After being denied for the HAMP due to our gross income being to high, we have since missed 3 payments due to a reduction of NET income(health insurance went up $400 a month, lost OT and retention bonus and I am unemployed) We have applied for a traditional modification with GMAC.
It has been under review since 8/29. They did a drive by BPO on 9/12. The other times we applied we were denied so fast, that I am cautiously optimistic since they are actually taking some time to review it.
If we are approved or not, I have to give props to GMAC to the way the have reorganized to handle loan mod applications. Our account has been assigned to a "team" and I get to talk to the same people every time I call. They all have been very polite and sincere. It's nice not to have to explain your situation, over and over every time you call.
Hoping for some positive news soon!