GMAC Loan Needs a Mod - Not Late Yet

[HobieCat]

I was glad to find this forum and I wished I would have found this much earlier as I've been facing an increasing problem in making my mortgage payments.

I bought my home in Nov 2007 with a GMAC Interest-Only loan at 7% and loan amount of $327,500. My payment was $2500 including escrow. Few weeks ago, GMAC told me that my mortgage payment was going to be $3100 because of Escrow Shortage starting in November 2008. Sometime this past April, I was told that I was qualified for some sort of refi with GMAC but then my home value was only about $3000 more than what I owed so they could not refinance the loan.

I was able to get them to spread out the Escrow Shortage in 36 months instead of 24 month period and that brings my payment down to $2800. I also learned that my investor is Fannie Mae. I am not sure how that information can help me, but I read in one of the posts here where either Moe or *** suggested to find out who the investors were for your loan.

I've been calling them since then, and was told to call back on Nov 1, 2008 at which I would have to submit a Financial Statement. I am worried if I am not able to qualify for a mod and by then it would be too late.

I didn't find too many GMAC/Homecomings loan mod posts and/or Interest-Only loans here so I am wondering how I stand in getting a loan mod. Any input/help would be highly appreciated.

[Moe Bedard]

Hi HobieCat,

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

We have had successes with GMAC/Homecomings in the Success Section of the forum if you would like to read some of them........they are listed with the servicer name in the thread title.................

Put together your hardship letter............there are examples provided in the link below............
Examples of a Hardship Letter

you can also go over the financials with GMAC as the criteria is different for each investor...........



Then try calling into this contact number instead on Monday..........

GMAC Loss Mitigation
1-800-799-9250


Please keep us posted on your progress...........

[HobieCat]

Hi ***, thank you for posting the phone number to the GMAC Loss Mitigation. I was able to speak to a guy, Arthur and he said he was going to send me a Loan Workout package through the mail and that he said that I did not need to wait until Nov 1 to fax the paperworks back to them.

He also gave me a different phone number which was the number I have called two weeks ago multiple times and received the standard "Call us back Nov 1st" response. The number is 1-800-799-9250.

So I am hopeful to get something in the mail in the next few days better than waiting until Nov 1 to get something started. Things are really tight and I've been putting a lot of expenses on my credit cards.

I'm anticipating to receive something like this form listed in their website. I am wondering if you have a suggestion as far as how I am supposed to list Estimated Values for my Personal Residence and my two rental properties. My rental properties are providing me with a break-even income to me and I am hoping that they will catch up in the next two years or so, as I've owned one of them for over 6 years now and as it was my primary residence and I have a good fixed rate mortgage on it.

I'm worried if GMAC would tell me to sell my rental houses. I am wondering how I'm supposed to estimate the values. I appreciate any thought/help that anyone has to offer. Thank you again.

[Moe Bedard]

Just ask a real estate agent to put together a CMA (Comparative Market Analysis) on each of the properties that you need them for. They should do this for you at no charge..........this way you will get the most accurate account of the current market in the area.

[HobieCat]

Originally Posted by HobieCat

He also gave me a different phone number which was the number I have called two weeks ago multiple times and received the standard "Call us back Nov 1st" response. The number is 1-800-799-9250.

I'm sorry about getting confused with the phone numbers. The number that I called before was 1-800-850-4622 which was the Default Department. I called so many different numbers that I was getting all mixed up.

The number that you posted here worked well. Thank you. I'm hopeful to receive the Work Out package in the mail. In the mean time I am going to contact a Real Estate agent to run a CMA for my rentals.

[HobieCat]

Hi ***, I received my workout package from GMAC today. I've been reading through a lot threads here and there were discussions about Surplus amount. Is that a surplus amount after you include the first mortgage that you are trying to work out or is that a surplus amount without the mortgage payment?

I also read one of your posts/replies about the H4H Program through GMAC. I read one of the qualifications: The homeowner did not intentionally default, does not have an ownership interest in other residential real estate -

Does this mean I would not be qualified for the Program since I owned a rental house?

[Moe Bedard]

You would need to go over the financials with GMAC...........each of the investors have a different criteria that they look at...........

You currently own rental properties...........so you would not qualify for the H4H program..............you can not own any other properties.

[HobieCat]

I called GMAC this afternoon since the last time I called them, they kept on transferring me to different people and they all said the same thing to call back on Nov 1.

I called the Loss Mitigation number again, and was told that they had nothing in place to help me! I told them that I was told to call back on Nov 1. Then the rep that was on the phone said that there was a change where they could not help me anymore regardless what was told to me previously.

I thought about emailing Javid but I thought that I would wait a couple of weeks. I did receive the Loan Workout Package in the mail, and now I am wondering if I should fax them in anyway eventhough I was told that they could not help me.

[Moe Bedard]

At this point it wouldn't hurt anything..............and email Javid your hardship letter anyway............this also couldn't hurt........especially if they are saying that they are not going to help......
javid.jaberi@gmacrescap.com

[HobieCat]

I wanted too keep everyone updated with my loan situation. I faxed my paperwork anyway to GMAC even though they said that there was nothing that they could do. I faxed everything early last week. I called the Loss Mit number again this past Friday, and asked if they received my paperwork. The rep who answered the phone did not sound very friendly however she said they have received my paperwork and it was currently under review.

I asked her how long would it take to process my request. She said about 30 - 40 days at which they would send me a letter to tell me whether my request for a mod was approved or denied. She kept on telling me that they would be in contact. I asked her when would they be contacting me, she kept on saying 30-40 days! I am so confused. She said 30-40 days was when I would know the status not when I would be contacted.

I have not emailed Javid yet since the last time I called (that last Friday) it seemed they were reviewing my paperwork. I am so worried if I email Javid it would ruin my chance of getting my loan modified...

[RudyJay]

Just keep at it... good luck.... I don't think the email to javid will hurt anything

[HobieCat]

Thank you for your supports in going through this. I read the thread on GMAC that might not survive and I also read RJ's, Moe's and surreal's opinions and thoughts about it. All of those make me very nervous since all possible scenarios could happen; it gets easier to get a loan mod, or if they offer you a lame deal mod or it gets harder and almost impossible because of foreclosures mean assets to them at full-loan values...

Do you think I should call them to hopefully accelerate the process? I really hesitant to get in their Executive-level radar at this point and if they veto me off at once before even reviewing my paperworks and situation...

[HobieCat]

Just to update the status of my loan mod request, I called GMAC Loss Mit again this afternoon and the rep that took my call, told me that the reason I have not heard back from the investors because my expense was more than my income. I asked him if it was denied, then he said it was not denied and he started telling me to reduce my expenses and therefore there was nothing to help me. He also said in order for them to make arrangements, I have to have some money for down-payment. I asked him if the investors denied my requests. He said no and it is currently waiting to be assigned. He also told me to call back in about 1 week.... Cross your fingers guys. Hopefully I hear something after the Thanksgiving otherwise I plan on writing that email to Javid if I don't hear anything by then....

[HobieCat]

Well, I wanted to update you again that I decided to send an email with my hardship letter to Javid for help..... I hope that will help.....

[MUCHO]

From my experience with GMAC if they think your expenses are too high they won't do any kind of loan modification because they don't believe you will be able to make the new payment either.

If your mortgage is more than 31% of your gross income I would take a look at the HOPE program because GMAC does participate in this program and it couuld help you.

[Moe Bedard]

MUCHO,

For H4H you can't own other properties...........

[HobieCat]

That was the issue I lost some of my rental income at the beginning of the year and I have had an escrow shortage recently with them. The combination of those two are pretty much the negative in my income-expense numbers. I don't know what I else need to do... I can't reduce my expenses anymore than I have already had since I pretty much cut everything out of it.

I am currently using my credit cards to pay for my living expenses and put all of my income for my mortgages, minimum payments on the credit cards, car, insurance and student loan. My food, utility and gas bills are all go in my credit cards...

Then I also just realized that the mortgage broker that worked on the loan, miscalculated my escrow and missed to include PMI payment into my monthly mortgage payment...

I also just noticed that he inflated my income in the loan application!

I read somewhere in this thread about borrowers were entitled the three days rights to cancel the loan after the loan was closed and I didn't see anything like that on my paperworks, long shot but I doubt that they violated something so obvious like that ....

I am so confused and I don't know how to dig myself out of the hole.....

[Moe Bedard]

Have you contacted CCCS (Consumer Credit Counseling Services) to help work out a budget with you and see if they can help you work on the credit card debt...............that might also help the financials........

[HobieCat]

***, thanks for your advice to call the CCCS. I just called them and scheduled a phone appointment to go through my expenses and credit card debts... Hopefully they can help. I will keep you guys updated...

[HobieCat]

I received an email back from GMAC today after I sent my hardship letter email to Javid. Here is the reply from them:


"Your request was received and a specialist is currently reviewing your account.
Please allow 48 business hours for a specialist to contact you."


Cross your fingers! I am hoping to hear something after the Thanksgiving! It would be very, very good to get some sort of help...

[HobieCat]

I got a response from GMAC in the mail today and said my request for modification was denied for the reason of "Unable to provide sufficient income to support request". What am I supposed to do next? The reason that I requested a modification is because I am not making enough money for my expenses to begin with.... Any idea or thoughts?

[Moe Bedard]

Did CCCS say that they will be able to help you with your budget and working on it?

You can also contact GMAC's tax dept. and ask them if they can spread your escrow shortage out further to help with that monthly payment.....

[HobieCat]

Hi ***, my appointment with CCCS is not until this Friday 12/5 ... Based on what the CCCS rep said over the phone, they should be able to help negotiating monthly payments and even interest rates on the credit cards...

I did though talk to this guy at work who went through CCCS before when he was in credit card debts. He told me that he was about $36,000 in credit card debts at the time and it took him 5 years to pay off. However during those 5 yrs, he did not have any credit and lived solely on cash/income...

I still plan to go to my appointment this Friday with hopes that there is something that they can help me with... But I am discouraged because how am I going to live with no credit... since that is how I pay for my deficits these days is using my credit cards because my mortgage payment is so high.....

[Moe Bedard]

At CCCS they can also help you go over your budget as well so you can make decisions from there about what you need to do to get the finances in order.

[HobieCat]

Hi ***,
Thanks for such a quick response. How does CCCS help as far as reducing my mortgage payment?