Problems with GMAC

[bpens]

3 years ago, my wife and I had to file Chapter 13 bankruptcy because we had fallen behind on our mortgage payments and felt that was the only way to keep our home at the time. Well, we made it 3 years with the ridiculously high trustee payment, but alas, fell behind on that as well. On Dec. 19th, the stay was lifted on our home mortgage. I called Dec 22nd and was told that paperwork was not back from the attorneys and that I should give it a day or two to get to them. Called on Dec 24th, gave loss mit my financial info, he said that I didnt make enough money for a repayment plan, but I was a good canidate for a mod. I have a FHA ARM at 4.625%(which isnt set to adjust until 2032). He told me to call back in a week or two to try and set up a trial mod or a stop gap mod. I called on Jan 9, was told that they couldnt take any payments, but the mod was in process and that I should check back in a few weeks. Called on the 21st, this guy said that the mod was stopped on Dec 24th, because of the bakruptcy, had to take my financial info again and said that he would start the process again. What the **** is going on??? All we really want to do is sell our home for fair market value because we actually have equity and move in with my in-laws who are having financial trouble as well. I saw in another post that a guy to call was Gary Neuman at 215-682-1000 option 0, is that for real, option 0 seems like a generic operator. Any help would be much appreciated!

[Dan Bailey]

bpens,
Glad you found the forum and posted. Welcome to the run-around we all get with the companies!
*** or Moe will be by as soon as they can and give you some advice/direction to take . Hang in there and good luck!

[Moe Bedard]

Hi bpens,


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


If you are just wanting to sell the house and you have equity, so it would not need to be sold short, all that you would need to do is to put it on the market...............what is preventing you from listing the home and trying to sell it? You would not need to get any type of approval from GMAC to do this..............

[bpens]

***,

The house will be listed the first week of Feb. What we are worried about is the length of time it will take to sell. I have told the few loss mit reps that I have talked to that we just want to sell the home for fair market value, but they have all just kept saying that the mod is the way to go. I dont know if they will be accelerating the process because of the bk or not, which of course they arent telling me that, but I have asked if I need approval from them and I have been told that I don't , unless it goes to a short sale, but they have said that we would cross that bridge when we get there.

The thing that worries me is that they know I will be selling the house and all they care about is supposedly getting the mod through and how much I will be selling it for.

The other reason for getting the mod is because I believe that every month we dont pay, our past due amount goes up, as well as late fees, and that will eat away at our equity really fast.

[Moe Bedard]

The modification may also tack the past due payments and fees back to the principal on an FHA loan, or they may put a partial claim in place for that amount, which would also need to be paid when the property is sold...........