| GMAC Modification Attempt
I am just so distraught of what is currently going on with my home situation. Let me start by telling you that I am newly married and have spent my newlywed months pondering on the decisions I made the years prior to meeting my husband.
In May 2006 I bought my house in California for $1.023 million. This was not my first house purchase. I first bought a condo in 2003 with my boyfriend at the time, then we purchased an investment property in early 2004. We broke up in mid 2005 and he bought me out of our investment property and I bought him out of our condo. I decided to move out of my condo to rent it out and then made the decision in 2006 to buy the house I thought I would live in forever. Then and now, this is the place I chose because this is where I want to start a family and raise my future kids.
1 - I bought my house with 10% down and an option ARM loan. You may ask how in the world I got approved all by myself as then, a 29 year old female. Similar to many cases, the loan agent over stated my income. I was advised by my Realtor that I would be able to refinance within one year. In one year's time, the chance of refinancing was extremely slim. My same model across the street sold as a short sale for $900,000. Despite this, I still thought I had a chance to refinance. I spoke to several lenders to see if they would approve me for a fixed loan. Throughout the year I continued to try for the sake of having something more stable for my soon to be husband and I to start our new life together, but I got no where with any of the lenders. A few said there was a possibility, but as soon as they checked comps, their maybe turned into a no. All the while in that year, I paid all my supplemental and assessment tax bills.
2 - I am now even more upside down on my house. Two years later, my same model just sold in late April 2008 for $771,000. Why did I buy in May 2006? As much as I followed real estate because it's always been a passion of mine, I never thought this sort of decline would have happened. My first mortgage payment has also adjusted in May. Before May, I had contacted GMAC several times to request modifying my loan(s). I left several messages for my supposed Asset Manager, but she never returned my calls. I spoke with Customer Service, then the Adjustable Rate Mortgage department and both departments said they would not discuss modifying my loan until I showed default on my mortgage. I have sent copies of my letter to GMAC and Homecomings to 6 different departments/people. My letter indicated that I would not be able to make my new payment in May and it shows the comps in my area since May 2006 (all of which show a decline since I purchased mouse) and I also kindly request a loan modification so I will not have to result in foreclosure or a short sale. I have heard from no one. We cannot afford to pay the new mortgage payment amount and refuse to look at renting a room and getting a 2nd job, etc. until we are at least in a more stable loan program.
3 - I missed my May payment for my 1st and 2nd mortgage and someone from GMAC finally called me back today from their Collections department. I explained my situation (all of which I've indicated above) and he asked me several questions to help determine if I qualify for a loan modification. Either way, he says their modification never involves reducing the principle balance. Based on my information as well as providing them my husband's income, etc. he said he will pass my file along to the Loss Mitigation department and they should be contacting me within 14 days. He would not give me a direct # for that department nor the contact person who would be handling my file. He asked if I'd like to make any payments towards either of my mortgages, but I declined. I told him that I'd much rather wait to see if I can keep my home before giving GMAC anymore of my money. So, I will wait, I guess, but I can't just sit here.
My new market value compared to what my loan balance is for is sickening, but I take ownership for signing for a loan such as the one I did. I do not blame GMAC entirely. I am a grown woman and should have thought things through more, etc. The fact is, there are many people today in my same situation. While waiting for Loss Mitigation to call me back, I would like to be proactive and try to contact the higher ups, etc. What do you think the chances are that I can get them to reduce my principle balance, put me into a 30 year fixed loan and lower interest rate? This is what Chairman Barney of Massachusetts is pushing for, but I don't want to wait to hear the government's response. I know this is a long shot, but this is my wish list and I will not stop asking and pushing for a response from GMAC until they give me a for sure NO as an answer.
Any help/advice anyone can give me would be much appreciated. | 
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GMAC Modification Attempt 
Re: GMAC Servicer a Bonafide Winner!!! 
Re: GMAC Modification Attempt 
Please call us at 800-850-4060 (which is one of the default number for GMAC) at your earliest convenience and ask to speak to a "Loan Counselor". The small slip of paper had my name and loan number affixed to it. The name of the group that made the contact was Enterprise Servicing Company. Needless to say, I was surprised to find any type of notice attached to my door. I called GMAC this morning and was told the due to more than "half" of their loans being considered for modification,
sometimes the backlog does not catch up to the field for several weeks. 
and eventually refinance. CAN YOU BELIEVE THAT TYPE OF INFO coming from their customer service people.
Bibby 
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