GMAC RFC success?

[Bwizard]

Hi All,

If this is a duplicate posting I apologize - I am new to the forum and tryed to post this question and for some reason it did not go through.

I do have a couple questions for anyone that might have had a similar situation.

I just found out my Homecomings Financial loan is owned by RFC GMAC. Has anyone had any success with a loan modification with them? Should I be concerned it is not Fannie Mae or Freddie Mac?

Also, my loan has my Ex on the loan agreement. I was divorced in 2007, the divorce papers note that I retained the house. However I was not in a position to refi (thinking I'd be in better shape after a coupld of years. Ha Ha) How will that affect a work out? Will he need to be on the loan even though he is remarried and obviously not paying the mortgage.

I do have a meeting with a rep from NACA tomorrow. Is this premature on my part? I am current (won't be after March) and Homecomings is sending me the workout package.

I am self employed and obviously my income has decreased dramatically over the past couple of years. I used my savings last year to pay the mortgage. How do they determine if you make too little for a loan mod to work?

Thank you so much for any help you can give me. This forum has been a godsend to a very scared single mother, trying to save her home.

I have an ARM loan 9.65% I owe 224k, the payment is 1991 without prop insurance and taxes. Property and taxes are 3600 combined for the year. My income now is 3200/month gross.

[Moe Bedard]

Hi Bwizard,


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

This just means that your loan is kept in house.........which is better in the sense that they do not have to get the investor approval from an outside source to modify your loan..........it makes it an easier more streamlined process.


NACA's services for the Home Save modification program are free.....and they can answer the budget/financial questions that you have and also go over what type of modification they may be able to help with.



Keep us posted on how it goes.

[Bwizard]

***,

Thank you so much for your reply. I will let you know how it goes!

[Believe]

Bwizard, I had success with GMAC. My first mortgage is with HSBC, and my second mortgage is with Homecomings. HSBC has NOT been very helpful, but Homecomings permanently reduced my interest rate by 4%! I realize all situations are different, but Homecomings DID help us, so don't give up hope!

[Bwizard]

Believe, thank you so much for the words of hope. I meet with someone from NACA this afternoon, so hopefully I will be headed in the right direction. I had read horror stories from people who had bad experiences with the loss Mit. department at Homecomings. I was pleasantly surprised yesterday at how kind the gentleman was that I originally spoke to. Although he couldn't help me because I am current and he helps folks that are going through or on the brink of foreclosure, he was very encouraging and told me that they have many plans available and he transfered me to another woman who took my info and told me they will be sending me a workout package. I am sure that there are a few rude people working for servicers out there, but I give props to those people who really want to help people out there that are struggling.

[Dan Bailey]

Good luck with your NACA appt!! Let us know what happens!

[Bwizard]

Thanks Dan, I sure will. It was your posting to another person in this forum that led me to NACA. I was lost and feeling alone until I found this forum and all the wonderful people like yourself who have taken the time to give sound advice to people who really need help.

[Bwizard]

Here is an update so far and some info for people just starting out with NACA as to how the process works.
On Thursday I had an appt. at the NACA office here in Minneapolis. Let me back up a moment to tell you how I got the appt. I went on the website and I entered all of my information to sign up for the Home Save program they have. I tried to schedule a phone consult and was not given any options for times. I clicked on the button for face to face appointments and it let me schedule my appointment for this past Thursday. I arrived at their office on Thursday and the rep asked me if I had attended the workshop yet and I said no. He told me the system should not have allowed me to make the appointment. However he said that we could schedule me for the next workshop, which was yesterday, and he could take as much info from me as possible while I was there. He must be new to NACA because another gentleman came into his office, and my rep asked him if he wanted to sit in on my visit to make sure he had covered everything. The other gentleman said no, because I should be turned away until I had attended the workshop. My rep explained to him that I had driven an hour to be there and he didn't want to just tell me to turn around and go home. To make a long story short, they allowed me to stay and and at least get some prelim information. I wish that I had read the website entirely or that someone from that office would have called me to cancell that first appointment until I went to the workshop because I have to go back again for me "real" appointment next week. Oh well.
I told my rep that I had called Homecomings and they told me that my loan is owned in house by GMAC/Residential Funds - he told me that was good news because they have a guy on the "inside" We shall see. He didn't seem to be concerned at all by the fact that my ex is still on the loan agreement, he said that as long as I had my divorce papers stating that I am retaining the house, that they can restructure the mortgage with his name off of it.
Because I am self employed they need 6 months of bank statements and since I do not have a separate account, they need me to note on the account which deposits were business, and which withdrawls were business expense. I am fortunate in the fact that I am a contracted employee and I receive a pay check from the person I work for, I asked him to send me a detail for the past 6 months of my monthly paychecks.
I am current on my loan, I have only been late 4 times (30 days) on the 6 years I have had the loan. It has taken my lifes savings to make that happen since my income is 1/3 of what it used to be. The rep at NACA told me to try and stay current. I wonder if I am doing the right thing by staying current and if the bank will think I am not in need of a mod. I guess it's neither here nor there because after this month, I won't be able to pay my mortgage anyway, at least at the 1991 month/9.65% interest I am at.
I did attend the workshop yesterday, it included info on both programs, for the home buyer and the home save. After listening to the home buyer program, I wish that I had went that route to begin with, when I first bought this house because I wouldn't be in this situation. I called my daughter up right away and suggested that she go through NACA to buy her first house.
This whole situation is a very humbling one for me, which I'm sure is for everyone during these times. I know that I could probably work out some sort of deal with GMAC on my own, however after learning more about NACA I believe there is strong negotiating power behind working with them. I know working with them takes more time then doing myself in regard to having to sit through a workshop and go to appointments etc, but to me it's well worth it in the end just knowing that I have an agency helping me through the process step by step. It's a nice feeling knowing that you are not alone, and having that valuable resource that advocates on your behalf, versus dealing directly with the lender, who is out for themselves.
Hopefully they will be able to help me, and I guess at the end of the day however things are meant to work out, that's how it will.
I am curious though. How does NACA get their money? I know they are a non profit group, does that mean they receive money from the goverment to help people like myself? If anyone could shed some insight into that, I'd appreciate it.

Thanks again

[Dan Bailey]

Bwizard,
I'm glad the appointment went well for you...and yes, in a trickle down sort of way-they do receive funding from govnmt and business sources from what I understand.

[Moe Bedard]

The funding for the purchases and refinancing comes from partnerships with financial institutions that are looking to help..............for the modification services, no funding is needed as it is a restructure of the loan that is already in place.



Providing billions of dollars in mortgage funds from bank partnerships:

NACA has established many financial institutions over the years, but with the massive bank consolidation the partnerships have evolved into the country’s two largest financial institutions. The partnership with Bank of America and Citigroup has yielded tremendous benefits for low- and moderate-income homebuyers and communities nationwide.

As a result of NACA’s partnership with Bank of America’s previous CEO, Hugh McColl, and its current CEO Ken Lewis, Bank of America divested all of their subprime and predatory lending operations. Their acquisition of Fleet Bank, without its predatory lending subsidiary as a result of NACA’s advocacy, resulted in the only major financial institution not burdened with predatory lending issues.

NACA’s partnership with Citigroup was instrumental in prompting dramatic changes to their CitiFinancial operations. Also, as Citigroup’s first major community partner, NACA opened opportunities for other non-profit organizations to engage with them.

[Bwizard]

Thank you Dan and *** for your replies. I did have my appt with NACA this past Thursday and we put together all of my information. Right now it is in NACA's hands so we will see what comes of it.
In the meantime since I had inquired to Homecomings as to who holds my loan - they did tell me it was held in-house by RFC (GMAC) - They have sent me the workout package with all of the financial's etc to fill out and send to them.
Since I have already done so with NACA, do I need to fill out what homecomings sent to me to send back to them? I did email homecomings to let them know that I received that packet and to inform them that I have decided to work with NACA to help me through the process.
I did ask my rep from NACA the same question however both reps in the Minneapolis office are brand new to NACA and they were unsure at first of what I should do.
Thanks again,
Becky

[Moe Bedard]

NACA will forward their package to the Advocacy Team at GMAC that works with the non profits..........
Each servicer has a team in place that will work with the files that come in from the non profit agencies specifically............
just make sure that you keep in contact with your NACA rep for updates on your file.