Submitted Loan Mod Application and Discovered Predatory lending practice - Loan Modification Forum

Erika24 · 08-05-2009, 06:27 PM

Hello! I'm new to the forum. I recently submitted my loan modification application to GMAC. My two (2) justifications for asking for a modification was that my life circumstances changed (long story) and I do have sufficient cash reserves to pay my mortgage and basic living expenses.

After reading the posts on this forum, I realized that I was a victim of predatory lending. The mortgage broker overstated my income by $50k, and I have proof that I sent him my W-2s and pay stubs. I think that I was profiled: I was very young when I purchased my house (22 years old) and had perfect credit. The broker kept telling me not to worry, that I would be able to refinance and/or sell and that he was taking care of everything. In hindsight, there were so many things that I was doing wrong, and I feel as though he should have been there of offer sound advice. I know better now.

I have a two questions:

1 - Since I submitted the loan application before I knew/understood that I may be a victim of predatory lending, what should I do? Do I wait to hear from GMAC and then introduce the information to them, or do I need to send a follow-up letter immediately showing them my finding and intent to use it as leverage for better loan mod terms?

2 - I see my overstated income on my loan application. Is there any other place that shows the homeowners income within the house financial documents?

I need to know what my next steps are from here. Thanks in advance for your help!

Regards,

Erika24

SillyWorld · 08-05-2009, 07:53 PM

Hi, Welcome to the nForum, if you want to save the Home, then if I were you I would go to WWW.NACA.com and fill out all the info on Save my Home, as the Bankers may take 8 months of lies before a settlement, all NACA can do is try to get you the best deal..

Erika24 · 08-06-2009, 06:58 AM

No, I looked into NACA and there are too many strings to accepting their help/assistance. I'm confident that I can do this without signing another contract - that's what got me into this situation.

My orginial questions still remain. Thanks to anyone who can help.

08-05-2009, 06:27 PM	#1 (permalink)
Erika24 Member Join Date: Aug 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Submitted Loan Mod Application and Discovered Predatory lending practice Hello! I'm new to the forum. I recently submitted my loan modification application to GMAC. My two (2) justifications for asking for a modification was that my life circumstances changed (long story) and I do have sufficient cash reserves to pay my mortgage and basic living expenses. After reading the posts on this forum, I realized that I was a victim of predatory lending. The mortgage broker overstated my income by $50k, and I have proof that I sent him my W-2s and pay stubs. I think that I was profiled: I was very young when I purchased my house (22 years old) and had perfect credit. The broker kept telling me not to worry, that I would be able to refinance and/or sell and that he was taking care of everything. In hindsight, there were so many things that I was doing wrong, and I feel as though he should have been there of offer sound advice. I know better now. I have a two questions: 1 - Since I submitted the loan application before I knew/understood that I may be a victim of predatory lending, what should I do? Do I wait to hear from GMAC and then introduce the information to them, or do I need to send a follow-up letter immediately showing them my finding and intent to use it as leverage for better loan mod terms? 2 - I see my overstated income on my loan application. Is there any other place that shows the homeowners income within the house financial documents? I need to know what my next steps are from here. Thanks in advance for your help! Regards, Erika24

08-05-2009, 07:53 PM	#2 (permalink)
SillyWorld Senior Member Join Date: Apr 2009 Location: Central Pennsylvania Posts: 1,138 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Submitted Loan Mod Application and Discovered Predatory lending practice Hi, Welcome to the nForum, if you want to save the Home, then if I were you I would go to WWW.NACA.com and fill out all the info on Save my Home, as the Bankers may take 8 months of lies before a settlement, all NACA can do is try to get you the best deal.. __________________ Central PA, USA Waiting NACA Approval With Citi ON FHA MORTGAGE 05/18/2009 Ginnie Mae investor Is NACA Becomming a SCAM..?

08-06-2009, 06:58 AM	#3 (permalink)
Erika24 Member Join Date: Aug 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Submitted Loan Mod Application and Discovered Predatory lending practice No, I looked into NACA and there are too many strings to accepting their help/assistance. I'm confident that I can do this without signing another contract - that's what got me into this situation. My orginial questions still remain. Thanks to anyone who can help.

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