GMAC Perm.Loan Mod approved!!!!

**amyinflorida** · 09-19-2011, 08:48 AM

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!

**Cat Damiano** · 09-19-2011, 10:13 AM

Amy,

I am routing for you! I hope you get an approval this time around. Keep us posted.

**amyinflorida** · 09-21-2011, 04:59 PM

I called GMAC today and they said as of today we were approved for a 3month trail modification! The only thing is we will not know any terms until after the trail and we are approved for a permanent mod. Our trail payment is 1189 our previous payment was 1430. Not fabulous..but hey it's better than a denial.They said they couldn't tell me if the payment will include escrows.

**amyinflorida** · 09-21-2011, 05:01 PM

I thought that was weird......any feedback is appreciated.

**cg834** · 09-22-2011, 04:11 PM

I was ineligible for HAMP modification, but but qualified for a Fannie Mae Trial Modification. My first trial payment is due Nov. 1, and it is approximately 38% of my gross income. Was it the same for you?

Hoping for a smooth transition to a permanent mod after my trial payments are made.

**muchado** · 10-09-2011, 01:01 PM

AmyinFlorida -- When you say you won't know the terms for 3 months, what does that mean exactly? Did you have to sign anything? Sounds confusing. We're waiting to hear about a modification, just one week out from having submitted the paperwork. I was hoping it wouldn't be a long, drawn out process.

**amyinflorida** · 10-09-2011, 01:48 PM

We will not know anything until after the 3 month trail mod. payments, and they approve us for a perm. modification. We had to sign a 3 page letter, that states we know this will be our payment for 3 months and then it will be reviewed after that and there are no guarantees! And if we don't make theses payments our house will go into foreclosure.
Good luck to you! I know it is stressful...

**muchado** · 01-03-2012, 10:11 AM

Originally Posted by amyinflorida

We will not know anything until after the 3 month trail mod. payments, and they approve us for a perm. modification. We had to sign a 3 page letter, that states we know this will be our payment for 3 months and then it will be reviewed after that and there are no guarantees! And if we don't make theses payments our house will go into foreclosure.
Good luck to you! I know it is stressful...

Just wondered how your modification resolved. We have made 2 of the 3 trial payments (the third is not due until February 1) and are hopeful that the modification goes through smoothly.

**amyinflorida** · 01-18-2012, 10:34 AM

Our loan mod was approved! They lowered the rate 1/2% From 5.25 to 4.75! Our payment decreased $250 ( we also have a shortage in our escrow account) which was included in the payment so once this is paid, our payment will be even lower. Very excited, as this is the final leg of our modification and settlement journey! We are still upside down. However, we are very happy here, and I will take being $20K upside down any day over $90K!
So, the moral of my story, is do not give up! I didn't and it paid off! Wishing you all the very best!

**Cat Damiano** · 01-18-2012, 10:43 AM

Congratulations Amy!! That is such great news!

**Katesdad** · 01-21-2012, 12:55 PM

Awesome, did they reduce your principle? You said 20k upside down better than 90k?

**Coronar** · 03-06-2012, 02:10 PM

CONGRATS AMY!! Happy for you -- stories like yours gives us hope!!!
We were approved for a trial loan mod. Our payment was reduced $100 - hopefully it will be reduced some more if we get approved for a perm modification. Question: what percentage is your mortgage payment from your monthly gross income? on our trial mod, our mortgage payment is $2200, 36% percent of our monthly gross income ($6081)-- wondering if they would even go any lower than 36%??

**KrisD** · 07-08-2012, 09:04 AM

Amy - don't know if you still get on this site now that you've finally permanently worked out your liens. My question for you is how long did you wait before sending your settlement offer letter to GMAC? We have not paid since Feb. and I have my settlement offer letter drafted and ready to go. Just not sure when the best time to send it would be (yes, I know this completely goes against the strategy to settle your second posted on this site). I am in Florida as well. Thanks!

**Cat Damiano** · 07-08-2012, 09:11 AM

Hi KrisD,

Amy had posted her settlement success for the second lien and the steps taken, almost two years ago here;

$85K principal reduction w/full lein release and we are in our home!

**KrisD** · 07-08-2012, 09:17 AM

Thank you, Cat. I did read that prior to posting. She did not state how far behind she was with GMAC before sending her settlement offer letter, just her overall timeline.