GMAC denied Loan Mod gave us special forbearance, anyone else ?

[angelsent2thee]

I just found this forum after doing some searching on the net.. We applied for a loan mod with GMAC in April 09, and of course were denied 60 days later. We reapplied as per their instructions after we worked out our financial obligations, they said our debt to income was too high (duh that's why we wanted a loan mod) and said that we were current on our credit cards at the time that they pulled our report (which was right after tax time so of course we tried to pay everything we could) which hurt us. After reapplying, they denied us for a loan mod once again but offered us a special forebearance that for the next 6 months we would pay almost half ($501) of what our original payment was ($962). I was very skeptical about this and called and spoke with them about the situation, we only had a few days to sign the docs and return to accept the offer. They told us that they will be taking the lower payment ($501) and collecting it and when we have paid two of these payments it will pay one of our current (past due) payments, so at the end of the six months technically we still owe the remaining $461 (x6 months). At the end of this 6 month period they will then determine if we are eligible for a loan mod, but it clearly stated in the forbearance that there is no guarantee that we will get it and the person at GMAC told me if we don't we owe the $461x6 but that they wouldn't make us pay it all at once, or maybe they would tack it on to the end of our loan. Has anyone else heard of them doing this? Anyone else doing this or done this before, what was the outcome? I'm worried they won't give us a perm loan mod. Any help appreciated. Thanks!

[angelsent2thee]

BTW, we have a 30 yr fixed 6.5% FHA loan, a spoke with a lawyer after the first denial and he said that they HAVE to work with us, is that true? I know two people that have went through this law office and they have gotten their payments lowered $300-500...

[v240390]

I experienced the same thing. Loan mod denied twice, and after a few calls was offered a forebearance program. Standard payment $2366, forbearance payment $1850. We were offered only 3 months of forebearance, at which time were told we would owe remaining balance in full. Although the person I spoke to said my mod app would be reviewed at that time. Our 1st forebearance payment was due/ paid 10/20, 2nd due 11/20 and 3rd will be 12/20.

If the loan is not permantly modified we will have to let the house go into for foreclosure as we can no longer afford that payment. We owe $305k total between 1st & 2nd with gmac but our house is currently appraised around $240k, so we cant even sell it.

GMAC did approve our 2nd mortgage modification reducing payment from $375 to $225.

I will update the post with the outcome per 12/20.

Good luck to you... such hard times.