GMAC Modification My Story - Loan Modification Forum

Mstyrayn · 01-13-2009, 10:12 AM

I really need some help here. I've done everything I know to do. My mortgage is with GMAC. I purchased my home Feb 29th, 2008 and moved in March 1st, 2008. I lost my job April 16th, 2008 and had enough in savings to maintain for a few months, figuring I'd surely be able to find work before my reserves ran out. Well...to date, I have yet to find work!

Anyhow...on to my story.

I immediately called GMAC to inform them as to what was going on. I was not late at the time but knew I would be soon. They informed me that they do not do any sort of 'extensions' or anything like that. They told me the only way they can help is if I am at least 3 months behind. I have an FHA mortgage at 6.25%. I did not like the answers I was getting but figured, well...if they can help me after 3 months, then we'll ride this wave and see where it takes me.

I was in constant contact with them during the 3 months. I eventually was late enough to be able to apply for a loan modification in October. They told me to send in 1 payment while it was being approved..she said that would greatly help me out to be approved...so I sent them a check for 1 payment $871.03.

I waited....the check never showed up in my checking account as being deposited. Then I received a letter from GMAC in the mail, that had my undeposited check inside with a letter from them. The letter stated that they could not deposit my check because it was not enough to bring my account current. Therefore, my mortgage had been sent over to the foreclosure attorney. I immediately called them to find out why they didnt accept my check and why they had sent my loan to foreclosure.

The person I spoke with told me that they didnt accept my check because they didnt receive it within 10 days from the date that we last spoke on the phone. Well...they never TOLD me that they had to get it within 10 days! (btw they got it on the 11th day). And, they told me that because my account was now in the foreclosure attorney's hands, that I no longer qualified for a Loan Modification. She did say that I did qualify for a 'partial payment' through HUD. She told me that they would send out the paperwork through FedEx and that once I received it, to sign where indicated and send them back.
So I again waited.

I received the packet through Fedex on Wednesday, November 26th, 2008. After opening the package, I found a letter stating that they had to have this packet back in their hands by November 27th. Well...November 27th just happened to be Thanksgiving!! There was no way for me to get this paperwork back to them in time! The letter also stated that I had to send them $871.03 for attorney fees by the 27th and another $871.03 by December 1st for Dec. 1st payment. I could not understand why the attorney fees just happened to be the exact amount of my mortgage payment?! So I called them to find out. They could not answer that question. I told them that I would send $871.03 for Dec. 1st payment but that I could not and would not send $871.03 for attorney fees when they couldnt even answer my question as to how much the attorney fees were or why they were the exact amount of my mortgage payment. Also, I told them that there would be no way that they would get the packet back by their deadline. But I went ahead and signed and notorized them and called FEdEx to pick up the packet.

And again I waited....

The next thing that I received was a fat envelope from the foreclosure attorney stating that my house would be back in GMAC's hands within 60-90 days. It was a long letter!

So I called GMAC to find out what was going on...again they could not or would not talk to me.

So...desperate, I started searching out Loan Modification companies. I found one that did not require $ up front and had a 100% money back guarantee. So I 'hired' them to see what they could do to help. After they spoke with GMAC, the guy contacted me to tell me what GMAC was willing to do.
This was on Dec. 23rd, 2008. He said that they are willing to do a partial payment but that I had to get in all of this documentation and stuff within 48 hours, some of which I could not get in that short of a time frame...and that I had to pay this company the amount equal to one of my mortgage payments.
He could not give me any specifics as to whether or not GMAC would be willing to lower my payments or adjust my escrow (which by the way is way too high!). And...of course, their deadline just happened to land on Christmas day!!!
So I did not pay this company the $ that they wanted because I need to know if my payment will be lower before I go into any kind of modification. He also told me that they have set a sale date of March 2nd...something that nobody has yet to tell me.

I am making much less $ than I did when I bought this house...so I cannot afford the original payment. But I do not want to lose my home.

I feel I have exhausted every avenue. Any help here would be appreciated!
I tried emailing the address that I found here but it keeps bouncing back stating that the email box is full.

Any suggestions?

Thank you in advance!
Teresa
Woodruff, SC

Moe Bedard · 01-13-2009, 10:38 AM

Hi Teresa,

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

The modification given would need approval from FHA and they are limited in what they offer for a modification. What you may want to do is to go through a HUD approved counseling agency because of the type of loan you have to get the best modification option. If this is the only property you own and is owner occupied, try going through NACA instead......they should be able to work with you on a modification that you can afford.....but for any options you may need household income...........
click on the link for the info...........
https://www.naca.com/refinance/refinanceSubmission.jsp

Mstyrayn · 01-13-2009, 10:41 AM

I did go through HUD counseling and they mentioned the loan modification and other things that I have tried to discuss with GMAC.
What is NACA?

Mstyrayn · 01-13-2009, 10:52 AM

I found NACA's website. I see where it states that if there has been a sale date already set, to click here for emergency help...but when I do that, it asks for a NACA id. I dont see where to register?

SoCal 67 · 01-13-2009, 11:11 AM

Are you employed now? In the start of your post you say you have not found a job and at the end you mention you don't make as much $ as before. Like *** said, if you don't have a job it's going to be tough to get a mod.

It sounds strange that the GMAC loss mitigation department would ask you for a payment while the loan mod was under way. Are you sure it was not a collections department you were dealing with at GMAC??

Mstyrayn · 01-13-2009, 11:15 AM

I am working part time right now making 1/2 of what I was making when I worked full time for my last employer.

Yes it was the loss mitigation department that asked me to send in 1 payment. I have kept a log of everyone that I've spoken with over the last 6 months at GMAC loss mitigation department.
And, yes, she told me to mail in 1 payment and said that if I did that, it would look good on my application for a loan modification. But of course, they sent it back stating that it was not enough to bring my account current.

I cant figure out how to register on NACA. Theres a link to get urgent help if a sale date has been set but I cant get logged in because I dont have an ID.?

Moe Bedard · 01-13-2009, 02:09 PM

You would need to go through the submission process........here is the link...........
https://www.naca.com/refinance/refinanceSubmission.jsp

Mstyrayn · 01-13-2009, 03:53 PM

Ok I went through the submission process. I also typed up my hardship letter which I have pasted below. Can you please look over it and see if it's good enough? Thanks!

I am writing this letter to explain my unfortunate set of circumstances that have caused me to become delinquent on my mortgage. I have done everything in my power to make ends meet but unfortunately I have fallen short and would like you to consider working with me to modify my loan. My number one goal is to keep my home and I would really appreciate the opportunity to do that.
The main reason that caused me to be late is a reduction in income. Soon after being late and my income not being nearly enough, I had fallen further and further behind. Now, it’s to the point where I cannot afford to pay what is owed to GMAC. It is my full intention to pay what I owe. But at this time I have exhausted all of my income and resources so I am turning to you for help.
I purchased my home Feb. 29th, 2008. Moved in March 1st, 2008. Lost my job April 16th, 2008. I was able to make my payments until July, 2008 when my savings were depleted. I looked for work for months but could not find work. Due to medical reasons, I also had to use some of my savings for hospital and doctor bills. I contacted GMAC as soon as I realized my payments were going to be late. They said they could not help me until I was at least 3 months behind. I have been trying to get something worked out with them ever since (which I can go into more detail with you later). I am now 7 months behind. I am now working but am making 1/2 of what I was making when I purchased the home. I am still looking for full time/permanent work and am sure that this is a temporary problem but with the way the economy is going, I am not so sure. My escrow is too high. My yearly taxes are only $124.00 and my insurance is around $500 a year.
My situation has gotten somewhat better because I am bringing in money and I feel that a loan modification would benefit us both. I would appreciate if you can work with me to lower my delinquent amount owed and/or payment so I can keep my home and also afford to make amends with GMAC.
I truly hope that you will consider working with me and I am anxious to get this settled so we all can move on.
Sincerely and Respectfully,

Teresa Allen

Moe Bedard · 01-13-2009, 07:21 PM

Looks Good......

Good Luck with the mod!

Mstyrayn · 01-13-2009, 08:38 PM

Thanks!
I'm just waiting to hear back from NACA. I have a phone appointment with them in the morning, and I have signed up for the class in February near my home. I just hope they can do something for me. I worked on this all day today. I spoke with 2 different 'mortgage modification companies' today and both wanted at least $1200.00 for their services. I just cant see throwing that kind of money to someone that hasn't even done anything for me yet. It's a shame that so many people in our situations are getting taken by these scam artist companies!

Another thing that has me concerned is that GMAC tells me to call their loss mitigation department, which I have done over and over...and now I find out that they were actually in the collections department, NOT the loss mitigation department. Thats just not right on so many levels! I'm just tired of being lied to...I just want to save my home!

I thank God that I found this forum! I've learned so much over the last 2 days...I had never even heard of NACA until I found this forum.

I will keep you all posted on my progress...and good luck to everyone thats fighting this same battle!

Teresa

Mstyrayn · 01-27-2009, 01:40 PM

As of today, January 27th, 2009, I have an update to my story.

I have been working with NACA over the past few weeks. They sent a proposal to GMAC to reduce my interest rate from 6.25% to 5.25% and lower my escrow. This would make my payments come down from $871.03 to $710.00 which includes my escrow. They sent the proposal over to GMAC on January 22nd.
I had to go to the foreclosure hearing today to request that the sale date originally set for March 2nd to be postponed. The judge agreed to postpone it until April 6th, which gives us time to hear back from GMAC on the Loan Restructure.

I am hoping and praying that GMAC will agree to the restructure and that they will approve the partial payment claim through HUD/FHA to take everything that I'm behind and put it at the end of the mortgage.

I will keep you all updated on the progress, but at least I was able to get the sale date postponed!

Thanks to *** who told me about NACA. They are GREAT!

Moe Bedard · 01-27-2009, 02:07 PM

That is good news!

I hope they approve it soon!

Keep us posted.............

Mstyrayn · 01-27-2009, 04:03 PM

I just received an email from NACA:

Update Request For: Allen (183210301)

Tuesday, January 27, 2009 10:10 AM

From:
"vbarnes@naca.com"
To:

mstyrayn@yahoo.com

Cc:
vbarnes@naca.local, vbarnes@naca.com

Hello Ms. Allen I have received a status update from GMAC advising Plz inquire w/ your customer if they can have one (1) monthly payment available iao: $871.03; preferably by Friday, January, 30, 2009

If they can, I will provide you w/ specific written instructions for payment via Western union Quick Collect.

Please review and advise.

Thanks,

__________

Now, this is the question that I have....should I be asking if GMAC is going to approve the loan restructure before I send them any money?
The last time they wanted me to send them money, they sent the check back to me and sent my mortgage to the foreclosure attorney.
If they DO approve the restructure, then my payment will be $710 instead of $871.03. (the 871.03 includes the escrow that is too much for what is paid out of it. My total escrow for the year should only be $550.00 total with taxes and insurance).

Should I be asking about their decision on the restructure and the partial claim before agreeing to send them the $ that they are asking for?

01-13-2009, 10:12 AM	#1 (permalink)
Mstyrayn Member Join Date: Jan 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	GMAC Modification My Story I really need some help here. I've done everything I know to do. My mortgage is with GMAC. I purchased my home Feb 29th, 2008 and moved in March 1st, 2008. I lost my job April 16th, 2008 and had enough in savings to maintain for a few months, figuring I'd surely be able to find work before my reserves ran out. Well...to date, I have yet to find work! Anyhow...on to my story. I immediately called GMAC to inform them as to what was going on. I was not late at the time but knew I would be soon. They informed me that they do not do any sort of 'extensions' or anything like that. They told me the only way they can help is if I am at least 3 months behind. I have an FHA mortgage at 6.25%. I did not like the answers I was getting but figured, well...if they can help me after 3 months, then we'll ride this wave and see where it takes me. I was in constant contact with them during the 3 months. I eventually was late enough to be able to apply for a loan modification in October. They told me to send in 1 payment while it was being approved..she said that would greatly help me out to be approved...so I sent them a check for 1 payment $871.03. I waited....the check never showed up in my checking account as being deposited. Then I received a letter from GMAC in the mail, that had my undeposited check inside with a letter from them. The letter stated that they could not deposit my check because it was not enough to bring my account current. Therefore, my mortgage had been sent over to the foreclosure attorney. I immediately called them to find out why they didnt accept my check and why they had sent my loan to foreclosure. The person I spoke with told me that they didnt accept my check because they didnt receive it within 10 days from the date that we last spoke on the phone. Well...they never TOLD me that they had to get it within 10 days! (btw they got it on the 11th day). And, they told me that because my account was now in the foreclosure attorney's hands, that I no longer qualified for a Loan Modification. She did say that I did qualify for a 'partial payment' through HUD. She told me that they would send out the paperwork through FedEx and that once I received it, to sign where indicated and send them back. So I again waited. I received the packet through Fedex on Wednesday, November 26th, 2008. After opening the package, I found a letter stating that they had to have this packet back in their hands by November 27th. Well...November 27th just happened to be Thanksgiving!! There was no way for me to get this paperwork back to them in time! The letter also stated that I had to send them $871.03 for attorney fees by the 27th and another $871.03 by December 1st for Dec. 1st payment. I could not understand why the attorney fees just happened to be the exact amount of my mortgage payment?! So I called them to find out. They could not answer that question. I told them that I would send $871.03 for Dec. 1st payment but that I could not and would not send $871.03 for attorney fees when they couldnt even answer my question as to how much the attorney fees were or why they were the exact amount of my mortgage payment. Also, I told them that there would be no way that they would get the packet back by their deadline. But I went ahead and signed and notorized them and called FEdEx to pick up the packet. And again I waited.... The next thing that I received was a fat envelope from the foreclosure attorney stating that my house would be back in GMAC's hands within 60-90 days. It was a long letter! So I called GMAC to find out what was going on...again they could not or would not talk to me. So...desperate, I started searching out Loan Modification companies. I found one that did not require $ up front and had a 100% money back guarantee. So I 'hired' them to see what they could do to help. After they spoke with GMAC, the guy contacted me to tell me what GMAC was willing to do. This was on Dec. 23rd, 2008. He said that they are willing to do a partial payment but that I had to get in all of this documentation and stuff within 48 hours, some of which I could not get in that short of a time frame...and that I had to pay this company the amount equal to one of my mortgage payments. He could not give me any specifics as to whether or not GMAC would be willing to lower my payments or adjust my escrow (which by the way is way too high!). And...of course, their deadline just happened to land on Christmas day!!! So I did not pay this company the $ that they wanted because I need to know if my payment will be lower before I go into any kind of modification. He also told me that they have set a sale date of March 2nd...something that nobody has yet to tell me. I am making much less $ than I did when I bought this house...so I cannot afford the original payment. But I do not want to lose my home. I feel I have exhausted every avenue. Any help here would be appreciated! I tried emailing the address that I found here but it keeps bouncing back stating that the email box is full. Any suggestions? Thank you in advance! Teresa Woodruff, SC

01-13-2009, 10:38 AM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: GMAC Modification My Story Hi Teresa, Welcome to the forum and thank you for joining................... The modification given would need approval from FHA and they are limited in what they offer for a modification. What you may want to do is to go through a HUD approved counseling agency because of the type of loan you have to get the best modification option. If this is the only property you own and is owner occupied, try going through NACA instead......they should be able to work with you on a modification that you can afford.....but for any options you may need household income........... click on the link for the info........... https://www.naca.com/refinance/refinanceSubmission.jsp __________________ 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.

01-13-2009, 10:41 AM	#3 (permalink)
Mstyrayn Member Join Date: Jan 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: GMAC Modification My Story I did go through HUD counseling and they mentioned the loan modification and other things that I have tried to discuss with GMAC. What is NACA?

01-13-2009, 10:52 AM	#4 (permalink)
Mstyrayn Member Join Date: Jan 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: GMAC Modification My Story I found NACA's website. I see where it states that if there has been a sale date already set, to click here for emergency help...but when I do that, it asks for a NACA id. I dont see where to register?

01-13-2009, 11:11 AM	#5 (permalink)
SoCal 67 Senior Member Join Date: Sep 2008 Posts: 54 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: GMAC Modification My Story Are you employed now? In the start of your post you say you have not found a job and at the end you mention you don't make as much $ as before. Like *** said, if you don't have a job it's going to be tough to get a mod. It sounds strange that the GMAC loss mitigation department would ask you for a payment while the loan mod was under way. Are you sure it was not a collections department you were dealing with at GMAC??

01-13-2009, 11:15 AM	#6 (permalink)
Mstyrayn Member Join Date: Jan 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: GMAC Modification My Story I am working part time right now making 1/2 of what I was making when I worked full time for my last employer. Yes it was the loss mitigation department that asked me to send in 1 payment. I have kept a log of everyone that I've spoken with over the last 6 months at GMAC loss mitigation department. And, yes, she told me to mail in 1 payment and said that if I did that, it would look good on my application for a loan modification. But of course, they sent it back stating that it was not enough to bring my account current. I cant figure out how to register on NACA. Theres a link to get urgent help if a sale date has been set but I cant get logged in because I dont have an ID.?

01-13-2009, 02:09 PM	#7 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: GMAC Modification My Story You would need to go through the submission process........here is the link........... https://www.naca.com/refinance/refinanceSubmission.jsp __________________ 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.

01-13-2009, 03:53 PM	#8 (permalink)
Mstyrayn Member Join Date: Jan 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: GMAC Modification My Story Ok I went through the submission process. I also typed up my hardship letter which I have pasted below. Can you please look over it and see if it's good enough? Thanks! I am writing this letter to explain my unfortunate set of circumstances that have caused me to become delinquent on my mortgage. I have done everything in my power to make ends meet but unfortunately I have fallen short and would like you to consider working with me to modify my loan. My number one goal is to keep my home and I would really appreciate the opportunity to do that. The main reason that caused me to be late is a reduction in income. Soon after being late and my income not being nearly enough, I had fallen further and further behind. Now, it’s to the point where I cannot afford to pay what is owed to GMAC. It is my full intention to pay what I owe. But at this time I have exhausted all of my income and resources so I am turning to you for help. I purchased my home Feb. 29th, 2008. Moved in March 1st, 2008. Lost my job April 16th, 2008. I was able to make my payments until July, 2008 when my savings were depleted. I looked for work for months but could not find work. Due to medical reasons, I also had to use some of my savings for hospital and doctor bills. I contacted GMAC as soon as I realized my payments were going to be late. They said they could not help me until I was at least 3 months behind. I have been trying to get something worked out with them ever since (which I can go into more detail with you later). I am now 7 months behind. I am now working but am making 1/2 of what I was making when I purchased the home. I am still looking for full time/permanent work and am sure that this is a temporary problem but with the way the economy is going, I am not so sure. My escrow is too high. My yearly taxes are only $124.00 and my insurance is around $500 a year. My situation has gotten somewhat better because I am bringing in money and I feel that a loan modification would benefit us both. I would appreciate if you can work with me to lower my delinquent amount owed and/or payment so I can keep my home and also afford to make amends with GMAC. I truly hope that you will consider working with me and I am anxious to get this settled so we all can move on. Sincerely and Respectfully, Teresa Allen

01-13-2009, 07:21 PM	#9 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: GMAC Modification My Story Looks Good...... Good Luck with the mod! __________________ 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.

01-13-2009, 08:38 PM	#10 (permalink)
Mstyrayn Member Join Date: Jan 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: GMAC Modification My Story Thanks! I'm just waiting to hear back from NACA. I have a phone appointment with them in the morning, and I have signed up for the class in February near my home. I just hope they can do something for me. I worked on this all day today. I spoke with 2 different 'mortgage modification companies' today and both wanted at least $1200.00 for their services. I just cant see throwing that kind of money to someone that hasn't even done anything for me yet. It's a shame that so many people in our situations are getting taken by these scam artist companies! Another thing that has me concerned is that GMAC tells me to call their loss mitigation department, which I have done over and over...and now I find out that they were actually in the collections department, NOT the loss mitigation department. Thats just not right on so many levels! I'm just tired of being lied to...I just want to save my home! I thank God that I found this forum! I've learned so much over the last 2 days...I had never even heard of NACA until I found this forum. I will keep you all posted on my progress...and good luck to everyone thats fighting this same battle! Teresa

01-27-2009, 01:40 PM	#11 (permalink)
Mstyrayn Member Join Date: Jan 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: GMAC Modification My Story As of today, January 27th, 2009, I have an update to my story. I have been working with NACA over the past few weeks. They sent a proposal to GMAC to reduce my interest rate from 6.25% to 5.25% and lower my escrow. This would make my payments come down from $871.03 to $710.00 which includes my escrow. They sent the proposal over to GMAC on January 22nd. I had to go to the foreclosure hearing today to request that the sale date originally set for March 2nd to be postponed. The judge agreed to postpone it until April 6th, which gives us time to hear back from GMAC on the Loan Restructure. I am hoping and praying that GMAC will agree to the restructure and that they will approve the partial payment claim through HUD/FHA to take everything that I'm behind and put it at the end of the mortgage. I will keep you all updated on the progress, but at least I was able to get the sale date postponed! Thanks to *** who told me about NACA. They are GREAT!

01-27-2009, 02:07 PM	#12 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: GMAC Modification My Story That is good news! I hope they approve it soon! Keep us posted............. __________________ 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.

01-27-2009, 04:03 PM	#13 (permalink)
Mstyrayn Member Join Date: Jan 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: GMAC Modification My Story I just received an email from NACA: Update Request For: Allen (183210301) Tuesday, January 27, 2009 10:10 AM From: "vbarnes@naca.com" To: mstyrayn@yahoo.com Cc: vbarnes@naca.local, vbarnes@naca.com Hello Ms. Allen I have received a status update from GMAC advising Plz inquire w/ your customer if they can have one (1) monthly payment available iao: $871.03; preferably by Friday, January, 30, 2009 If they can, I will provide you w/ specific written instructions for payment via Western union Quick Collect. Please review and advise. Thanks, __________ Now, this is the question that I have....should I be asking if GMAC is going to approve the loan restructure before I send them any money? The last time they wanted me to send them money, they sent the check back to me and sent my mortgage to the foreclosure attorney. If they DO approve the restructure, then my payment will be $710 instead of $871.03. (the 871.03 includes the escrow that is too much for what is paid out of it. My total escrow for the year should only be $550.00 total with taxes and insurance). Should I be asking about their decision on the restructure and the partial claim before agreeing to send them the $ that they are asking for?

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