GMAC Loan mod Process

[jack057]

Well i went to the NACA tour here in LA and seemed to get a bit further than i did when i tried the loan mod process on my own, i was denied twice by GMAC before and now while at the NACA event I was given a foreclosure forberance agreement while GMAC sent the info over to Freddie Mac and see if they can do the terms Naca has on their budget plan.

I know this is not the loan mod itself but i was wondering is this the normal process??

I had my payment lowered 300 dollars to comply with the obama plan....
the 3 payment process starts November 1st. I noticed this will effect my credit, but hey thats something I'm willing to sacrifice to have an affordable mortgage...

[Moe Bedard]

The is the normal process with Fannie Mae because Fannie has to approve any workout agreement before it is put in writing indefinitely. So, with that said, with Fannie Mae, this is the normal procedure when going through a non-profit.