Sharing my success. - Loan Modification Forum

darkcake · 08-28-2009, 01:51 PM

Sharing my success. Very long process.
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Bought home Dec 2007
GMAC Mortgage Freddie Mac loan
1^st 380,000 @ 6.625% interest only $2095/month
2^nd 72,000 adjustable interest only $300~400/month
>>
Dec 2008 Applied for loan modification
Dec 2008 Denied loan modification( rejected by investor)
Jan 2009 Hired Lawyer from this site.
Jan 2009 Applied for loan modification
Jan 2009 Asked for more paperwork numerous times
Feb 2009 Asked for more paperwork numerous times
Mar 2009 Missed 1^st payment on mortgage
Mar 2009 Asked for more paperwork numerous times
Apr 2009 Missed 2^nd payment
Apr 2009 Asked for more paperwork
Apr 2009 Asked for all new paperwork for the Obama plan
May 2009 Missed 3^rd payment
May 2009 Asked for more paperwork
May 2009 Approved for 3 month trial mod $1930/mon
May 2009 Approved on second for mod 2.75% 40year $240/mon
Jun 2009 Paid 1^st trial payment
Jul 2009 Paid 2^nd trial payment
Aug 2009 Paid 3^rd trial payment
Aug 28 2009 Received Permanent Mod paperwork
4.125% int + prin $1928 for 5 years
5.125% int + prin $2115 for 1 year
5.25 % int + prin $2139 for remainder of lone
>>
Pre mod ~$2450 month interest only
Post mod =$2168 month int and principle
>>
Doesn’t seem like much a difference but paying principle is huge considering original load would jump about $ 1000 after interest only payments expired.

Liz Medrano · 08-28-2009, 02:35 PM

DARKCAKE....CONGRATS; I am very happy for you. Thank you for sharing with us...It is nice to hear some good news.

nygirl07 · 08-28-2009, 02:36 PM

Why were you denied your modifcation to begin with? I'm in that stage now and trying to avoid that so I want to make sure I've got everything right

darkcake · 08-28-2009, 03:33 PM

No reason given on first denial. form letter with six options Rejected by investor was where the check mark was

stephanie500 · 08-31-2009, 06:23 AM

I was also denied on my initial loan mod. application with GMAC. They told me I made twice as much as I make. I called "Voice of the Customer" at GMAC and she straightened it out. That day I got a phone call from a man named Sam who resubmitted the paperwork and immediately started to take care of things and get the process going.

Just keep resubmitting!!! I made a computer generated 8.5 x 11 sheet that said "HUGE MISTAKE ON LOAN MOD" please review again!! and faxed it over and over w/ all 50 pages of my information. It was noticed. Sam commented on it and said my information was brought to his attention before I got Voice of the Customer involved.

miamismiley · 08-31-2009, 09:17 AM

Hi Darkcake...

Just wondering.. have you pulled your Credit Report? Did you take a hit for the late payments? I got reported on my Credit Report for 90-days late and shortly after was approved for my Loan Mod.

Thanks

darkcake · 08-31-2009, 04:44 PM

I have not pulled my credit. however I belong to a credit monitoring program. I believe about 2 months ago I got dinged for 90 day late from Gmac mortgage. I will have to check my score at a later time, let everything settle a bit.

miamismiley · 08-31-2009, 05:13 PM

Thanks Darkcake...

I was on a 30-Yr Fixed at 6.50% with a Mo.Pmt. of $2566.20. I was offered by my mortgage company, Vericrest Financial , if a Loan Mod would help and after 4 months they finally gave me $1983.00/month for 2 years and 4% Fixed.

I still don't know if the Fixed 4% is for 2 years or more but should know very soon as I got the Loan Mod approved Friday 8/28 as well.

Keep in touch about your score - I'll tell you what happened to mine.

darkcake · 09-01-2009, 07:09 PM

My mod had my interest rates listed for the remainer of the loan. if yours only lists for first 2 years Im thinking maybe its not a MHAB mod. I believe on the obamas plan the interest rate is for 5 years before raising 1 % a year. and yes Ill ley you know how many points I lost when I check

alwayshope · 09-02-2009, 10:17 AM

Quote:

Originally Posted by darkcake

My mod had my interest rates listed for the remainer of the loan. if yours only lists for first 2 years Im thinking maybe its not a MHAB mod. I believe on the obamas plan the interest rate is for 5 years before raising 1 % a year. and yes Ill ley you know how many points I lost when I check

Congrats!! Very happy for you!! Did hiring a lawyer help?? And if you don't mind me asking what state are you from?? i have been looking into my options and got a number for an attorney from this forum also. Thanks!

vavivo · 09-02-2009, 10:40 AM

Congrats! I was wondering what the wait time was like inbetween making your final trial payment and receiving the permanent mod. Did you have to keep on them? Did they request more paperwork from you? This is where I am w/ Gmac. I made my last trial payment and I'm waiting for the permanent mod. Your new mod is HAMP, right?

darkcake · 09-02-2009, 03:14 PM

alwayshope

When I got denied the first time I felt like getting a lawyer was the only way I could try again. Gmac did handle my case differently because of lawyer involvment. I was very happy to hire a lawyer at that time.

After Obamas plan came out the process seemed to move more smoothly. since my invester was Freddie Mac it almost became a math equation that if I fit the formula I would get approved. And since i met the formula I got approved. Istarted thinking the lawyer was of less importance at this time.

I dont regret hiring the lawyer because without one I wouldnt have had the confidence to continue to save my house. But I just cant recommend one unless you have failed on your own first, or your investor is not participating in obamas plan.

Also I live in California

darkcake · 09-02-2009, 03:25 PM

vavino

After my three month trial period I waited til the next statement came out, witch was on the 18. This was the first time that I called after my three trial payments. At this time I was told that my permanent mod was approved and My paperwork should be on its way. I waited about 6 days for paperwork that never came so i called back. This time I was told that my permanet mod was approved but we havent sent the paperwork yet, and that if I dont recieve the paperwork in time to make another payment at the trial rate. No paperwork again. I call about making a payment. Thats when they told me that they have actually sent the paperwork and to do whatever the papers tell me. I recieved the paperwork on Aug 28.

vavivo · 09-02-2009, 05:09 PM

That's great! You are a success story for the HAMP! I just called GMAC. They said they are in the process of working on my permanent mod and I should receive it in the middle of Sept. She couldn't say if I was officially aprroved, just that they are working on it. I ask if they needed anything else from me and they said no. I can live w/ that. I'll just wait patiently.

Congrats again!

vavivo · 09-02-2009, 05:12 PM

Sorry one more question. Did you get to skip Sept payment?

darkcake · 09-02-2009, 05:29 PM

no the first payment was due sep 1st. I was hoping for the free month but it was not meant to be LOL

heidi79 · 09-23-2009, 07:34 PM

Miami, how did your permanent mod turn out?

frustrated17345 · 10-01-2009, 09:43 AM

darkcake....did you get passed around from person to person or did you finally speak with someone who helped you at GMAC?

08-28-2009, 01:51 PM	#1 (permalink)
darkcake Member Join Date: Jun 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Sharing my success. Sharing my success. Very long process. fficeffice" />>> Bought home Dec 2007 GMAC Mortgage Freddie Mac loan 1^st 380,000 @ 6.625% interest only $2095/month 2^nd 72,000 adjustable interest only $300~400/month >> Dec 2008 Applied for loan modification Dec 2008 Denied loan modification( rejected by investor) Jan 2009 Hired Lawyer from this site. Jan 2009 Applied for loan modification Jan 2009 Asked for more paperwork numerous times Feb 2009 Asked for more paperwork numerous times Mar 2009 Missed 1^st payment on mortgage Mar 2009 Asked for more paperwork numerous times Apr 2009 Missed 2^nd payment Apr 2009 Asked for more paperwork Apr 2009 Asked for all new paperwork for the Obama plan May 2009 Missed 3^rd payment May 2009 Asked for more paperwork May 2009 Approved for 3 month trial mod $1930/mon May 2009 Approved on second for mod 2.75% 40year $240/mon Jun 2009 Paid 1^st trial payment Jul 2009 Paid 2^nd trial payment Aug 2009 Paid 3^rd trial payment Aug 28 2009 Received Permanent Mod paperwork 4.125% int + prin $1928 for 5 years 5.125% int + prin $2115 for 1 year 5.25 % int + prin $2139 for remainder of lone >> Pre mod ~$2450 month interest only Post mod =$2168 month int and principle >> Doesn’t seem like much a difference but paying principle is huge considering original load would jump about $ 1000 after interest only payments expired.

08-28-2009, 02:35 PM	#2 (permalink)
Liz Medrano Senior Member Join Date: Jul 2009 Location: Fort Myers, FL Posts: 226 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Sharing my success. DARKCAKE....CONGRATS; I am very happy for you. Thank you for sharing with us...It is nice to hear some good news.

08-28-2009, 02:36 PM	#3 (permalink)
nygirl07 Senior Member Join Date: Jul 2009 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Sharing my success. Why were you denied your modifcation to begin with? I'm in that stage now and trying to avoid that so I want to make sure I've got everything right

08-28-2009, 03:33 PM	#4 (permalink)
darkcake Member Join Date: Jun 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Sharing my success. No reason given on first denial. form letter with six options Rejected by investor was where the check mark was

08-31-2009, 06:23 AM	#5 (permalink)
stephanie500 Junior Member Join Date: Aug 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Sharing my success. I was also denied on my initial loan mod. application with GMAC. They told me I made twice as much as I make. I called "Voice of the Customer" at GMAC and she straightened it out. That day I got a phone call from a man named Sam who resubmitted the paperwork and immediately started to take care of things and get the process going. Just keep resubmitting!!! I made a computer generated 8.5 x 11 sheet that said "HUGE MISTAKE ON LOAN MOD" please review again!! and faxed it over and over w/ all 50 pages of my information. It was noticed. Sam commented on it and said my information was brought to his attention before I got Voice of the Customer involved.

08-31-2009, 09:17 AM	#6 (permalink)
miamismiley Junior Member Join Date: Aug 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Sharing my success. Hi Darkcake... Just wondering.. have you pulled your Credit Report? Did you take a hit for the late payments? I got reported on my Credit Report for 90-days late and shortly after was approved for my Loan Mod. Thanks

08-31-2009, 04:44 PM	#7 (permalink)
darkcake Member Join Date: Jun 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Sharing my success. I have not pulled my credit. however I belong to a credit monitoring program. I believe about 2 months ago I got dinged for 90 day late from Gmac mortgage. I will have to check my score at a later time, let everything settle a bit.

08-31-2009, 05:13 PM	#8 (permalink)
miamismiley Junior Member Join Date: Aug 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Sharing my success. Thanks Darkcake... I was on a 30-Yr Fixed at 6.50% with a Mo.Pmt. of $2566.20. I was offered by my mortgage company, Vericrest Financial , if a Loan Mod would help and after 4 months they finally gave me $1983.00/month for 2 years and 4% Fixed. I still don't know if the Fixed 4% is for 2 years or more but should know very soon as I got the Loan Mod approved Friday 8/28 as well. Keep in touch about your score - I'll tell you what happened to mine.

09-01-2009, 07:09 PM	#9 (permalink)
darkcake Member Join Date: Jun 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Sharing my success. My mod had my interest rates listed for the remainer of the loan. if yours only lists for first 2 years Im thinking maybe its not a MHAB mod. I believe on the obamas plan the interest rate is for 5 years before raising 1 % a year. and yes Ill ley you know how many points I lost when I check

09-02-2009, 10:40 AM	#11 (permalink)
vavivo Senior Member Join Date: Aug 2009 Posts: 45 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Sharing my success. Congrats! I was wondering what the wait time was like inbetween making your final trial payment and receiving the permanent mod. Did you have to keep on them? Did they request more paperwork from you? This is where I am w/ Gmac. I made my last trial payment and I'm waiting for the permanent mod. Your new mod is HAMP, right?

09-02-2009, 03:14 PM	#12 (permalink)
darkcake Member Join Date: Jun 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Sharing my success. alwayshope When I got denied the first time I felt like getting a lawyer was the only way I could try again. Gmac did handle my case differently because of lawyer involvment. I was very happy to hire a lawyer at that time. After Obamas plan came out the process seemed to move more smoothly. since my invester was Freddie Mac it almost became a math equation that if I fit the formula I would get approved. And since i met the formula I got approved. Istarted thinking the lawyer was of less importance at this time. I dont regret hiring the lawyer because without one I wouldnt have had the confidence to continue to save my house. But I just cant recommend one unless you have failed on your own first, or your investor is not participating in obamas plan. Also I live in California

09-02-2009, 03:25 PM	#13 (permalink)
darkcake Member Join Date: Jun 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Sharing my success. vavino After my three month trial period I waited til the next statement came out, witch was on the 18. This was the first time that I called after my three trial payments. At this time I was told that my permanent mod was approved and My paperwork should be on its way. I waited about 6 days for paperwork that never came so i called back. This time I was told that my permanet mod was approved but we havent sent the paperwork yet, and that if I dont recieve the paperwork in time to make another payment at the trial rate. No paperwork again. I call about making a payment. Thats when they told me that they have actually sent the paperwork and to do whatever the papers tell me. I recieved the paperwork on Aug 28.

09-02-2009, 05:09 PM	#14 (permalink)
vavivo Senior Member Join Date: Aug 2009 Posts: 45 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Sharing my success. That's great! You are a success story for the HAMP! I just called GMAC. They said they are in the process of working on my permanent mod and I should receive it in the middle of Sept. She couldn't say if I was officially aprroved, just that they are working on it. I ask if they needed anything else from me and they said no. I can live w/ that. I'll just wait patiently. Congrats again!

09-02-2009, 05:12 PM	#15 (permalink)
vavivo Senior Member Join Date: Aug 2009 Posts: 45 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Sharing my success. Sorry one more question. Did you get to skip Sept payment?

09-02-2009, 05:29 PM	#16 (permalink)
darkcake Member Join Date: Jun 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Sharing my success. no the first payment was due sep 1st. I was hoping for the free month but it was not meant to be LOL

09-23-2009, 07:34 PM	#17 (permalink)
heidi79 Senior Member Join Date: Jan 2009 Location: Miami, Florida Posts: 252 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Sharing my success. Miami, how did your permanent mod turn out?

10-01-2009, 09:43 AM	#18 (permalink)
frustrated17345 Member Join Date: Sep 2009 Posts: 10 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Sharing my success. darkcake....did you get passed around from person to person or did you finally speak with someone who helped you at GMAC?

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