Gmac

[fallenangel]

Hi, I have just faxed my hardship letter to gmac. I have a 80/20 with them. one for 7.0% and the other for 10.9%. Basically I have been up to date on my loans for the past 3 years. I have just had a child in june and daycare is very expensive, so I called and asked the bank if they could help me because i will not be able to continue these payments, they told me I have to be in default first. So i have not paid the dec. note as of yet. Can someone tell me what to do next. Thanks in advance

[Moe Bedard]

Hi fallenangel,

Welcome to the forum and thank you for joining.............


Begin by putting together a hardship letter........click on the link for examples to help you........
Examples of a Hardship Letter

next contact GMAC loss mitigation and ask what options the investor on your loan has for modification.............they will let you know what they need you to send in for the modification...........and follow up with them at least 2 times per week for updates during the process........

GMAC Loss Mitigation
1-800-850-4622 ext. 2362609

[mike7311]

When speaking with loss mitigation ask who the investor is on your loan is. They do not have to tell you, but keep asking different Reps until you get an answer. If it is Freddie Mac loan your in good shape. I have a contact email for someone there that can move things along if your not getting help with GMAC. Please let me know...

[Dennis66]

Hi Mike,

Great idea in drilling all the Reps until someone offers up the loan investor. I got jacked around too and got lucky.

I received a letter from the Consumer Credit Counseling Service of Atlanta (I'm in Chicago so I don't know why the Atlanta branch contacted me) and they were contacted by FreddieMac saying they want to assist.

So, the letter offered up the fact FreddieMac is my loan investor. In addition, the letter provided the FreddieMac investor # which is different then the GMAC loan #.

I guess if you still can't find out who your loan investor is you could call up your local CCCS office and get them involved to get this info. You can always turn down their credit assistance later on.

Hope that helps.

Dennis

[mike7311]

The information I'm providing must be used responsibily. Please do not harrass or send excessive correspondence to this person, one email will do. Please email first and wait at least 5 business before trying again. She is kind and helpful and will help you if you send a concise message detailing your issues. She works with GMAC serviced first mortgage loans only! You must have worked with GMAC first otherwise she will not help. If you misuse this information I'm certain she will change her contact info, so please be responsible.

carla_oliver@freddiemac.com

Carla Jean Oliver
Servicing Account Specialist - Lead
Single Family Mortgage Operations
Office: 770.857.8872
Fax: 770.857.8804
Cell: 404-345-6290

Freddie Mac-SE Region
2300 Windy Ridge Parkway
North Tower, Suite 200
Atlanta, GA 30339

Freddie Mac Online Guides
-select: single-family seller/servicer guide volume 2
-select: chs. 64-69 servicing nonperforming mortgages
Loss Mitigation - Freddie Mac
Freddie Mac: Helping Borrowers Avoid Foreclosure

[fallenangel]

Hi everyone, Happy New Year.

I spoke to Gmac on Friday and they told me that they were back logged and didn't see my fax as of yet. They told me to call back next week. I think they said my investor is Fannie may. I cant remember, I will call them back tomorrow and double check. Does anyone have a contact to Fannie May?

[fallenangel]

Ok now I remember, my investor is Wells Fargo not Fannie May. Does anyone have any info on Wells Fargo that may help?

[Moe Bedard]

they are very difficult to deal with both as an investor and as a servicer and they will not deal directly with a customer............so all follow up would need to be addressed with GMAC.
The process takes a while and with the faxes just going in on Dec. 31st, you would need to give them a chance to process them and work on them.
Follow up with them tomorrow and make sure that they have everything that they need at this time........
GMAC Loss Mitigation
1-800-850-4622 ext. 2362609


Keep us posted........

[fallenangel]

Hey everyone,
Has anyone else had issues with GMAC as far as faxing over the package? I have faxed it twice and they keep telling me that they have not received it.

[GasBrommer]

I have had this with Homecomings (also GMAC) but the other way around, they are supposed to send me a letter 3 weeks ago, they say they sent it (should only take about 2-3 days USPS), 5 days later I called, said I hadn't received it. They sent it again (supposedly) and now, one week later, I still have not received either one of them. I wonder if it actually went out.

[SoCal 67]

To the person asking about FAX problems:

Yes, I did have a frustrating issue faxing over some docs to GMAC. I did not find about 2 weeks later they were not received. Follow up with a call to make sure they get them!

[fallenangel]

Update:

Right after i wrote my last post i received a call from Tracy at GMAC and they had my faxes and she would start to put together something for me. I spoke to her tonite and she modified my 2nd loan from 10.1% to 8% reduced my payments from 545 to 466 and waived all late fees and forgave the past two months of payments. Its a start. She said she could not do the first loan and had to transfer me, I waited on hold for an hour and twenty minutes before a women picked up and complained to her coworker about the last customer she tried to modify and went on a rampage then disconnected me, so now my mission continues tomorrow.

[fallenangel]

Update:

Hey everyone, heres what i have gotton so far from GMAC. They Adjusted my second form 10.1% down to 7.1% with a savings of 129.00 and they offered to adjust my first from 7% to 6% with a savings of 189.00. I asked if they could lower it it little more 1/2 point they said they would get back to me. Fingers Crossed.

[Dan Bailey]

Hope it works out for you fallenangel!

[fallenangel]

UPDATE:

I finally got through this, Gmac modified my 1st loan from 7% down to 6% and my second loan from 10.9% to 7.1% a total savings of about $300 per month. I am now going to try and mod my chase loan on my second home. Thank you everyone for your help...

[Moe Bedard]

Congratulations!!!



Good Luck on your second home!