GMAC Modification

[girlsrstrong]

I am in a somewhat similiar situation with GMAC ($250k @5.5% 30-year fixed). I lost my job of 21 years due to disability n August 2008. I am not yet behind but will be by March 2009. I have been trying to work with GMAC since August with no luck.

I have been in my home for over 12 years.

According to GMAC, my mortgage is owned by Fannie Mae--GMAC is simply servicing. GMAC has stated that I do not meet the Fannie Mae requirement for modification, but will not disclose what those requirements are. I have submitted a hardship letter (disability, job loss, divorce) to GMAC which has not helped to date.

Although my home has lost value, I do have equity. The house has been on the market for 3 months.

GMAC recommended I contact HOPE. HOPE stated that I can and should attempt a workout prior to missing any payments and urged me to avoid missing payments if possible.

My next step is the HOPE interview process but until my disability retirement benefits are determined, I have little hope of a mod. Unfortunatley, the determination takes 8-12 months.

[Moe Bedard]

Hi girlsrstrong,

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

Unfortunately for the modification you would need some income.......if it is going to take 8-12 months that may be too long for any type of forbearance but you can check when you speak with the HOPE counselor.........

Click on the link for the info on the FannieMae streamlined modification criteria..............
Media: News Releases > Streamlined Modification Program (SMP) Now Available to Borrowers

[girlsrstrong]

Beginning March 18, 2009, I will have SS disability income and will also be the payee for 2 minor children. So, I will have some income soon. I am waiting for a HOPE counselor to call me back. Thank you!

[girlsrstrong]

After being told that I also must be behind on payments (I am not yet behind) I found and completed the financial analysis form recently added to the GMAC mortgage website and faxed it. Within days I received a letter stating that I don't have enough income for a modification. However, the analysis stated that the amount of child support was unknown--- we are negotiating child support now.

Does anyone know the "formula" for determining how much income is needed to support a given mortgage balance and/or or payment for a modification? If I have an idea, I may be able to get sufficient child support to make it work.

[Moe Bedard]

Unfortunately, the criteria is different for each investor and that information is not available to us...........they will let you resubmit financials once you know what that amount will be.