Success with GMAC permanent mod

[duchess]

My permanent in house GMAC modification on my first mortgage became official today. It took 5 months and countless phone calls to complete. I was current going into the process and was initially put on a forebearance plan that only saved me $200/month ($3,306 vs. $3,825). That plan was cancelled without my knowledge in August and they began the process of approving the permanent mod. A denial, resubmittal, calls to the exec office, and several false starts later my docs arrived last week.

Loan Amount: $605k
Old Rate: 5.5% interest only
New Rate: 3.125% for 5 years, stepping up 1% for two years, then fixed 5.125% for the life of the loan. Interest only for the first 10 years.
Old Payment: $3,820 (interest, taxes and insurance)
New Paymnet: $2,636 (interest, taxes and insurance) which is 31% of gross income

I've got a second (also with GMAC) for $250K and the home is worth $790k. I feel very fortunate to get the mod on the first because I didn't pass the NPV test. Since August I've been trying to get the second settled and am hoping for the approval to come back next week. Family will lend us the money for the settlement.

With the savings on the mod and hopefully settling the second, we'll be able to afford the home we love and stay put.

Thanks to everyone on the forum! I couldn't have gained the knowledge necessary to keep our home without all of you.

[MyHAMP]

Congrats! Looks good to me!

[Evan Bedard]

Loan Amount: $605k
Old Rate: 5.5% interest only
New Rate: 3.125% for 5 years, stepping up 1% for two years, then fixed 5.125% for the life of the loan. Interest only for the first 10 years.
Old Payment: $3,820 (interest, taxes and insurance)
New Paymnet: $2,636 (interest, taxes and insurance) which is 31% of gross income

Congratulations! That is an amazing modification duchess!

As far as your second you should have a good chance on getting that settled. I have been seeing more and more homeowners settle their 2nds for pennies on the dollar.

Good luck and keep us posted on your 2nd

[matteoroe]

duchess - Congrats to you! I will be making my final trial payment with GMAC on Dec. 1st, 2009 - I hope and pray for mine to go through also.
I called my GMAC contact and went over everything again. I also explained to her I hear "a lot of people" not getting the final permanent mod approval. She reassured me all my numbers have been plugged in and it looks like everything will be fine. She mentioned only if there was a drastic change in my work status or income which would change the out-come of the final modification. Fingers are crossed!

[Evan Bedard]

Good luck Matteroe! GMAC seems more easy to work with than other major lenders and I hope your outcome is great as well