ago (hardship). Using heloc and credit cards to make ends meet. I called yesterday and spoke to someone that transferred me to India. She said to pay the smaller payment (31%) and not the original (48%) or it will cause problems. I then asked her about my credit and she said not to worry it was being suppressed or not reported while in this trial period. I'm sorry but after reading this board I just don't trust her.
1) My question is to anyone that might know will this hurt affect our credit, or has it affected yours?
2) Does someone have a phone number to someone to speak to a real person in the U.S.?
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A loan mod should not affect your credit score even if it does it's better than foreclosure on your credit. Correct me if I'm wrong.
Foreclosure was not and is not an option for me, but thanks. I'm am really looking for people with similar situation with GMAC.
1) My question is to anyone that might know will this hurt affect our credit, or has it affected yours in a negative way?
2) Does someone have a phone number to someone to speak to a real person in the U.S.? ( Evan took care of this )
3) Has anyone completed trial period with GMAC?
The credit question is due to the fact that they request us to pay 31% of gross vs our original payment. So in other words we won't be making full and complete payments.
I'm wondering the same thing due to this clause in the mod agreement:
Quote:
The lender will hold the payments received during the trial period in a non-interest bearing account until they total an amount that is enough to pay my oldest delinquent monthly payment in full. If there is any remaining money after such payment is applied, such remaining funds will be held by the lender and not posted to my account until they total an amount that is enough to pay the next oldest delinquent monthly payment in full.
My dh and I have been just barely managing to pay our mortgage each month before the 30 day late reflects on our credit and are afraid that the mod will show us as late. I'm interested in the answer to this as well.
I completed my trial period. I made 3 payments at the end of May, June and July. And now 1 month later, I am still asked to send in updated documents. But the funny thing is, I have to call everyday and ask, "ok, any more documents to send?" I asked why doesn't someone just call me and say, hey, send in x,y,and z. They said, you just have to call in, so put all the burden on us.
I have a number but she is not too nice. She was assigned to me because I called the executive office. I called her yesterday to find out the status and she told me to call the 800 number because it is the best to get updates. She went on and on and I finally told her didnt you call me first and she said she was assigned to me because I called the executive center. So if you really want the number let me know and I will give it to you. It will be best if you call the executive office and then they will have someone call you.
I do have a question. I am waiting to hear about my request for loan HAMP loan mod. They say it is in the final stage and I should know in 5 days. They just looked at my escrow account which they pay. My balance is 944,500 and I ask them to defer or reduce my balance so I can qualify for the HAMP. THey havent said no and the notes say I am being considered for the HAMP they are just working out the payment amounts. Any thoughts would be appreciated.
No. My negotiator originally told me back in May that I had to make 3 payments and then I would receive my final modification documents with rate, terms, etc. She said that there would be no payment in September and that my new loan payments would begin in October.
But its been a month since my 3rd payment and they are still requesting documents. I thought once I made the final payment everything would be ok. Apparently not.
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