IMPAC Letter GMAC?

[connied4]

I'm wondering if anyone has updates? Have you received your loan mod docs after paying the $1995 fee to IMPAC? I paid last week and am being told I should get the docs by end of next week.

Thanks

[notasmartowner]

I was told to wait end of this week or next week to receive actual loan mod doc/addendum from CW. I am getting nervous.

[connied4]

Thanks, notasmartowner. Can you update us when you finally get the load mod docs? I'm very nervous as well. But if yours go through, then I think I'll be able relax a bit.

[connied4]

Hello everyone:

Just a quick update. I paid the $1995 fee to IMPAC on 04/06 and received the loan mod documents today. Will sign it, get it notarized and send it back to them.

Finally! Some breathing room. Hopefully things will be much better in five years.

Thanks
Connie

[MPDano]

Connie,

Looks like 3 week turnaround. May I ask was interest rate you went from and to? I want to congratulate you and it look's like we'll be doing the same too.

[MPDano]

Connie? Can you let us know more details?

[MPDano]

I guess we lost Connie for any specific details on her modification. IMPAC is still contacting me, but I am still unsure since no real info has been provided by someone who has went through the process. Anyone?

[notasmartowner]

MPDano,


see here...here's my story and success with IMPAC/CW/BOFA

Impac/cw-loan mod approved


Disclaimer: Since everyone is in a different situation and circumstances, please use your own judgement and make a decision that you see fit which suites your need and situation.

[MPDano]

Dear ***,

It's been awhile since my last post, but i feel we really need to move forward on this with IMPAC. Can you please read my draft of my Hardship Letter? I used words from other hardship letters posted here, so my apologies in advance. Here it is:

Hardship Letter to IMPAC

To whom it may concern,

I am writing this letter to explain my unfortunate set of circumstances that will soon cause us to become delinquent on our mortgage. We have done everything in our power to make ends meet but unfortunately we have started to fall short and would like you to consider working with us to modify our loan. To date we have made all of our mortgage payments on time, but are afraid we will start falling behind in the very near future. We are trying to be proactive because we want to preserve our good credit rating as well as our most important asset, our home. We love our home and are trying our best to save it.

The main reason that is causing the impeding delinquency is being laid off from a previous job, which lowered my gross income from $75K to $60K. I was a victim of the Economy when Retail Companies started cutting back. I was very fortunate to be able to gain employment with my old job, hence the $15K Annual Pay Reduction. I've exhausted almost all of my 401K which I had to use when our ARM reset in 2008. I had almost $35K from the Retirement Account (early withdrawal) and we are now down to under $4K, let alone all the penalties involved for removing funds from a 401K early. With the Economy the way it is and Utilities and Fuel Costs rising, we will not be able to keep our heads above water for much longer. With those two hardships lined up at the same time we have a drastic decrease in cash flow it has got to the point where we are struggle to make ends meet to pay our mortgage.

We have not been late or have missed any payments to date and want to keep it that way. We desperately want to keep our house. We believe that a loan modification will do just that. We want to preserve our credit and good standing with you and just need a second chance to do that. Please consider us for a Home Loan Modification.

[DixieGirl1997]

MPDano our hardship letter was very similar to the one you put together. The only difference is our servicer is Bank of America, but I worked with IMPAC directly. So far we have received our paper work showing what our new reduced rate and payment will be. We just need to have it notorized and send it back. I was very leary when IMPAC first contacted me, and still think I might be dreaming if it wasn't for the Loan Modification Agreement they sent me. They are even allowing a payment deferment period without any negative effects to our credit. The only thing they do make very clear in the agreement is that at the end of 5yrs when this agreement terminates our payments will go up to whatever is the standard rate for an ARM's loan at that time. Fortunately there are no pre-pay penalties assosiated with this new agreement, so we can either try and sell or refinance before the end of 5yrs to avoid going back to an ARM's loan.

After I get my new payment coupon I will follow up just to let everyone know this just may be the miracle and hope we all need. I hope this helps some people to feel better about this offer from IMPAC.

[monkeyfighters]

Hi, I'm the new guy. So, I've read the whole thread about IMPAC. I am in the same situation, received the modification offer from IMPAC. Does anyone know what happened to NOTASMARTOWNER or anybody who paid?

Thank you in advance.

[MPDano]

Ok, just got off the phone with a new IMPAC Rep that was also calling me. I decided to call here to see what other offers may exist (other user here got them to mod with no fees), well I was hoping anyways.

Here was their breakdown, they charge now depending on how much they save you per month.

$400-$500 Fee is $1995

Over $500 Fee is $2400

I am going to send my paperwork today and see what happens.

[MPDano]

Submitted paperwork today 8/28/2009. Will report back when I hear something.

[monkeyfighters]

Thanks. Here is my story. I was researching , panicking and eventually paid the $1,995. Finally got my loan docs. don't have to pay til October and from October on I have my rate modified for the next 7 years.

Still don't understand why couldn't they (IMPAC & GMAC) better organize their system, so they both aware of each other actions, but it worked.
Yay

[MPDano]

Originally Posted by monkeyfighters

Thanks. Here is my story. I was researching , panicking and eventually paid the $1,995. Finally got my loan docs. don't have to pay til October and from October on I have my rate modified for the next 7 years.

Still don't understand why couldn't they (IMPAC & GMAC) better organize their system, so they both aware of each other actions, but it worked.
Yay

Nice! 7 years? They keep pitching 5 years. May I ask what rate they will have you for 7 years?

[MPDano]

Originally Posted by MPDano

Submitted paperwork today 8/28/2009. Will report back when I hear something.

Well, IMPAC got back to me today with an Approval. Better than I thought but the fee is higher.

3.75% for 5 Years then it reverts back to my ARM Terms. My GMAC is currently 5.84%.

Fee is $2495

Should I ask about this 7 Year term that monkeyfighters got? I do have my paperwork with GMAC, but could be sitting on this for the next 2 months. Also, I don't know what terms GMAC will come up with.

Suggestion please!

[MPDano]

Anyone? Is 3.75% from 5.84% good? Or should I request more? Or is that even possible? Please, I need immediate feedback.

[MPDano]

Originally Posted by MPDano

Anyone? Is 3.75% from 5.84% good? Or should I request more? Or is that even possible? Please, I need immediate feedback.

Feedback Please.

[pandasjr]

I was contacted by Impac yesterday, and was worried this was all too good to be true. I filled out the paperwork and sent it in, but haven't paid the fee yet. They did reduce my fee because I wasn't able to come up with $1995, then I started to worry it was a scam because they reduced the fee so much and so easily. I'm happy to hear others have been through the process and it's all very real!!

[MPDano]

Originally Posted by pandasjr

I was contacted by Impac yesterday, and was worried this was all too good to be true. I filled out the paperwork and sent it in, but haven't paid the fee yet. They did reduce my fee because I wasn't able to come up with $1995, then I started to worry it was a scam because they reduced the fee so much and so easily. I'm happy to hear others have been through the process and it's all very real!!

How much are they going to save you on your monthly payment? this is how they determined my fee. What did they lower your fee to?

[pandasjr]

They lowered my fee to 1199, and my payment will go from $950 to $450. That's what they said yesterday. After reading all the comments here and on another similar site on the same topic, I'll be asking them about that when I talk to them today.

[MPDano]

I sure wish I had this info earlier this week. What a bummer. I ended up paying $2495.

[pandasjr]

When she told me the fee of 1995, I was like, I can't pay that, that's like 2 of my regular mortgage payments, and I'm struggling to pay that. She said I could charge it and I laughed...my cards are all maxed out. She called me later and told me the reduced fee, which is very close to our regular payment, so I agreed to that. However, I didn't know that might change what our payment will be, and that's what I plan to discuss with her today.

[korgill]

I too was leary of the IMPAC offer. The cost in August was something like $2500. My wife had a "bad feeling" and didn't want to proceed. I kept pursuing it though and it all went through without a hitch. My loan was modified exactly as they said it would be, I got two months with no payments, and I just made my new payment the first of Sept. My payment was reduced by 40%. Amazing. I live in CA where payments are high, so that meant about $1400 per month more in my pocket every month. The whole thing is legit, even though it sounds too good to be true. I swore I would come back onto this site and post my experience if it went through since I could not find a post from someone who had actually completed the experience.

Ken
ken.orgill@gmail.com

Originally Posted by connied4

I'm wondering if Leo has any updates? Did you go with the load modification with IMPAC? How long did it take before you received the new loan papers? I'm on the same boat...got an offer from IMPAC but waiting to hear from others to see what their experience was. I'm a little leary with the $1995 fee that we're being asked to send in first before they draw up the documents.

Thanks.

[pandasjr]

I paid the fee, $1199, on Friday the 10th. I was told I would receive the paperwork soon. I've read a lot of positives on this program on two different sites now, so I'm looking forward to successfully getting through the process. Thank you to everyone who has posted. I'll come back and post when I make my first new lower payment.