GMAC has been great, but now you have me scared

[vavivo]

Hi everyone!
I was never late on my GMAC mortgage, but knew the day was coming.
I applied for MHA loan modification at the end of march.
I was approved for a trial mod at the end of April.
I was told to skip my May payment and pay 4 trial payments on 6/1, 7/1, 8/1 and 9/1
I made all my payments before the due date over the phone.
I made the last payment for Sept on Aug 24th.
I was told to wait for my permanent mod paperwork and if I don't receive it by Oct 1st just be prepared to make another trial payment.

I thought things were going very smoothly, but after reading all of your stories I'm afraid they are going to turn around and find some excuse not to modify my loan permanently.

By the way my payments went from 1690.00 to 1250.00!

[so-cal-gal]

Originally Posted by vavivo

Hi everyone!
I was never late on my GMAC mortgage, but knew the day was coming.
I applied for MHA loan modification at the end of march.
I was approved for a trial mod at the end of April.
I was told to skip my May payment and pay 4 trial payments on 6/1, 7/1, 8/1 and 9/1
I made all my payments before the due date over the phone.
I made the last payment for Sept on Aug 24th.
I was told to wait for my permanent mod paperwork and if I don't receive it by Oct 1st just be prepared to make another trial payment.

I thought things were going very smoothly, but after reading all of your stories I'm afraid they are going to turn around and find some excuse not to modify my loan permanently.

By the way my payments went from 1690.00 to 1250.00!

Don't let ALL the stories of shaningins scare you. I have a really nasty example of how CW/BofA and Litton are committing FRAUD. That does NOT mean all lenders are as nasty as those three. From reports I've read, Saxon seems to be in the same 'old boys club' because they are doing the same crap.

Check for the problems people have had working with GMAC. If you do not see reports of FRAUDULENT behavior after you are in a trial or permanent mod showing up for GMAC, they may be keeping their act clean.

Search the threads using that nice 'Search' feature in the blue bar below the thread/user info bar.

If there is some 'theme' that you find for GMAC, look at how to possibly stay on top of any type of issue you identify.

This is generic advise, but it should be a good starting point.

If anything happens, get back and let us know you need help.

My biggest thing would be to document what your agreement is for the trial period. Is it in writing at all? Have you checked you credit report? Are they reporting anything that is incorrect?

Best of luck and I hope you don't have any problems. At least you are AWARE. That works in YOUR favor.

[vavivo]

Thanks for responding so-cal-girl.
I do have everything in writing. I received the HAMP workout plan and had to sign two copies along w/ making my payments. It seems like the comman theme I'm reading about GMAC is that they keep requesting more financial info from people and making them wait instead of just permanantly modifying the loans in a timely matter.
Like I said, so far everything has gone smoothly. I haven't had to send anymore info to them. Just waiting for the permanent mod.

[so-cal-gal]

Originally Posted by vavivo

Thanks for responding so-cal-girl.
I do have everything in writing. I received the HAMP workout plan and had to sign two copies along w/ making my payments. It seems like the comman theme I'm reading about GMAC is that they keep requesting more financial info from people and making them wait instead of just permanantly modifying the loans in a timely matter.
Like I said, so far everything has gone smoothly. I haven't had to send anymore info to them. Just waiting for the permanent mod.

Okay, then, just stay on top of any requests and occassionally check your credit report to see what they report.

That has been another area of harm done by some of the unscrupulous lenders.

Hopefully, at some point, GMAC will have to kick out a final mod. If it does not seem to EVER end, there SHOULD be venues to report them to such as the office of the Comptroller, or FTC or possibly HUD.

Best of luck. I hope you get a good permanent mod soon.

[redsky01]

Hi,

I have my second with GMAC and have never been late in any payments with any of my creditors (1st, 2nd and car loan).
Never had any credit card laons (pay off every month)

now the property that I bought in CA is 20% down....-
I bought it in April 2008 (BTW....missed the $ 7500 FED credit by a week...anways was just a loan znd not free money)

My initial LTV (Loan to Value) was 90% with a 10% down from my side.
Wells Fargo is my first with $ 417k
GMAC had my second with $ 135k

I usually pay my monthly finance charge to GMAC on oct 18th (couple of days before due date).

now I have been asked to pay a down payment of $500 and then they will change my HELOC to a fixed loan (with no option to withdrwa any money)...and have reduced the intrest by a 1.5 % or so....basically my payment will increase by $50 or so but I will start paying principal also as opposed to just intrest....so am happy with the offer...

here is what confuses me though..one part of the letter that I have recieved says...."the loan modification cannot be completed until we receieve the executed documents and the required first modified payment. we will continue to service you loan per your signed agreement and your loan will remin in default until your either bring the account current or execute the offered loan modification documents...."

what do they mean my will remina in "DEFAULT" ????
I was never late in any of my payments....

They have asked me to send the down payment and said that my first modified payment will be due on oct 19th, should I skip my curent loan sept payment and send them the down payment that they have requested...

or should I send down payment and also pay sept bill (finance charge on current loan) ?

Also, they have asked me to send the down payment by money order, cashier check or some certified fund...

I would be very thank full to take the offer but am woried thinking if they will mess my credit ....

I am going to call them but thought I check here first...

I hope they will not ask me to skip the sept payment as I would think that messes by credit....

calling thier customer service is not the easiet thing to get answers....

[redsky01]

one other quick question...

would anyone here be able to tell me what is to be signed ?

I have recieved the modification offer....
so I would sign the offer...

Then there are 3 other pages at the end.
1. Borrower acknowledgement
2. Lender acknowledgement
3. California all purpose certificate of acknowledgement

which are the ones that I am supposed to get notorised ? all the 3 above ?

again am going to contact GMAC in a day or so..but thought of checking here first

[redsky01]

Not sure what happened to my other message...that I posted earlier on this forum...
I will try to post it again here ....

The question I had was about the offer that I received....
I have a HELOC (2nd loan) with GMAC that I used to buy my first home in CA.
The property value went down by 20% within a year -- ..anyways, so I approached them
My 1st is with Wells FArgo


It said "This letter is to advise you that you have been approved for your loan modification program...."

one other part of the offer letter said...

"the modification of your loan cannot be completed until we receive the executed documents and the required first modified payment.
We will continue to service your loan per your signed agreement and your loan will remain in default until your (not relevant but see the spelling mistake here..funny how customer service works)
either bring the account current or execute the offered loan modification program"

now I have never been late in any of may payments...but had approched them as it was getting very tight and the property value had fallen 20% within a year of purchase...(Bay Area...California)

the good part is that the offer will put me on fixed intrest rate as opposed to floating intrest rate...(mine as of now is prime +.6%),,,,,
please note this is my second loan (HELOC with GMAC)

also they have asked me to send a down payment of $500....

I wonder if the letter is a standard format where they say "loan will remain in default till...."

Also, I am wondering if they are going to ask me to skip my next payment and wait for the first modified payment to be sent.
I would be skeptical to skip my payment if they ask me to do so as it might mess up my credit history which is quite good at the moment.

[nbtapia1]

Originally Posted by redsky01

Not sure what happened to my other message...that I posted earlier on this forum...
I will try to post it again here ....

The question I had was about the offer that I received....
I have a HELOC (2nd loan) with GMAC that I used to buy my first home in CA.
The property value went down by 20% within a year -- ..anyways, so I approached them
My 1st is with Wells FArgo


It said "This letter is to advise you that you have been approved for your loan modification program...."

one other part of the offer letter said...

"the modification of your loan cannot be completed until we receive the executed documents and the required first modified payment.
We will continue to service your loan per your signed agreement and your loan will remain in default until your (not relevant but see the spelling mistake here..funny how customer service works)
either bring the account current or execute the offered loan modification program"

now I have never been late in any of may payments...but had approched them as it was getting very tight and the property value had fallen 20% within a year of purchase...(Bay Area...California)

the good part is that the offer will put me on fixed intrest rate as opposed to floating intrest rate...(mine as of now is prime +.6%),,,,,
please note this is my second loan (HELOC with GMAC)

also they have asked me to send a down payment of $500....

I wonder if the letter is a standard format where they say "loan will remain in default till...."

Also, I am wondering if they are going to ask me to skip my next payment and wait for the first modified payment to be sent.
I would be skeptical to skip my payment if they ask me to do so as it might mess up my credit history which is quite good at the moment.

the letter is a standard format , I rcvd it too., and it works., they drop my principal and rate%, you need to sign all paperwork with a notary and send down payment of $500....cashier check by the prepaid Fedex to the address on the letter. Remember to make a copy for your records.