GMAC Trial Period Done, now what??

[saeta78]

I was approved for a trial period and made my third and last payment on July 31st. I was originally told by my negotiator that after the third payment, I would get my final loan mod and done. Well its now 1 month after my last payment and I am still having to update documents.

Every time I call, I am asked to send in updated pay stubs, rental income etc. They even ask for the original information sent months ago and when I tell them yes, I sent a hardship letter, signed the affidavit etc, then they say, "oh yeah", we see it.

I am calling everyday because I am now getting notes posted on my front door to call Enterprise Servicing Group which is GMAC's same number and now documents in the mail saying I am behind in my payments. I ask the people what do I do about my next payment and they just say sit tight and wait. Ok, but I don't feel like they ever give good advice.


Any one else done with the GMAC trial period? Have you received your final modification.

[Evan Bedard]

Hi seata78,

Any one else done with the GMAC trial period? Have you received your final modification.

Many borrowers have done the trial period payments and no one is getting approved for a permanent modification. No lenders seem they are willing to help..

[jack057]

Originally Posted by Evan Bedard

Hi seata78,



Many borrowers have done the trial period payments and no one is getting approved for a permanent modification. No lenders seem they are willing to help..

So you saing its not worth starting the loan mod process??

[saeta78]

I started my process back in February and was approved for an internal GMAC modification but then the Obama program came out and my negotiator said you would get better terms under that so she applied for the MHAP.

My payments are $3,000 per month.
GMAC internal modification was $2,400, which I was approved for.
The MHAP trial period payment was $1,711.

Just crossing my fingers.

[jack057]

Originally Posted by saeta78

I started my process back in February and was approved for an internal GMAC modification but then the Obama program came out and my negotiator said you would get better terms under that so she applied for the MHAP.

My payments are $3,000 per month.
GMAC internal modification was $2,400, which I was approved for.
The MHAP trial period payment was $1,711.

Just crossing my fingers.

are you doing this on your own or did you hire some one??

[saeta78]

I am doing this on my own

[Evan Bedard]

Hi saeta,

My payments are $3,000 per month.
GMAC internal modification was $2,400, which I was approved for.
The MHAP trial period payment was $1,711.

Did you accept and sign the internal modification from GMAC?

[saeta78]

My negotiator told me not to accept the internal program. She immediately applied for the president's plan and got me approved for the 3 month trial period.

[matteoroe]

I spoke with GMAC yesterday and they are going to let me know by the 14th if I can be modified for a 3 month trial. The rep. assured me if I make my 3 payments this will be good for the term of the loan? I suppose I should see if the paperwork states after 3 months of paying ontime it will gaurantee me the modification?

[twinsfan]

I'm in a similar situation as the original poster. Our 3rd payment for the trial plan was completed on Aug 1. I've probably called 10 times over the past 45 days to find out where the final loan mod docs are. They admit to being way behind on getting final approval for the modifications. A few phone agents blamed the treasury department because they are the ones to apparently make final approval. Not sure if this is correct or not. Because I've essentially been told the modification is a "done deal" I'm now recording my phone conversations whenever I call GMAC because I'm starting to get worried they will start a foreclosure process. Funny thing is, I had never been past due for any amount before starting the trial payments. Because the trial payments are less than the actual payment GMAC now shows I'm past due in their system. If the modification ever closes then all will be well...but if they somehow decline the modification I'm now looking at $5k in past due payments and they could decide to start foreclosing on me. Which is why I'm recording the conversations. Valuable evidence if this ever goes legal.

[~Jess~]

I'm getting nervous myself. I'm making my 2nd trial payment this month, but am nervous that GMAC will drop the ball (again) and it won't be finalized after the 3rd payment.

[matteoroe]

I spoke with GMAC yesterday and they approved me for the "traditional modification". I was on the phone with her for a while. She kept telling me, "the numbers are not working out?" I kept asking, "lets go over them again", until finally she (GMAC rep) goes, "Oh, there was a 1.9 million dollar amount entered in your numbers?" After taking that obvious mistake out she said I was fine. We went over the 3 month trial period information and that I should be receiveing it via Fed Ex either tomorrow or Thursday. The questions I asked:

1. Will my mortgage account be reported as past due once I am making these modified payments?
Ans - No, we have a system that we go into and modifiy your account so you are not reported late to the credit bureaus and collection calls.

2. After my last modified payment in December, what will happen?
Ans - We will ask for new pay stubs and make sure everything is the same and based on that we will modify your loan to a permanent modification.

3. If by chance I go behind on my 2nd mortgage will that effect this modification?
Ans. No.

4. Since your computer system had a "incorrect" dollar amount in my financial profile would I now qualify for the "government modification" ?
Ans. No, with your income you don't qualify and with the co-borrows (I'am no longer with co-borrower) income you have to much income, so you are in a catch 22.

5. When could my mortgage loan become permanent?
Ans. After the December payment and we receive the updated pay stubs your new modified mortgage will be effective Feb. 1st 2010. What about my January's payment?
Ans. There won't be a January payment as it will be roled over into the loan.

The GMAC rep. went onto say the modified payment I will be paying over the 3 months is actually not applied to the loan at this time. It is kept in another account. Once the loan is modified all of the trial payments will be applied to the loan at that time.

My attorney wants the documents ASAP to make sure they are legit and make sure it is a fair modification.

Keep my fingers crossed!

One last thing..... The GMAC rep. said...... She would now reply to the BBB compliant that I filed against them!

[twinsfan]

This is my worst nightmare. I originally qualified for the HAMP (Obama) program in May 2009. Sent in ALL the paperwork and was told I qualified. My 3 trial payments were made in June, July and August. I've called at least a dozen times to find out where my final loan documents are, and have been told repeatedly that I have done everything I need to do; all I need to do now is sign the final loan mod documents and return. Today I found out that the US Treasury Department declined my permanent modification. The GMAC rep told me that neither he nor his supervisor have seen the Treasury Dept decline a modification after the trail payments were made successfully. I was told the Treasury Dept declined it sometime over the past few days due to "program updates" although I was unable to get a specific reason.

This is so wrong! I spent the past 4 months rearranging my personal finances based on what I was told by GMAC, that the loan mod was a "done deal." In fact, I have recorded many of the calls that I've had with GMAC confirming everything I'm saying.

GMAC has told me they will call me back within 24 hours with an explanation. They admit that they have mislead me into believing that the loan mod was a "done deal" when in fact it was not.

If you are reading this and this same scenario is happening to you please reply. This will become a class action in no time.

[soworried]

Everyone there is light beyond the tunnel. I completed my third modification payment in July and received my FINAL modification papers this past monday. It will happen just bear with them but call them at elast once a week!!!

[saeta78]

Oh after many months I do see light at the end of the tunnel.

So I finished my 3rd and final trial mod payment on Aug. 1st. I waited and waited calling every week till the end of August I was asked to send in more info, which I did. Then again, no progress until the end of Sept. (mind you I didnt send any more money in for trial period payments because the reps told me not to). Then at the beginning of Oct. they requested more updated documents and did another BPO on my property. Then I was asked to send in another trial period payment and continue to do so. I did for Oct. and just last week sent in another one for Nov. I have been calling every week, left msgs for their supervisors to call me back and nothing. So I started calling the executive line yesterday (I did this back in May to get the trial period started) and left msgs on their voice mail. Finally, someone picked up in the afternoon and said she would have a supervisor call me. Well today, I got a call and the person told me she approved the permanent modification and my first payment would be Jan. 1st.

She told me that NationsDirect would contact me and set up a time for me to get my documents signed and notarized for free. So I asked what if they don't contact me, she then gave me the number and said I could call and schedule it. Which I will do.

She gave me the terms over the phone for each year and the interest rates etc.

Questions: Any other GMAC people asked to go through Nations Direct?

[~Jess~]

I have GMAC (Freddiemac is the investor), and wasn't asked to go thru Nation's Direct. Are they your investor? Or are they a signing company? We had to pay to have our docs notorized.

We completed the trial payments on Oct 30th (for Nov. 1st) and signed, notorized, and FedEx'd the permanent mod paperwork yesterday. Our first permanent payment is due 12/1/09.

[saeta78]

I looked them up and they are a signing company. I will call tomorrow and find out when and where do I sign. The Loss Mitigation person told me that they will meet you anywhere and provide free notary service.

Cross my fingers!

[memb2009]

I have GMAC and that company will come to your home to notarized the paperwork.

[~Jess~]

That's cool! We had to pay $40 to have ours notorized! Oh well, I'm just happy to have it over and done with!

[jsturner78]

Originally Posted by saeta78

I started my process back in February and was approved for an internal GMAC modification but then the Obama program came out and my negotiator said you would get better terms under that so she applied for the MHAP.

My payments are $3,000 per month.
GMAC internal modification was $2,400, which I was approved for.
The MHAP trial period payment was $1,711.

Just crossing my fingers.

You say you are doing this by yourself, but you also used the phrase "my negotiator." What does that mean? I am wondering if there is any negotaition when GMAC makes the loan modification offer, or if I am required to accept or decline the offer.

I'm not sure what the difference is between internal modicication and MHAP. How do I figure out where I'm at? I'm also dealing with GMAC.

[saeta78]

The negotiator is someone who GMAC assigns to your loan modification. All I know was that I had to call the Executive line and complain to get the negotiator to call me, which she did within the hour. She was based in their Dallas office as I could tell from the area code.

There is no negotiations for the modification (at least in my experience)...they calculate what you can pay based on your income and expenses.

Still have not received my papers yet so I am waiting patiently. I called to check and GMAC said I should receive the documents before next Wed.

[M Van Meter]

GMAC lies. They told us back in the summer that it looked like we qualified for Obama's program and gave us a reduced payment amount for 5 months. It was only about $30 less than we were paying. We have always been current until July when we were late. By the end of the month we started the reduced payment plan and made the July payment on the 30th of the month. The next payments were due on the 16th of the month with no grace period.

We made the next 2 payments on time (even before they were due) and at the end of those 2 months GMAC comes back and denies us because they said we didn't have enough income to qualify. Hubs was collecting unemployment and I am currently unemployed. But the denial letter said that we did not provide the requested documents. Even though we had sent everything they asked for. So they lie...and they SUCK.

They said if your situation changes try again. Hubs is back to work so we are trying again, started the first of November. They are already lying, saying we didn't get this document or didn't get that one, even though we sent them.

First thing they say is that we need a "signed" copy of your tax return. OK, our had been filed electronically so it wasn't signed. No big deal, we signed it and faxed it back the same day. They say other than that, it looks like they have everything they need.

Called back to check about 10 days later and they say they need more information. Said they had sent us a letter requesting a Profit and Loss Statement since hubs is self-employed. We did not receive any such letter. What we did receive was 2 copies of the same letter, about a week apart, saying they had received our Release allowing them to work with the credit counselors, Community Ventures. So apparently they sent us the wrong letter the second time. I know they must be overworked and are making mistakes big time.

I get so irate when the girl (who speaks bad English) tells me they need a Profit and Loss statement after they had said they already had everything they needed that I asked to speak to Loss Mitigation. She refused to transfer me...said it was being handled by Customer Service at this point. She finally puts me on hold and that's when I hang up on her. I decide it's best at this point to call back and get another person.

Call back a few days later to advise them that the Profit and Loss statement was included in our original 18 pages of 2008 tax returns that we had previously faxed them. This time she says oh yeah we have that, got it on Nov. 25, and we have everything we need now, it's being reviewed. Funny thing, we didn't SEND them anything on Nov. 25!!! That was the day I hung up on them. I guess when she put me on hold to talk to a supervisor they told her that they already had it and they noted the account as it being received that day. What a bunch of BS. I am so sick of dealing with them.

So here we go again, we are still current, have an ARM and just want a fixed loan with a lower interest rate and lower payments.

[M Van Meter]

Matteroe - I hope you get it. I think I will file a BBB complaint against GMAC too.

[antomax]

Originally Posted by saeta78

Oh after many months I do see light at the end of the tunnel.

So I finished my 3rd and final trial mod payment on Aug. 1st. I waited and waited calling every week till the end of August I was asked to send in more info, which I did. Then again, no progress until the end of Sept. (mind you I didnt send any more money in for trial period payments because the reps told me not to). Then at the beginning of Oct. they requested more updated documents and did another BPO on my property. Then I was asked to send in another trial period payment and continue to do so. I did for Oct. and just last week sent in another one for Nov. I have been calling every week, left msgs for their supervisors to call me back and nothing. So I started calling the executive line yesterday (I did this back in May to get the trial period started) and left msgs on their voice mail. Finally, someone picked up in the afternoon and said she would have a supervisor call me. Well today, I got a call and the person told me she approved the permanent modification and my first payment would be Jan. 1st.

She told me that NationsDirect would contact me and set up a time for me to get my documents signed and notarized for free. So I asked what if they don't contact me, she then gave me the number and said I could call and schedule it. Which I will do.

She gave me the terms over the phone for each year and the interest rates etc.

Questions: Any other GMAC people asked to go through Nations Direct?

Can you share the terms please. Congrats and thank you for sharing your story.

[BadBobMo]

Will you didn't ask for a real pony! LOL