GMAC negociation - Advices, Help needed.

[Laurent1203]

Hello,

I have been reading notes posted on the forum for the last few days...and found very interesting infos.

This forum is a great initiative.

First let me tell you a little bit about my situation.

Located in Miami, Fl. I bought a house $355,000 in Oct 2005 when the real estate market was at the highest.
It is a 30 years ARM with an interest rate of 5.125%.
I owe the bank $270,000 .. when today the market value for my property is around $190,000.
My mortgage monthly payment is $1,546.

I did not pay my mortgage in Dec and Jan..so I am 2 months behind now.

I called a couple of times the GMAC Loan mitigation dept. and tried to negociate my loan.
In one of my last call, someone asked me details about my income , expenses, financial situation, etc... then he told me that my case will be reviewed and possibly accepted.

Last week, I got a FedEx, that says that the investor ( Fannie Mae )has agreed to advance the past due amount, and they joined a Promissory note explaining that I could reimburse the past due amount of $4,639 ( $1,546 x 3 months ) in 173 monthly payments of $37.54, but I had to resume my regular mortgage payment in March.( $1,546 ).

That's obviously not what I was trying to accomplish here.
This is a temporary solution and I need a permament solution as my financial situation has drastically changed in the last 10 months.

So, based on the other comments I read so far , my next step is to create a hardship letter and send it to the loan mitigation dept at GMAC.

Here is my Hardship letter I just wrote, can someone have a look and tell if that looks ok :

GMACffice:office" /> Loan Number xxxxxxxx07

[Moe Bedard]

Hi Laurent,


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

With FannieMae as the investor what you would be asking for is to see if you are eligible for the streamlined modification program that began on Dec. 15th.............if you had contacted them before then..........you would not have been considered for that workout. FannieMae has not been reducing principal for their modifications.........they have been lowering rates and extending terms, and adding the defaulted amount back into the principal................

You would need to call and see if you can be considered for the streamlined modification..............let them know that the HomeSaver program that you were given is only going to help get the loan current........but not help you with the payments moving forward.

GMAC Loss Mitigation
1-800-850-4622 ext. 2362609 or ext. 2365442


your letter is good.......you would just need to format it so it doesn't jump around as much............click on the link below for examples to help you.....
Examples of a Hardship Letter

[Laurent1203]

Hello ***,

Thanks so much for your reply...

I never contacted Fannie Mae before.
So do I need to contact Fannie Mae directly and ask them if I am eligible for the streamlined modification program that began on Dec. 15th...or Do I have to go through GMAC.

In case I need to contact GMAC, do you think I could fax my hardship letter to them along with the documents ?

Let me know

Thanks again for your help,

Laurent.

[Moe Bedard]

You can ask GMAC to put you in to try for the streamlined modification...........FannieMae doesn't deal directly with customers. Just use the numbers I posted above and see what they say. They will also have you fax in your hardship letter and documents too.


Keep us posted on how it goes..........

[Laurent1203]

I will keep you posted.

In the meantime, I had another question ...
I missed 2 payments already ( December and January ),

My next payment is scheduled on February the 1st.
I think I might be able to make that payment ..but I am afraid that it might affect the negociation I am currently having with GMAC on my mortgage...

So the question is, do you think I should not pay anything until the end of the negociation or It will be better to make that payment ( or a part of it ) to show them my good faith.

Thanks ***,

Take care,
Laurent.

[Moe Bedard]

I am sorry, but we can not advise you on whether or not to make a payment..........that is a personal decision that only you can make based on your situation. When you call to see if you are able to be put in for the streamlined modification, you can ask that question at that time.

[Laurent1203]

Sure, I understand.

I will call GMAC and ask for the streamlined modification program...

Will keep you posted.

Thanks again for your help.

[Laurent1203]

Hello,

I have just talked to GMAC customer representative,
he said that at this time the only program available to me is the promissory notes they sent me a week ago,
and that I would need to wait until next month before calling them back and find out what other program might be available

So, I guess I will wait next month and call them back.

My question to you is I have prepared all the documents ( pay stubs, bank and credit card statements, bills, etc...) that shows how my financial situation has changed lately...
Do you think I should send those documents to GMAC now along my my hardship letter...or wait next month to call GMAC first.
Let me know

thanks ,

Laurent.

[Moe Bedard]

Wait until you speak to them next month to see if there are new programs and they will let you know what you would need to send at that time.

[Laurent1203]

Hello,
I just found out that GMAC ran my credit and check my credit report without asking my authorization....do you know why ?

Regards,
Laurent.

[Moe Bedard]

When you request a modification...........most lenders will..........so that they can verify expenses.

[Laurent1203]

Hello,

I just received a credit score alert..GMAC reported that I did miss more than 2 payments in a row ...and my credit score decreased significantly.

Here is what it says in my credit report ....

The following changes were reported for your GMAC MORTGAGE account :
Account Status Changed from Pays account as agreed to Not more than two payments past due
Balance Amount Changed from $271,821 to $273,014
Past Due Amount Changed from N/A to $1,700

That won't discourage me from trying to negociate my mortgage ..will see what happens now !

Will keep you posted.

[acl1974]

Laurent,
Did you miss the third payment yet? I'm just wondering because I'm in negotiations with GMAC too and I am nearing that third payment. Unfortunately, I don't think I'll be able to scrape together the full amount and figure they'll be starting foreclosure proceedings on me soon after. I'm just wondering what your experience has been so far if you have missed the third payment and if they've started the foreclosure proceedings yet.
April

[girlsrstrong]

Since so many of us are struggling with GMAC servicing Fannie Mae, can we consider a seperate section for these threads?

[Laurent1203]

Hello April,

yes, I have just missed the 3rd payment...
and be aware ...that GMAC just reported it and my credit score has been affected significantly.

Besides that, my negociation doesn't seem to work out for me ...
As a matter of fact, after sending my hardship letter to the loss mitigation dept along with all my documents ( bank and credit card statements, paystubs, etc...) , yesterday I received a letter from GMAC that demands for the payment of the total amount due..if payment is not received within 30 days, they will begin the foreclosure proceedings.


Not sure what else to do here !

By the way , does anyone succeed in contacting the VP of GMAC...
when trying to send him an email, it always come back to me saying that his mailbox if full and can't accept anymore emails.

I think my next move now is to contact Fannie Mae directly and see if I can be considered for the streamlined modification...

I am really starting to feel hopeless now !!!

Will keep you posted.

regards,
laurent.

[Laurent1203]

By the way, I think you're right and we should create a specific forum for those struggling with GMAC and Fannie Mae.
Let's do it.

[Dan Bailey]

Unfortunately, redesigning the forum to have another seperate section takes some doing, not a simple click and go.

Laurent, I'm not surprised the e-mail comes back...there are probably thousands, just like you, trying to send mail to that address. In fact, many times they shut their address down when the public finds it or it gets heavy traffic.

If you contact Fannie Mae, they will refer you back to the servicer, as that is what they pay the servicer to do-deal with the customers.

[Laurent1203]

Hi Dan,

So do you mean that I have no other options left ..and that my case is hopeless !

Laurent.

[Dan Bailey]

laurent,
Not at all. As *** stated in a previous post on this thread, contacting GMAC again to see if they set up new programs this month is one option. If I read the timeline correctly, the first contact you tried was the 15th of January? It has almost been a month now since your last contact(the time period *** said you may want to try again in).

Contacting the investor has led back to them referring the individual to their serviser time and time again, thats why I stated that. If you feel that is what you need to do, by all means contact them.

Believe me, I understand the frustration of the process timeline. But it is a process and takes hanging in there for the long haul. Missing payments will affect credit score during the process.

Have you tried contacting an orginization such as NACA, which is non-profit set up to help homeowners with their negotiations? https://www.naca.com/refinance/refinanceSubmission.jsp

[Dan Bailey]

Also, I see you work for a large corperation. Sometimes, a corperation that large may have some programs set up through HR that may benefit. Especially since the mortgage crises affects a large portion of the country.

It is more prudent to investigate avenues that may work, rather than use resourses on those that have been shown not to work.

[acl1974]

Laurent,
Thanks for the information. I should be, but I'm not that concerned about my credit score right now. I just want to save my house. It doesn't surprise me that you received that default notice for full payment. That's standard with GMAC. I know this much because I was in a repayment plan last year when we first started struggling to get me completely caught up and they set aside the extra payments until you have the full payment. By the time, I completed the four month repayment plan, someone in department A didn't apply the funds until the second day of the month. Well, that would have ended up making me three months late due to some sort of paperwork fiasco. So, department B sent out that same letter you received on the first day of the month. I freaked and called and they said that everything was fine and to ignore it. Obviously, after I got caught up, I continued to struggle because my husband's hours have been cut each week and we're back in a situation where I can't do a repayment plan because I need a lower payment altogether. What I'm saying here is that one department probably is still working on your modification application, but that doesn't stop another department from shooting off that default letter and demand for full payment.
So, that letter does NOT mean you have been denied.
I'll be getting that same letter soon.
However, I think that now you might qualify for the streamlined loan modification.
You should call them and ask for an update on your modification.
April

[Laurent1203]

Thanks for your advice Dan,

I will call GMAC today ..to find out if there is any new program available for people in my situation.

..and I will also follow your advice not to call the investor Fannie Mae..if you say they will most probably send me back to GMAC.

Now, regarding NACA, I haven't contacted them yet ..but will do that this week for sure.
However, I have been talking to the CCSS ( consumer Credit Counseling Service ) cccatl.org or (800) 251-CCCS
They sent me back a document including a personal Finanacial summary, a Net Worth Analysis and an Action Plan..
Unfortunately, that just confirmed to me what I already knew......my mortgage payments are too high ..compare to my income !

What about NACA ? let me know if this is something else.

last point, I have indeed just contacted HR and ask them if they had some program available to help people in my situation..we'll see where it goes.

[Laurent1203]

Hello April,

thanks for your reply here...
I'll give a shot and call GMAC today ..we'll see how it goes...

By the way, The GMAC VP email box is full but his Fax # still working...let me know if anyone is interested.

We'll keep you posted,

regards,
Laurent.

[acl1974]

I would love the fax number if you have it. Thanks and please keep us posted.
April

[Laurent1203]

Javid Jaberi GMAC Senior VP.
Fax # 866-841-3432