IMPAC Letter GMAC?

[MPDano]

Hello all!

My first post here and I would first like to thank the creators of this site. A very informative site I might say.

My question is the validity of a letter I received from IMPAC. They state they are the owner of my note from GMAC. Is this true? They give various options that we MAY qualify for, examples:

*Put you in a mortgage payment you can afford
*Move any delinquent payments and fees to te end of my loan term
*Provide with a 5-year payment relief
*Possible reduction my loan balance

All of which we would love to qualify for. Our situation: We bought a home in Sept 2005 for $430K, Home is now appraising at under $300K. We had a year ARM, it adjusted to ungodly interest rate. We were able to make the high payments for a few months but need help. We were able to get a 2 year Modification to have our original interest rate reinstated. We would love to try and reduce our payments as the job I had (during loan Mod) has Laid me off due to budget cuts. I was lucky and able to go back to my former employer, but we are barely making ends meet with a new baby and costs and utility increases. I know for a fact if it adjusts again next year, we will not be able to make the payments. Just looking forward.

Does this IMPAC sound legitimate?

Thanks in advance!

Leo

[Moe Bedard]

Hi Leo,


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

IMPAC is legitimately an investor on some GMAC loans...........there should be a contact number for them on the letter............but if you would like to verify the letter itself was initiated by GMAC, you can call.........

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

[MPDano]

Thanks *** for the quick reply. We just got the letter yesterday and with all the other loan mod letters we get from everyone, we just wanted to make sure on this one. They do state our GMAC Loan Number on the letter. Is this Public Info?

[Moe Bedard]

unfortunately.............yes it is.............so I would suggest you call into GMAC loss mitigation directly.

[MPDano]

Good advice. Just wondering what address and phone number you have for IMPAC to see if it's the same on the letter.

[Moe Bedard]

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

[MPDano]

Phone number I got is 888-305-9703
email customercare@impaccompanies.com

[Moe Bedard]

The one that I posted is corporate, but there are many more different ones..............

here is the link.........
Welcome to the Impac Companies

[MPDano]

Ok, a little update. I am holding on IMPAC for now. I did call GMAC Loss Mitigation and they are unable to help for 2 reasons:

Refinance: no equity in home <-- wow, has this guy been reading the news for the past 2 years?

Loan Modification: loan payment must be in "due" status, so I can't discuss this until April 1st.

...Or he suggested to call next week (week of March 9th) for better details on the Obama Relief Plan.

Should I try IMPAC again to see if there is any programs that tie into the Obama Relief Plan?

[Moe Bedard]

since the investor is willing to work directly with you.............you may want to follow up with them and see what they are able to do.

[MPDano]

Yes, your right. I will see if they changed how they loan mod. The last time I spoke to them, they wanted a $1995 fee.

[MPDano]

Spoke to IMPAC and they telling me that the "Home Affordable Modification" under Obama will not be used for probably a year from now. He said we would not see any relief from Obama. The phone call sounds like dejavu from calling them (GMAC) last year, has anything changed?

[Moe Bedard]

the modification guidelines have already been put in place as of Wed.

they are all here..........
FinancialStability.gov

[MPDano]

Hi ***,

Yes, I know this. I was just repeating what he said to me. He did offer me to do the 5 year fixed mod for $1995. Am i doing or saying something wrong?

[Moe Bedard]

I know you are repeating what he said..........you asked has anything changed.........I guess I misunderstood the question......my bad................all I am pointing out is that it is already in place................but all of these programs put the word "voluntary" in front..................so unfortunately investors don't have to comply.

[notasmartowner]

MPDANO.....


looks like you also have a 1st lien with IMPAC (investor) and CW (servicer) as it is in my case also. They are charging me to do my LOAN MOD for $1995.00..

My question and concerns now is that if i had went straight with CW, would I save the $1995.00??

[MPDano]

My servicer is GMAC. I tried to go direct and they were less than helpful. Pretty much the same as when I tried calling them last year. Like *** is saying, it seems that voluntary is the word coming up again. Is Relief possible without this $1995 fee they want?

[MPDano]

Has anyone had any luck in getting though with this?

The Home Affordable Modification program will help up to 3 to 4 million at-risk homeowners avoid foreclosure by reducing monthly mortgage payments. Working with the banking and credit union regulators, the FHA, the VA, the USDA and the Federal Housing Finance Agency, the Treasury Department today announced program guidelines that are expected to become standard industry practice in pursuing affordable and sustainable mortgagemodifications. This program will work in tandem with an expanded and improved Hope for Homeowners program.

[Moe Bedard]

all of these guidelines and information just got to the servicers on Wed.........so it is just starting out........


The refinancing option is only available for conforming loans owned or securitized by Fannie Mae and Freddie Mac. Most conventional loans including prime, subprime, adjustable, loans owned by lenders and loans in securities are eligible for a Home Affordable Modification. The Administration is working with Congress to enact legislation that will allow FHA, VA and USDA to offer modifications consistent with Making Home Affordable. Currently loans insured or guaranteed by these agencies are being modified under other programs that enable borrowers to retain homeownership.

[MPDano]

Although I was trying to keep this a separate topic and it was moved to my GMAC/IMPAC topic, is GMAC insured by one of those agencies you stated?

[Moe Bedard]

It would seem that IMPAC is your investor.........so it wouldn't be Fannie or Freddie.



it is just easier for us to follow your information and answer questions if it is all in one place as it still corelates to your original story.....

[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.

[MPDano]

I haven't done anything yet. I was waiting on anything good to come out of the Obama Relief Plan. Looks like a whole lotta nada. I am also curious if anyone has gone through this IMPAC process successfully. I am also leary of the fee.

[notasmartowner]

Well I am in the same boat as some of the folks with the IMPAC LOAN MOD proposal.

I did bite the bullet and paid the fee few weeks back....(Praying to GOD that made the right descision). Called the eager but helpful fella back at IMPAC last week to get an update and he did acknowledge that we are in queue to receive the next "loan mods" from CW. Maybe/probably mid of April for a new payment effective in maybe/probably May 1st, 2009

I will be honest with you. I did make the $1995 payment because of desperation in trying to figure out what the heck to do with my overpriced/overexpensive house. Please use your own judgement so I cannot reccomend or paying the fee to IMPAC until i see my new payment without any "bells and whistels" and "sticker shock" or worse....nothing but empty promises.

Good luck.

[connied4]

Thank you for the updates. The nice guy from IMPAC just called me to touch base with me. I was actually in the midst of typing out an email to him with a few questions. Since he was on the phone, he provided me the answers: No, we dont qualify for Obama Relief Plan. Fee of $1995 is fully refundable should the deal fall apart. Terms are as we agreed. Nothing will change with original loan amount. New docs will come from GMAC and should take 3-4 weeks. So I must say I think it's a pretty good deal. We'll be paying about $1800 (with property taxes) per month versus $3156 that we're paying now. I'm going to pay the $1995 fee today by credit card. I will post an update as soon as there is one to post and I hope others do the same. This forum has been a great source of information.

Thanks again.