GMAC Loan Mod-Success but with Down Payment

[Roman2009]

Hi everyone. I am Roman, an spaniard living in Modesto, California. Please, pardon my English
I achieved a second modification of my big loan with GMAC by my own negociation with the bank.
This time they are offering me a 2.785% for 5 years, interest only that is going to bring down my monthly payment from $1,536 to $750. I am happy with it but they said I need to put $1500 down payment wich is almost imposible to me due to the strong reduction in my salary. I talked wit the guy doing my modification and the solution that he gave me is just extend for another month the due date to put my down payment. My investor is IMPAC and the guy doing the modification works for "GMAC Homecoming" in Dallas, Texas.
Somebody have an idea about if they can acept the modification without the down payment?
Thank you guys in advance, in special for the guys that created this Forum and take care about us in a moment so critical to the homeowners.
Roman2009

[Moe Bedard]

Hi Roman,


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


If they structured your modification with a Good Faith Payment and you send it in without one..............they won't finalize your modification. Your modification figures are set up with the payment being made separately from the modification...........they would need to draw up new documents revising the figures if they change any of the terms of the one you received.
You would need to call back and clarify because you would not be able to simply skip the payment.................that will void your modification.

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

[Roman2009]

Thanks *** for your quick response. I was trying to contact directly to IMPAC but was impossible to me. The guy working in my modification does not have an IMPAC's contact telephone number so I don't know what to do. I don't want to miss this opportunity.

[Moe Bedard]

Roman I am not sure that IMPAC will even speak with a customer...........but here is the number for you.

The Impac Companies
Corporate Headquarters
19500 Jamboree Road
Irvine, CA 92612
Ph: 800-597-4101

[Roman2009]

Thank you very much ***