Newbie - Proactive with GMAC Mortgage?

[SeaAtl]

Newbie here, never posted in any type of forum.......I can provide details if helpful, but in a nutshell - My company downsized and I was laid off November 7th. My wife is a nurse and works part time, but the loss of my six-figure salary is really hurting. We have not been late nor missed any payments, but our reserves will be depleted within weeks. So, my wife called GMAC about a loan modification and was told flatly that they couldn't do anything. I've spent the past couple of hours reading the posts & threads on this website's forum (which is awesome, by the way) and am starting to piece together that there is a specific number I need to dial to get the correct department etc. But please bare with me as I ask the most basic of questions, as I am having trouble finding this answer on this blog or elsewhere in cyberspace - are we going to qualify for any type of modification program even though we haven't missed any payments yet? We are soooo close to being in the same boat as many of the good people in this forum who are behind. But unless I am missing something, some of the thread posts seem to indicate that missing payments is a requirement for help. Any help, clarification, direction, etc. from you all would be much appreciated. Thanks in advance.

[Cat Damiano]

Hi SeaAtl,

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

The modifications given are up to the investors on the loans which is what tends to make the criteria and options different from one member to the next and some will modify even though you are not late.............

Do you know why they told your wife that they could not do anything?
What is the interest rate at?
Is it fixed or adjustable?
If adjustable when is it adjusting?
Are you paying interest only?
What is the loan amount?
Do you have one loan or two?

[SeaAtl]

Cat - Sorry, I should have posted these details in my first post. GMAC said they couldn't do anything because we weren't / aren't behind on payments. We have one loan, with a fixed interest rate of 8.125%, and are paying principal and interest on a balance of $312,794.00.

I printed out a lot of stuff from this site / forum and other places on the internet, and plan to attack this next week. Lots of helpful information here, but I still wonder if I am deluding myself to think GMAC will do anything. I'm going to try, either way, and appreciate the tips from Sheabean as well - thanks!

[SeaAtl]

Hello again - I keep checking this site in hopes that someone will drop by and leave a note that solves all my problems! J/K - I have called GMAC (the loan mod. dept. # given on this website) and was told flatly that I had to be behind on payments for any help, and then I was transferred to the refinance department. I am calling again right now & intend to take a slightly different tact in hopes I get somewhere. But I'll also try again here - does anyone have any tips, advice, warnings, help, etc. for me, as I have been out of work for close to 3 months now; haven't missed a payment, but unless something drastic changes, I will start missing them next month.....sure would like to avoid that if possible....HELP!!!

[SeaAtl]

Wow - I didn't even have to ask, the GMAC rep took my info and told me to contact Fannie Mae since that is who my loan is with......

[Cat Damiano]

Sorry.......for some reason, I kept missing this thread when I go through the forum....
With the investor on your loan being FannieMae, that would explain alot of the runaround and misstatements by GMAC...........with the streamlined modification program that FannieMae has introduced, they are looking at the loans in their portfolio that are 90+ days in default at this time...........if this is the only property that you own and it is owner occupied..............you may want to try to go through NACA for the modification instead as they will negotiate a low fixed rate modification based on affordability if the criteria is met.............also with NACA, they don't require that you be in default to go through them and their services are free......we have seen modifications in the 4-6% range fixed for the life of the loan.............click on the link for the info..........

https://www.naca.com/refinance/refinanceTenStep.jsp

[chasepmt2hot-firefighter]

I thought Fannie Mae didn't speak to homeowners? Let us know what you find out from Fannie Mae. Thanks