My GMAC mortgage sold to Midland - Loan Modification Forum

Jharrison199 · 11-23-2008, 05:12 PM

I sent in a request for help to GMAC about 50 days ago. After many phone calls and them telling me I was denied on the last call they said I would get a letter in the mail on why I was denied. It has been about 2 weeks since then and no letter of explanation. Yesterday I received a notice from GMAC that my mortgage has been sold to Midland effective Dec 2nd. My first mortgage is through GMAC and my second is through Homecomings. I have not received any notice on change in my second mortgage but now how do I proceed? I was going to send in a QWR on Monday to see where it might get me but now I'm not sure how to proceed. Do I now have to start this process all over with the new company Midland? Any advise is much appreciated. Just a little background is my first mortgage with GMAC (Soon to be Midland) balance is $90,000 at 6.75% and my second mortgage with Homecomings balance is $34,000 at 12.75%. I have lost about 1/3 of my income and have been using credit cards to get by and have come to a point where this can't continue as my credit cards are almost maxed out. I just had one lower my limit on me last week to make matters worse. I guess my hope is to at least get the rate on the second mortgage down but the best outcome would be if they would reduce the principal due which I know is about impossible. I think we could make ends meet if they reduce the rate and I work with my credit card companies to do the same. Thanks for your help.

cadent49 · 11-23-2008, 05:34 PM

Does this mean that all of GMAC's and Homecoming's mortgages are going to be Midland? I have a workout being processed right now, is there anyway to know how that will affect me if it is not complete yet?

Moe Bedard · 11-23-2008, 07:04 PM

Hi Jharrison199,

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

If your loan is being transferred you would need to wait until the loan information gets to Midland........and unfortunately since the modification wasn't approved through GMAC you would need to ask Midland what options the investor on the loan would have. You can also ask Homecomings what options the investor on your second lien has as well.

Homecomings
1-800-206-2901

cadent49,

Not all GMAC loans are being transferred...................GMAC is still servicing and originating loans

cadent49 · 11-23-2008, 10:22 PM

Thanks for the info.

11-23-2008, 05:12 PM	#1 (permalink)
Jharrison199 Junior Member Join Date: Sep 2008 Posts: 1	My GMAC mortgage sold to Midland I sent in a request for help to GMAC about 50 days ago. After many phone calls and them telling me I was denied on the last call they said I would get a letter in the mail on why I was denied. It has been about 2 weeks since then and no letter of explanation. Yesterday I received a notice from GMAC that my mortgage has been sold to Midland effective Dec 2nd. My first mortgage is through GMAC and my second is through Homecomings. I have not received any notice on change in my second mortgage but now how do I proceed? I was going to send in a QWR on Monday to see where it might get me but now I'm not sure how to proceed. Do I now have to start this process all over with the new company Midland? Any advise is much appreciated. Just a little background is my first mortgage with GMAC (Soon to be Midland) balance is $90,000 at 6.75% and my second mortgage with Homecomings balance is $34,000 at 12.75%. I have lost about 1/3 of my income and have been using credit cards to get by and have come to a point where this can't continue as my credit cards are almost maxed out. I just had one lower my limit on me last week to make matters worse. I guess my hope is to at least get the rate on the second mortgage down but the best outcome would be if they would reduce the principal due which I know is about impossible. I think we could make ends meet if they reduce the rate and I work with my credit card companies to do the same. Thanks for your help.

11-23-2008, 05:34 PM	#2 (permalink)
cadent49 Member Join Date: Oct 2008 Posts: 27	re: My GMAC mortgage sold to Midland Does this mean that all of GMAC's and Homecoming's mortgages are going to be Midland? I have a workout being processed right now, is there anyway to know how that will affect me if it is not complete yet?

11-23-2008, 07:04 PM	#3 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,685	Re: My GMAC mortgage sold to Midland Hi Jharrison199, Welcome to the forum and thank you for joining............ If your loan is being transferred you would need to wait until the loan information gets to Midland........and unfortunately since the modification wasn't approved through GMAC you would need to ask Midland what options the investor on the loan would have. You can also ask Homecomings what options the investor on your second lien has as well. Homecomings 1-800-206-2901 cadent49, Not all GMAC loans are being transferred...................GMAC is still servicing and originating loans __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

11-23-2008, 10:22 PM	#4 (permalink)
cadent49 Member Join Date: Oct 2008 Posts: 27	Re: My GMAC mortgage sold to Midland Thanks for the info.

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