Will trial payment hit credit??Urgent

[jieen1506]

I was told by GMAC customer service that after 3 month trial payment, if they decide I am not qualified then it will hurt my credit becaseu I pay less ( trial payment amount ) than my current owed morgage amount.

It doesn't make sense to me. But I don't want take the risk of ruining my credit 3 months later. I never miss my morgage payment so far. If I couldn't get Obama's motification plan approved, I still need do normal refinance and I need keep good credit score.

Today I already sent out signed Workout Plan. GMAC told me don't need pay Oct payment, just start pay Nov. new trial amount. After reading other perpons's story here, I think I can't trust their words. If I listned to their words, then later they got excuse that I missed my oct. payment and did partial payment for 3 months. Then they will report o credit agencies, maybe will start foreclose my house......

Starting feel nevors now. Should I reject this trial payment offer now since I still can make my current morgage payment ( just be difficult )? If I continue to pay my current morgage payment, I guess for sure 3 months later I will be denied, correct?

Thanks for your advice and sharing your experience.

[JS1scuba]

Originally Posted by jieen1506

I was told by GMAC customer service that after 3 month trial payment, if they decide I am not qualified then it will hurt my credit becaseu I pay less ( trial payment amount ) than my current owed morgage amount.

It doesn't make sense to me. But I don't want take the risk of ruining my credit 3 months later. I never miss my morgage payment so far. If I couldn't get Obama's motification plan approved, I still need do normal refinance and I need keep good credit score.

Today I already sent out signed Workout Plan. GMAC told me don't need pay Oct payment, just start pay Nov. new trial amount. After reading other perpons's story here, I think I can't trust their words. If I listned to their words, then later they got excuse that I missed my oct. payment and did partial payment for 3 months. Then they will report o credit agencies, maybe will start foreclose my house......

Starting feel nevors now. Should I reject this trial payment offer now since I still can make my current morgage payment ( just be difficult )? If I continue to pay my current morgage payment, I guess for sure 3 months later I will be denied, correct?

Thanks for your advice and sharing your experience.

Get it in WRITING as the terms of the Trial Payment that:

1. They accept the trial payment amount as full payment for each of the 3 mos.

2. That no collections calls or collections action will take place during the trial payment period

3. That no negative reporting will happen during the trial period.

Negotiate HARD - GET it all in writing.

Remember you are not in default, but you have informed them that you want a modification under the federal guidelines.

Good luck

JDS

[jieen1506]

Thanks for your advise! I will call customer service tomorrow.

I don't think GMAC will give me a writen notice, their attitute is take it or leave it.

[kirkspal]

If you missed payments prior to getting your forbearance approved it WILL hurt your credit. I printed out my credit report a couple of weeks ago and the only negative thing on my entire history is from Chase within the last 6 or so months when I started going through all of this. Since I only did the free report it did not include my credit score but it did show it as being a negative against me.

[jieen1506]

I just call GMAC. It did hit credit score.

[kate166]

I am doing loan modification under HAMP (Obama) program with SAXON and my (3) trial payments reported as partial, late, and mising on my credit report right now. My score went down to 625 because of that.

However, it didn't happen to me before, when I did loan modifcations last year with Ocwen and GMAC on my other property. My assumption, because that loan modfication was done under my actual lenders programs and not under Obama program, it DID NOT effect my credit report.

[rlhoneydew]

During my trial payments with Saxon, they reported me delinquent... even though at the beginning of the trial, we had not missed a payment. Credit score went way down........

I called yesterday, and they told me there was a notation that my credit report had been "fixed". I haven't pulled it yet to verify. The rep said that is a good sign since he typically doesn't see them fixed unless a permanent mod is in the works... hope he is right.

We just made the 5th trial payment (October) & are told 11/1 we should start our permanent modification, although we still do not have the final paperwork in hand!?

[memb2009]

I am also with GMAC and completed a trial with them back in June. I declined the permanent modification because it was interest only for a year and then would be permanent. This was their in-house modification because they said I did not qualify for HAMP. I am now going through NACA and beginning a second trial again. They did report me 90 days late for the first trial, which was a hard hit on my credit. I was also advise that it will happen again with this trial.

[matteoroe]

I am in month 2 of 3 of the trial modification period. Nothing has been reported to my credit report however my mortgage statements show all the original full payments not being made and past dues amounts. 3rd and final payment is due Dec 1st. 2009. I have a feeling (reading all of these stories) GMAC will end up denying the final modification (for whatever reason). I have decided to list my home as a Short Sale. I figure if I can't get the modification I need and it doesn't sell as a Short Sale then I can ask for a DIL. If GMAC does deny it. It most likely will be the last payment they get from me!!