looking for a little input (GMAC)

[snp304]

first off, love the forums, what a wealth of information. That being said, this is a very stessfull and confusing process that it looks like many are trying to go through. I have browsed many threads here and still have some questions...

I currently reside in Florida. Bought the house in Aug 07, did a streamline refi (VA loan) in Dec 07 due to the taxes being calculated wrong. Our payment was going to increase by about $300 a month. Have a 30 year fixed at 5.5%. Mortgage if for about 256k and house would probably appraise at about 190K right now.

I called my lender, GMAC, and inquired about the Hope For Homeowners program. I was given a # to call. When I called it was Hope Now. I went through the counseling process and it was recommended that the loan be modifed and to refi the house for 90% of current market value. Was told that Loss Mitigation dept of GMAC would contact me in 7-14 business days.

About 4 days later GMAC called. Was told that because I am current on my mortgage that they had no programs at the time to assist me. Was told to call back in mid February as they would have more options avaiable and may have a program that could help me at that time.

That is the story in a nutshell. I really don't know what next step I should take or if there is a next step for me to take. Any ideas/suggestions would be appreciated. I can provide more personal info if needed. Thanks in advance for any help...


Mike

[Moe Bedard]

snp304,


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

Your investor is the VA............you can contact the VA for a VA counselor and see if they are able to help...........
Depending on the circumstances and hardship, VA can intercede with the lender on the veteran’s behalf to pursue options -- such as repayment plans, forbearance, and loan modifications -- that would allow a veteran to keep a home.


VA Financial Counselor
1-877-827-3702.

[snp304]

just got off the phone with the va and got absolutely nowhere. Was told that it was strictly up to the lender whether there was any modification, forbearance, etc...

looks like I need to default on my loan before I may be able to get any help, but then I could lose the house which is not a course of action that I want to take

[Moe Bedard]

It is the worst.........when the government touts what I posted above that came directly from the VA homeloan website.........and then they do nothing....................so typical of them.

Here is the actual press release...........
http://www1.va.gov/opa/pressrel/pres...se.cfm?id=1514


and here is the link to the homeloan website..........maybe you will be able to find another source from there to help.
http://www.homeloans.va.gov/index.htm



I am so sorry that they were not able to help.............

[snp304]

ok, I have basically let this fall through the cracks since it seemed like there was no hope since I was/am current on my mortgage. I have been thinking about doing a new VA Streamline loan, was told I could get 4% fixed on a 30 year with no points to buy etc....any thoughts, ideas?
Mike