GMAC Loan Modification

[Lisakay01]

Hi,
New and first time posting. I have been reading this forum for the past week or so and have found it to be very good.
I have a 6.875 30yr fixed loan with GMAC. I will be 3 months behind this month and I basically only have my income coming in at the moment. I have submitted the doc's for the loan modification back on 12/8/08. I just keep getting the run-around everytime I call, I have been calling the Loss Mitigation Dept. at 800-850-4622 ext.2364836 and every person I have talked to just tells me it is being reviewed and it takes 6-8 week for turn-around time. I sent an email requesting who my investor is and they replied it was Ginnie Mae, I have not seen any info on this forum regarding Ginnie Mae, Does anyone know the requirements for loan mods with them? I went to their site but really no info there that I can find.
Today I spoke with someone named Jonathan he he said he doesn't see anything in my account about a loan mod, I explained several people have already told me it's being reviewed, but he still says he doesn't see anything and would have to transfer me to the modification dept within the loss mitigation dept. but ended up being disconnected. I have also called Sara Tolbert twice now with no response. She is suppose to be the supervisor for Loss Mitigation. That's what her vm says anyway. Does Ginnie Mae work the same way as Fannie Mae? I would greatly appreaciate any info.

Thanks,
Lisa

[Moe Bedard]

Hi Lisa,

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

GinnieMae guarantees loans insured by FHA and VA mainly and is a government entitity.....whereas FannieMae and FreddieMac buy the loans as mortgaged backed securities and are private companies that are not government owned ..........so if your loan isn't a VA loan, the chances are it may be FHA.......but that you can check.....it should be indicated on the top of your loan docs........mainly the Truth in Lending doc.
here is the link for info on what GinnieMae does.
http://www.ginniemae.gov/about/about.asp?subTitle=About


Since your loan is government backed and you are not getting very far with GMAC, if this is the only property you own and it is owner occupied you may want to go through the process with the HUD approved, non profit agency NACA...........they will put together a modification proposal based on an affordability equation that they will do with you and then they will negotiate with the investor through GMAC.
click on the link for the info.........
https://www.naca.com/refinance/refinanceSubmission.jsp

[Lisakay01]

Thanks for the info ***,
I do have a FHA loan, only property I have and I live there.
If I go through NACA what happens to the mod request I have pending with GMAC?
I am in a really bad situation, My co-borrower's work hours were cut drastically, and now he is facing legal problems and may have to spend up to a year in jail. What are my chances of actually getting a loan mod with only 1 income and co-borrower in jail? I have 2 children and we don't want to lose our home, but with the situation at hand I am not very hopeful.
Any suggestions?

[Moe Bedard]

That wasn't mentioned in your original post......so I am not sure how that will factor in........the reason I suggested NACA is because it seemed like you were not getting any answers out of GMAC. Any modification process would require the income proof of the parties that are on the loan.........as well as if there are any members of the household with income that are not on the loan. Since you already have your docs into GMAC..........I guess see what the options are going to be first and go from there...............
Here are two other extensions into loss mit to see if they can let you know any updates on your file...........
1-800-850-4622
ext. 2362609
ext. 2365442

[Lisakay01]

Update:
After sending a few emails, I finally got a call today from a woman named Linda, She says she is a loss mitigations anaylst from GMAC and states that their hands are tied and can not do anything because I have an FHA loan and the investor is Ginnie Mae and Ginnie Mae does not do loan modifications. And with me only having my income it will be hard to get any help!
I thought loan modifications are based on hardship with income loss, separation, incarceration, etc....
She also states I do not qualify for a streamline modification because you have to have at least 12 month payments.
What are my options here? Who can help me with this?

[Moe Bedard]

You may want to give NACA a try now..............

[Lisakay01]

Update:
I have been speaking with Linda from GMAC, went over financials again and we have a surplus of about $100 a month according to her. So she says the only thing they can offer is a Partial Claim. This was about 3 weeks ago. I called her this past Friday and she says the papers went out today FedEx 2nd Day and I will get them Tuesday and says I will need to sign papers and pay full mortgage payment by 3/1/09. Now here's the thing that will leave me only 3 days to read and sign papers and pay $1600??
I asked her about the new Affordability law that the President just signed and right off the bat she stated I do not qualify because it's not Fannie or Freddie owned. I have an FHA loan but Ginnie Mae is the investor and they don't modify. Now I have not gotten a demand letter or anything yet and I'm 90 days late. I think the Partial Claim is good but that alone will not help us, as we still have a loss of income (work hours cut) and can not afford the full mortgage amount. And If I agree to this we will be right back in the same situation in a few months. I explained this to her but she still insists this is all they can offer! I am wondering if I should just wait it out for March 4th till the guidelines are released from the Stimulus Bill and take it from there? If I don't sign these papers and agree to pay March 1st will this affect any other attempt at a modification??

[Moe Bedard]

Lisa...........here is the Q & A for the program that was announced...........


http://www.loansafe.org/forum/stop-f...lity-plan.html


Did you try NACA to see what type of workout with a low fixed rate they may be able to do?

[acl1974]

While I haven't contacted NACA yet, I plan to do so if things don't work out on my own. However, I have read quite a bit on here from people who did contact them and it worked out much better than they were able to do on their own. I say you should try it. At this point, it can't hurt. It might be nice to get some help in your corner from an organization that will know what they've been able to do in circumstances like yours.

[Lisakay01]

No I haven't applied yet, I did go to the website and you have to sign up for membership and there is a monthly due I believe?? I have one more option with FHA and if that doesn't work I will try them.

Thanks,

[Moe Bedard]

There isn't a fee for NACA's services.................

this is the link to begin the process............
https://www.naca.com/refinance/refinanceTenStep.jsp

and under eligibility...........this is what it says............
Given the current mortgage crisis NACA has suspended any Membership Fee for Home Save participants. In addition, NACA will pay for accessing your credit reports.