Fianally approved for the trial pymts...BUT

**greenhorn63** · 09-17-2010, 06:51 AM

As we all know this is NO guarantee I will get a perm mod. So, I figure its time to think and act like the banks. It will be winter here soon...who wants to move in the winter.....so payments are what I would have to pay for rent anyway...I will play this out until spring...better time to move.

My questions are:

1) When, which and how many bank stmts will GMAC mortgage want to review (I want them perfect)

2) If declined again at the end of trial pymts, when does the foreclosure clock begin...(from my last missed payment) or end of trial pymts.

3) I just got word I may have a new job...but amount of income will not change, will GMAC make me start all over just because of a new job?!

I realize...this is all speculation, nothing is ever written in stone with these guys, just trying to get my ducks in a row and prepared for anything that will come my way....

Thank you guys....all the information here has been helpful...so anything you have on these questions are greatly appreciated.

Greenhorn63

**Evan Bedard** · 09-17-2010, 11:02 AM

Hello greenhorn,

1) When, which and how many bank stmts will GMAC mortgage want to review (I want them perfect)

After three months of being on the trial period they will typically want your two most recent months worth of statements.

2) If declined again at the end of trial pymts, when does the foreclosure clock begin...(from my last missed payment) or end of trial pymts.

They can initiate the foreclosure process if you are turned down for a permanent mod under HAMP.

3) I just got word I may have a new job...but amount of income will not change, will GMAC make me start all over just because of a new job?!

This is a very tough question and will be about impossible to answer. A change in income while on the trial peirod will usually cause one to be denied for a permanent mod. However, I'm not too sure what will happen if your income is the same and your employers are different at that time.. It shuld not make much of a difference as long as the numbers are the same..

**Evan Bedard** · 09-17-2010, 11:02 AM

Hello greenhorn,

1) When, which and how many bank stmts will GMAC mortgage want to review (I want them perfect)

After three months of being on the trial period they will typically want your two most recent months worth of statements.

2) If declined again at the end of trial pymts, when does the foreclosure clock begin...(from my last missed payment) or end of trial pymts.

They can initiate the foreclosure process if you are turned down for a permanent mod under HAMP.

3) I just got word I may have a new job...but amount of income will not change, will GMAC make me start all over just because of a new job?!

This is a very tough question and will be about impossible to answer. A change in income while on the trial peirod will usually cause one to be denied for a permanent mod. However, I'm not too sure what will happen if your income is the same and your employers are different at that time.. It shuld not make much of a difference as long as the numbers are the same..

**RyanJP** · 09-17-2010, 12:15 PM

Originally Posted by greenhorn63

As we all know this is NO guarantee I will get a perm mod. So, I figure its time to think and act like the banks. It will be winter here soon...who wants to move in the winter.....so payments are what I would have to pay for rent anyway...I will play this out until spring...better time to move.

My questions are:

1) When, which and how many bank stmts will GMAC mortgage want to review (I want them perfect)

2) If declined again at the end of trial pymts, when does the foreclosure clock begin...(from my last missed payment) or end of trial pymts.

3) I just got word I may have a new job...but amount of income will not change, will GMAC make me start all over just because of a new job?!

I was laid off, spent a month unemployed, and hired at a new job for $2.75 less per hour after I began my trail payments. I simply adjusted my withholding for a month or two to make the net pay about equal to what it was when I started. When I turned in the pay stubs to finalize my mod, the bank never asked a question.

The HAMP trial documents should make reference to foreclosure. I believe that they can continue foreclosure proceedings from where they stopped when you entered the HAMP trial. If a foreclosure hasn't already been filed before you started HAMP, then they must follow all the rules to intiate foreclosure.