nervous

[wannabfree]

Hi all,
We completed our paperwork for a loan mod with GMAC in early July. We had financial challenges including the fact that I had to take a new job with a 15,000 pay cut. Things stabilized in June, but by then we were 3 months behind and GMAC refused our payment and started foreclosure. We filed our paperwork for a loan mod and now we are waiting. All we want is for them to take the past due and add it to the end of the loan. We can make our payments now. Would there be any reason they would deny this request? Also, we have financed our daughters college using Plus loans...however, since our credit file says we are in foreclosure, the plus loan people need a letter from GMAC saying that we are current before they will give us the loan So, we need to get things taken care of ASAP or our daughter will not be able to go back to school. Any advice???

Thanks

[Evan Bedard]

Hi wannabfree welcome and thank you for joining.

Hi all,
We completed our paperwork for a loan mod with GMAC in early July. We had financial challenges including the fact that I had to take a new job with a 15,000 pay cut. Things stabilized in June, but by then we were 3 months behind and GMAC refused our payment and started foreclosure. We filed our paperwork for a loan mod and now we are waiting. All we want is for them to take the past due and add it to the end of the loan. We can make our payments now. Would there be any reason they would deny this request? Also, we have financed our daughters college using Plus loans...however, since our credit file says we are in foreclosure, the plus loan people need a letter from GMAC saying that we are current before they will give us the loan So, we need to get things taken care of ASAP or our daughter will not be able to go back to school. Any advice???

Thanks

You definetely should have a great chance of getting the mod that you are requesting. I have seen many modifications were the lender takes the past due amount and tacks it to the back of the loan to bring the homeowner current. Make sure that you follow up with them on a regular basis to check on status, at least once or twice a week..