In A State 'Lack of Control"

[csb2008]

Hello,
I'm new to this site as of today! I as many people when I think about my situation get upset, sick and then angry! because I signed those loan documents that is leading to my demise. I have had the worst initial loan I have seen with the payment starting at $3,600.00-and jumping at the end to close to $8,300.00 a month. I have been forced to refi with the same mortgage company.
1st-Aurora
2nd GMAC
my complete obligations now monthly is $7,250.00 and its such a burden, I must correct or stop this hemorage. I have done the calling and the begging to no avail. My house is appraised for less then owed! I have now listed for short sale with little interest. I was advised to fall short a few payments and this may create the attention I need, has not worked! Finally I was kindly advised from Aurora back that they are short handed and can not help many people, so get it sold or walk!
My only saving grace is I have a nice income, but my credit is shot! I'm not someone who quits! but I have found myslf planning out a 3-months stay, saving the monthly payments and just taking my health and going!
I need a rescue, not a free ride just some help!
thank you
csb2008

[Moe Bedard]

Hi csb2008,

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

What is the interest rate at on each loan?
What are the loan amounts on each loan?
Are you paying interest only or PITI?
What state are you in?
How many months behind are you?

[csb2008]

Hello,
I'm in California,
1st loan Aurora, 8% 641,000
2nd ' GMAC 12% 157,000
interest only!! each loan I have lagged (2) months. I noted above a person who had good luck with GMAC and the contact so I just sent off an E-mial to this person!
I know my property will go up its a 1/2 acre horse property with stables and I do not want to loose, but frankly I do not have the stamina to keep this going much longer.
My only hope is to either get the balances reduced, or the interest rate brought down to something more reasonable and hang on?
thank you for even answering?
csb

[Moe Bedard]

Here are the rest of the contacts for GMAC........

Addresses

2030 Tilghman Street, Allentown, PA 18104
4061 Powder Mill Rd Ste 700,Beltsville, MD 207054053
100 Witmer Road, Horsham, PA 19044
4 Walnut Grove Drive, Horsham, PA 19044
P.O. Box 963, Horsham, PA 19044-0963,
1825 K St Nw 1210, Washington, DC 20006,
420 North Park Road, Wyomissing, PA 19610

Phones
(215) 682-3182
(610) 478-1011
(610) 770-1452
(800) 205-4622
(800) 627-0128
(800) 964-6063
(202) 785-4622
(215) 653-7660
(215) 682-1000
(215) 682-1220
(215) 682-3086 (FAX)

Their corportate office is in Horsham PA:

GMAC Mortgage Corporation100 Witmer Road
Horsham, PA 19044

Principal Contact
Mr. Jordan Nelson (Voice of the Consumer Director)
Complaint Contact
Ms. Diana Basciano (Voice of the Consumer Supervisor)
Other Contacts
Ms. Ruth Bryan (Customer Service Advocate)
Mr Greg Everett (Prod. Manager)
Mr. Jacqueline Harvey (Prod. Mngr.)



For ALS you need to click on this link and fill out the financial form and fax it in to get started.............and yes they do have options available......it might have been collections that you were talking too.............


https://www.myauroraloan.com/ui/comm...retention.aspx

[csb2008]

Hi,
I went to the site, I have gone through the above with Aurora?? they have all the info and still I do not have a solid contact?
Would you know of anyone within this company that I could again either resubmit info, call or e-mail who may have even have a small position that can help? Right now they have put the (2) payments on hold until Nov. and let me continue to stay current, I need big help not what I'm geting? are you suggesting that I resubmit everything again? this will be the third time and only a payment arrangement? not what I need?
Please if you know anyone, you have know idea how grateful I will be.
hank you
Cindy

[Moe Bedard]

Cindy,


Unfortunately I do not have another contact for ALS.......the modifications/workouts are handed down by the investors on the loans and the servicers which ALS is, do not have a say in what is being offered.....you might want to see if they can do a repayment plan then offer a modified rate after the trial period........some investors are offering similar.........

[csb2008]

Hello, Need help !!

Right now I'm offering my property for a short sale. I'm on a payment plan and this month will be the first month I will not make the payment!

Question 1) Can someone please tell me if by not making the payment I will put my credit in a larger state of jeopardy when I have completed a short sale and it is reported to the credit companies? or does it matter? will it all be reported the same negative way, whether you keep up payments thru the short sale or not? because if thats the case I could be using these funds to pay old debt other places~

Question 2 How soon after a short sale with 20% down is someone actually able to purchase another property. Or I should say how long are we punished?

I would have loved to work something out with my existing situation but the payments are 75% of my income and I feel like I'm slowly dying on the vine, nothing seems worth it anymore. I just go thru the motions of earning the money and sending it off!
Please if someone knows the answers to either question above I would be grateful.
thanks
csb2008