IFC/GMAC Loan Modification

[milkman]

Hello,

New and first time posting. I've been reading this forum and found it very friendly and helpful.

I have a 5 years fixed interest only with GMAC which will be adjusted a year from now. I've got a call from IFC which is a Master service for a loan. Basically they suggested to make a loan modification, so I'll have 5 additional years of interest only under 4%.

They asked me to send a letter of hardship, borrower financial statement, and last paystab. They provided a letter that I paste below and wanted $1995 for that back. I called to GMAC and they confirmed about IFC help support group existance, but without details.

It sounds for me to good to be real, so I'm wondering is anybody went via that or know anything about this schema? Any objections why I shouldn't procees? Thank you in advance!


Here's a letter with removed numbers:
==================================
Dear ___,
Congratulations, you have been Approved for a loan modification. (IFC) has reviewed your situation and determined your hardship requires relief. As the Master Servicer we can provide new terms to provide a financial relief to your current life hardship.

The following terms will apply to your modification, signed final loan modification documents providing the modification terms and the amount payable under the Note or Security Instrument the Unpaid Principal Balance (UPB) consisting of the amount(s) loaned to the borrower by the Lender which may include, are not limited to, any past due principal payments, interest, fees and/or cost capitalized.

Modification Terms:
Payment will be $___.00 loan amount $____
• 5 year new modification rate term
• Interest Only
• Term = 312
• Modification Rate =4%
• UPB will be calculated with final loan modification documentation
• Upon completion of the modification rate term, loan adjusts to terms in the final loan modification documents
*All terms and conditions of the modification can change at IFC’s sole discretion.


Processing fee:
This Approval requires a fee of $1,995, which includes all processing and documentation charges. You can pay by credit card or check (personal or Cashier’s Check). If paying by check, please make sure it’s payable to IFC.