Loan Mod - ASC/GMAC

[LIMike]

I want to thank this forum for existing. The wealth of knowledge available is outstanding.

My current situation is as follows;

1st mortgage with ASC - $300,000 I/O 5/1 ARM @ 6.375% (3 months behind)
2nd mortgage with GMAC - $75,000 30yr fixed @ 12% (On time)

I purchased the home in March of 2007 with positive equity, however receiving a poor mortgage and advice. Currently the home is valued at less and like everyone else times are tight. I called ASC today and after some run around I went through my finances over the phone. I made a payment to bring me up to only 2 months behind now. The rep said I was pre-approved for a loan modification which would not start until 6/1/09 and to fill out the paperwork and fax it in. Sounds great but what should I expect from here? What is the best advice one could give? He did not give me any specifics as to what would change.

Now I havent called GMAC yet. The second is really what is clobbering me. Because this is a second, do I have to go about everything the same with them? How is GMAC with dealing with loan modifications on 2nds?

I thank you all in advance!

Michael

[Moe Bedard]

Hi Michael,


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

You would go through the same process with the second as the first......so call GMAC to start on that as well.
GMAC Loss Mitigation
1-800-850-4622 ext. 2362609


Also try calling ASC and asking if the investor on your loan is either FannieMae or FreddieMac................because if it is, their is a modification program in place now that began on Dec. 15th that you may be eligible for............also keep in mind that they don't have to give you this info.........but some will let you know if the investor is one of the two.
ASC ART Team
1-866-398-7569


Please update when you find out..........