GMAC Servicer a Bonafide Winner!!!

[surreal4me2]

I am just simply devastated and quite frankly don't know where to start, so I will start at the beginning by telling you that I am a single mom with a daughter in college. I bought a house for $555K. The mortgage bank at the time was Lenders, which has since gone under and closed its doors permanently.

Point One; I bought my house in Jan '07 with a 100% financing. I was advised by my realtor that due to past credit issues, this was a good thing for me and besides I would be able to refinance, with ease in SIX months. Looking back, I was a complete idiot because of all of the signs of fraud and negligence where present...I guess my first clue should have been when my agent had me come to his house to sign my loan documents in his KITCHEN and then they were notarized by his SON at the same time in the KITCHEN... Yikes what an idiot I was to do so and now I'm paying the price.

Point Two; as part of the negotiation of this house my realtor arranged for the Seller's (seller was represented by Prudential) client to pay my closing costs and to provide me with a $25K for repairs at the close of escrow. You guessed it. At the close of escrow my agent told me after a week or so (and I have all of the emails from him to corroborate my story) that all of his funds had been confiscated by the IRS because of his former wife's failure to pay taxes and now he was being held accountable and this Broker had to turn over the funds to the IRS. Yes, everyone I was and still feel like Idiot Al Carte. Meanwhile I had workers and handymen completing repairs to the house, like painting and restoring the very basics, so I could move into it and make it livable, and in doing so, I exhausted my savings, but I wasn’t worried about that because I knew I had my funds coming back to me at the close of escrow, right, WRONG. I was repeatedly told by my realtor that he would get the money to me as fast as he could. Meanwhile, I have been robbing Peter to pay Paul and we all know who Paul is aka GMAC.

Point Three; As if all of the above wasn’t enough and to add further injury, in July of 2007, I received 3 separate tax bills, one for $762, and another for supplemental for $2500 and then a third supplemental for $5500. I called the realtor and he advised me that the taxes had to be wrong and that I should take up the matter with the Seller's Escrow company and the City Assessor. I contacted the Seller's Escrow and the agent advised me that because I bought a house from a trust that my agent knew I would be hit with supplemental bills and it should have been explained to me and that I probably signed a disclosure explaining all of that. WELL guess what, I did, but it was never explained to me.

Point Four; my realtor called me in July and said that he could get my loan refinanced, but that I had to act quickly while there was still a window because the banks were getting crazy and things were drying up. Well that turned out to be an understatement. The long and short of this refinance scheme is that my former realtor was not able to do anything for me and in the process of trying to do so, he shopped my credit to SIX difference mortgage banks and/or investors. NOW I AM TRIPPLED DUPPED with yet another major hit on my credit.

Point Five; After begging realtor for the balance of my money over and over (and yes, still begging) I finally decided I had to go get help with my mortgage, fast.

Point Six;, I went online to GMAC/Homecomings Financial, downloaded their workout plan and mailed it to their office via Certified Mail in December 1, 2007. I never heard back from GMAC about my documents. I called them every month starting in July and going forward advising them that I would be late with my payment. Oh by the way, my payment is $4310 exclusive of property taxes and insurance with a 10% late penalty for every payment after the 16th of the month. My salary is only $74K, so you know that my salary was stated (or should I say inflated) in order for me to qualify for the loan. Since I did not hear back from GMAC, I started researching the internet and discovered NACA. I attended a NACA workshop and then a month later was scheduled to meet with an actual loan counselor. On February 20, 2008, the NACA counselor took all of my financial info and plugged it into a computer program and submitted it for review to through their Homesave Program. At that time of that meeting I advised by the NACA counselor that not only did I have predatory loan, but a crazy loan because what I actually signed was a 40 Year Mortgage Note a $500K balloon payment due at the end of 40 Years. Guys, upon hearing that news, I just broke down and cried. I don't know which way to turn or what to do and I will tell you why.

Point Seven; I received a letter from GMAC's default division yesterday asking me to call them to discuss several options to prevent foreclosure. I was very happy until I actually spoke with Camille, the Loss Mitigation Specialist who told me that I did not qualify for any of their programs except for a short sell because my income was not sufficient to qualify for modification and that I needed to earn at the very least another $2500 per month.

At the present time I am 1 ½ payments behind, soon to be 2 because I intend to make another ½ payment on the 31st of this month. I am also looking for part time employment to help keep me a float.


HELP! I don’t know what to do....I want to keep my house, pay my mortgage with affordable terms can anyone offer me any advise….I really do believe I was taken advantage of in many ways, first because I signed my documents in the realtors kitchen, they were notarized by his son. I was not told that I could change my mind and that I had at least 3 days to do so. I now know that the owner of the ReMax Office in Whittier California where my former agent is still conducting business is also an officer of one of the mortgage companies that my loan was shopped through repeatedly. I am still owed $7500 for which I have the realtor’s admission, in writing, as well as some jimmy rigged agreement to pay me out future closings at $1500 per escrow from this shady broker/owner of the ReMax office. Also, the shady realtor offered to negotiate with GMAC on my behalf to get my loan terms modified.

I just don’t know what to do. The property values in my area have plummeted and there is more inventory…. The bottom-line is that I really don’t want to get forced out of my home because not only did I sank my entire life savings into this place and yearly salary, but it means the world to me. There must be something I can do. DOES ANYONE HAVE ANY ADVICE? SHOULD I GET A LAWYER AND GO PUBLIC, I'M READY TO DO WHATEVER IT TAKES

Surreal4me2

P.S. I contacted NACA and advised them of my conversation with Camille at GMAC and their advise was to hope that they would have a better result than I, but that in the meantime I needed to keep trying to make partial payments as suggested by GMAC.

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

I have read your post and your problems are both realty and lender related and truly complex. You have contacted NACA and they do have excellent attorney referrals and due to the complexity of your situation we would be unable to advise you with in the forum as these are all legal issues and we are not attorneys.

Please have NACA refer you to an attorney in your area that is experienced in these matters or there is an attorney affiliated with this site. The issues again are very complex and as such we are not attorneys and can not advise you due to that fact.

[surreal4me2]

Poppy,

Thank you. I was hoping that this forum would be able to offer me a tangible ray of hope and, well, I received it. I feel so much better justing having had the opportunity to express myself and get my story out and into the open. Again, thank you.

I placed a call to Mr. Rosenbach's legal team and I believe that they will be able to help me. I will keep you posted.

Just one more quick question, do you think that it would be worth it for me to file complaints with the DRE and FTC or should I wait for legal counsel to advise me?

Thanks you again for this forum. I really do appreciate you and am praying for all of you out there that you're able to reach solutions that allow you to stay in your homes.

Peace and Blessings.

I would wait to see what document review and other options bring from an attorney's viewpoint....you do not want to provide data where there could be more compelling and certainly more "teeth" in the data, that would allow you to have the most advantage available to you in the situation.

Maximize your position and do not telegraph to any parties that until you do have the maximum ability to really address and provide the total punch required to get recompense. Never let the opposing party know just what you have up your sleeve until that sleeve is full of all of the naughty behavior and you have the professional assistance to drive it home.

[surreal4me2]

Thank you Moe, I hear you loud and clear! I wait the for the advice of a professional before I make any more moves.

I will keep you posted.

[surreal4me2]

Hey Guys,

I am back....I really cannot afford to hire an attorney...all I really want to do is save my home and get my loan modified. Do you think it would be possible for me to write letters to key people at GMAC and possibly draw their attention to my request by underscoring their claims of willingness to work with homeowners? I am talking about writing and reaching those at the top of the food chain. I recently read where key officials at GMAC and other loan servicers had struck a deal with the Governor Schwarzenegger in 2007 to work with homeowners. I don't understand why they would not want to work with me, in light of the fact each new foreclosure costs them, at the very minimum, somewhere around $40K.

I did speak with their loss mitigation department and the only option afforded me was a "set-up to "fail" repayment plan of $5176 for the next 4 months.

I don't want to go into default, but at this rate, it will be inevitable...I just need my loan modified for at least a 5 year or longer period (preferrable 30 years). I could then possibly sell the house or refinance it once prices start to stabilize.

One final note, while searching the net, I discovered that my original lender, (Name Removed), had its license revoked in California and Masschusttes 7 days after my loan closed and that an alert was sent out to all of the California title companies warning them not to complete any wire transfers. It really hurt me to know that the realtor/broker who helped me secure the loan knew that this company was on it's last leg and that they went out of business 7 days after my loan was closed.

Please, if anyone has any advise to offer, please do so.

[surreal4me2]

More news on the front...I contacted GMAC again, this morning and spoke to another one of their many agents who told me to call back on the 25th of April and make a regular payment and that when I can catch up on my payments (2 mos delinquent), then simply do so, but the agent did add a caveat and that was “miss, please make sure that you don't fall any further behind and please stop crying”

Guys,

I need some serious suggestions, I am open to any and all of them. I am compiling a list of names for GMAC higher-up the Food Chain Decision Makers. I am going to start a serious letter writing campaign, tonight. I need to know the phone number and address of all. IF THERE IS ANYONE OUT THERE FIGHTING GMAC for a modification and cannot afford an attorney like me, maybe we team up. I am calling everyday and will writing and faxing my way to the top...I NEED A MODIFICATION, the advice of paying the same mortgage amount, late every month, as penalties continue to be added to the balance, every month. Not to mention the outstanding property tax bills for 2007-2008 (along with the 2 property tax supplemental bills).

Please give me your thoughts and suggestions/idea.

Am I the only one begging GMAC for a modification?

[schwefls]

I had the same problem with my lender google "executives at GMAC/executive offices of GMAS" find out who these guys are and contact them you need to research and fight to get to the top. When you get the 411 call, call fax and fax, That is the only way my lender noticed me I emailed the CEO/COO and every other exeutive I could find. Then I called, called, called eventually they listened

[surreal4me2]

Thank you so very much for the encouragement. As I stated previously, I cannot afford an attorney and continue to pay some of my bills, namely any portion of a mortgage payment. I have to get a modification and I believe I am entitled to and will fight until they drag me out of this house. If I can get to the top, then I can make my case for RESPA and TILA violations.

If there anyone else reading my post and you have suggestions, please let me know. As soon as I find any information re phone number, fax number and email and street addresses, I will be post them for community consumption because I cannot believe that I am the only person here begging GMAC for a modification.

If there other good people out there trying to get to the top of the food chain, please contact me.

Peace and Blessing to all!

Surreal4me2

[Andrew]

Addresses

2030 Tilghman Street, Allentown, PA 18104
4061 Powder Mill Rd Ste 700,Beltsville, MD 207054053
100 Witmer Road, Horsham, PA 19044
4 Walnut Grove Drive, Horsham, PA 19044
P.O. Box 963, Horsham, PA 19044-0963,
1825 K St Nw 1210, Washington, DC 20006,
420 North Park Road, Wyomissing, PA 19610

Phones
(215) 682-3182
(610) 478-1011
(610) 770-1452
(800) 205-4622
(800) 627-0128
(800) 964-6063
(202) 785-4622
(215) 653-7660
(215) 682-1000
(215) 682-1220
(215) 682-3086 (FAX)

Their corportate office is in Horsham PA:

GMAC Mortgage Corporation100 Witmer Road
Horsham, PA 19044

Principal Contact
Mr. Jordan Nelson (Voice of the Consumer Director)
Complaint Contact
Ms. Diana Basciano (Voice of the Consumer Supervisor)
Other Contacts
Ms. Ruth Bryan (Customer Service Advocate)
Mr Greg Everett (Prod. Manager)
Mr. Jacqueline Harvey (Prod. Mngr.)

[surreal4me2]

OH MY GOD! Thank you so much! I can now start to fight for my home. You are a Godsend. PEOPLE this is what we all need, real information...and it can only happen if we share what we know through these forum.

Tomorrow, I will make my first round of calls and send out letters to each person listed here, daily!

I will keep everyone posted on my progress, daily, starting tomorrow morning.

Andrew, again, words cannot convey how happy I am to receive this information.

Peace and Blessings to you and your entire family.

Surreal4me2

[surreal4me2]

UPDATED,

As promised everyone here's my Update,

I mailed and faxed to 7 GMAC Departments my formal QWR letter today. In that request, I stated that I am of the belief that there were both multiple RESPA and TILA violations in the origination of my loan.

My next move is to start calling and refaxing each Department and Person, again, on Monday -- SECOND REQUEST.

If any of you have additional telephone numbers for higher-up in the food chain decision makers at GMAC, please share the information with me.

Surreal4me2 -- ANOTHER WOMAN FIGHTING TO SAVE HER HOME.

Peace and Blessings

[Kimbly]

Hi Surreal! I have no experience with GMAC, but wanted to say keep it up!!! Remember the squeeky wheel gets the grease!

[doxiesrule]

Hi Surreal. My experience with GMAC is nothing like yours at all--an entirely different situation. I just wanted to echo what Kimbly said: Keep it up! Being a single mom is not easy under the best of circumstances (been there, done that.) You seem to be a strong woman who will not go down without a fight. You Go Girl!!!

Lanie

[surreal4me2]

Update Time!

Thanks to Andrew, I was a able to mount a serious letter writing campaign. I have written, faxed and e-mailed everyone from the President of GMAC Mortgage RESCAP to Governor Schwarzenegger, as well as the DRE and positive resulting are starting to SHOW UP. I received a telephone phone calls directly from the Loss Mitigation Department, a personalized letter from the Voice of the Consumer Division stating that they will be advising me of the outcome of my QWR Letter within the time allowed by the "statute." A computer generated letter from GMAC's Loss Mitigation Department Headquarters located in Horsham, IA, as well as the assignment of a personal counselor who works out of the Texas Office. I have once again sent a loan workout package, together with a hardship letter and requested financials, along with copies of articles from the internet showing how my loan originator had all of its licenses REVOKED and was ordered to Cease and Desist 7 Days after my closing. These guys were shady and GMAC routinely conducted business with these sleazy people as a matter of due course. I sent all of those same materials to the President, Senior Legal Counsel, Voice of the Consumer and to both Loss Mitigation Departments and NACA by fax, e-mail and regular mail. GUYS I AM NOT PLAYING. I intend to do everything I can to reach a positive outcome. I AM PRAYING AND STANDING AND BELIEVING THAT all of screaming, crying, scratching and begging will not fall on deaf ears and that ultimately a positive resolution will be reached. Thank you all for standing in the balance with me. I WILL CONTINUE TO KEEP YOU POSTED.

Peace and Blessings,

Another American Fighting to Keep Her Home!

[surreal4me2]

Hey, guys I forget to share with you that I now have a personal counselor, his direct dial, 7 digit extension and personal fax number. I AM ENCOURAGED. PLEASE KEEP ME IN PRAYER as I continue to walk this road. PLEASE CONTINUE to send positive energy into the Universe on my behalf and everyone else that reaches out for help through this Forum because without you and your willingness to share information...I don't believe that I would have been able to reach this level of communication and HOPE.

Peace and Blessings

Another American Fighting to Keep Her Home

surreal4me2:

While I understand your desire to keep the house, I think you need to understand that there are alternatives associated with letting it go that exist because you happen to live in California and are a likely beneficiary of the non-recourse nature of your two loans, effectively meaning that California Code of Civil Procedure Section 580b provides you with some leverage relative to your lenders. My guess is you are cognizant of the decline of real estate properties here in California. That likely means that more is owed against the home than it is worth.

The fact that the "Loss Mitigation Specialist who told me that I did not qualify for any of their programs except for a short sell because my income was not sufficient to qualify for modification," is important information. It tells me that the reality is not what you would like.

Before going further, and perhaps telling you what you don't want to hear, please answer a couple of questions. What are the balances on the first and second loans? Were they created in conjunction with your purchase of the home? Is the home your residence? Is the property located in California? I ask these specific questions to see if CCP Section 580b applies.

Daniel

[surreal4me2]

Dear Professor,

The answer to your questions are as as follows:

I have only one loan and it was for the purchase; the balance is approximately $555K; and yes, the property is located in California; and yes, the property values have declined dramatically.

When like homes sells in my area, the selling price is somewhere around $390-400K, max.

I realize that the outcome may not be as I hope, but I must turn over every stone before walking away.

I appreciate your advice, whether perceived by some as a positive or negative, I will benefit from your advice.

Another American Fighting to Save Her Home!

This afternoon I discussed your situation as I often do with students in my classes. I actually teach a class titled "Real Estate Foreclosures: Debtors' Right, Creditors' Remedies," so as you might imagine I get to use this site as a great source for providing students with current examples of what is happening in the economy.

After sharing with the students your situation we had a wonderful discussion. One of the students had a suggestion I didn't think about and will share that with you at the end of this posting.

I mentioned in my earlier posting CCP Section 580b. I mention it a lot here on the forums when I learn the borrower is from California. One thing about negotiating with lenders (and I've represented lenders in the past so I speak from experience). Section 580b is a powerful tool for you. Basically what it does is if the facts are as you have outlined you have NO personal liability on the debt. The lender's sole recourse is to foreclose. If you look at your relationship with the lender as a "partnership," who has the most to loose?

Answer: The lender. After all they have $555K in the house and it is only worth $390K. If you walked up to them right now they would be a fool not to accept a check from you for $390K and release their lien. Will they do that? Of course not. But that is all they are ever going to get since you are not personally liable on the loan.

As to you, let's look at what you have to loose and what you potentially have to gain. On the loss side, all that will happen is you will take a hit to your credit report that probably won't impact you for all that long. Yes it is reported for 7 years but its impact will be lessened because there will be so many "victims of the real estate crash of 200X." On the gain side, well you can probably rent a home of the same size and in the same location for substantially less than your mortgage payment (plus taxes and insurance). You will also be relieved of eventually having to pay $165K (the difference between what the home is currently worth and the debt). I call that a pretty good deal. Oh and I wouldn't run right out and find a place to rent. These lenders take their sweet time completing a foreclosure. The minimum time period in California is 4 months. I'm guessing it will take them twice amount of time, particularly if you delay their progress by holding out hopes for them that you will go through with some sort of modification or workout.

So, just don't make the payments. Live there effectively rent free until they complete the foreclosure. Oh and when they are done, lender's have been known to pay you a couple of thousand dollars to voluntarily vacate the premises so they don't have to hire an attorney and evect you.

Oh and as to one of my student's suggestions, as I understand the situation that $25,000 was to come from a Broker as part of the deal. What you might want to do is to consider filing a complaint with the California Department of Real Estate (Department of Real Estate Home Page). Frankly the facts as you state them on this $25,000 is confusing at best, but maybe through an investigation the DRE may be able to help you get this money from the broker.

Take care,

Daniel

[surreal4me2]

Professor,

Thank you...I showed up to the party by contacting GMAC Mortgage and now, after reading your post, I am going to take a wait and see approach. After all the worst that can happen is I'm foreclosed upon and evicted by the end of this year, maybe.

With regards to the DRE, I am definitely going to file a complaint against the real estate agent and his broker because I know that they were both in conclusion with the loan originator of my mortgage. The owner of the ReMax office that my agent works from (according to DRE records), is also listed as an officer of a third-party, go between mortgage corporation.

Daniel, with much respect and appreciation, thank you for putting a different spin on my situation. I feel even more empowered, because I know that whatever may happen, I have the ability to negotiate too.

Peace and Blessings

Another American Fighting to Save Her Home.

Thanks for the kind words. I can say with pride that I use to work in the industry as a transactional insider when it was designed to protect the consumer. When I left it in 1995 and went into teaching, the ethical decline was already in full swing. The root cause was that just about every player was compensated, at least in part, on a commission basis. With loan originators more often than not selling their loans on the secondary market, concepts relating to prudent lending practices disappeared. Today we witness the results.

I have absolutely no sympathy for today's lenders. They created this mess and deserve to be driven out of business. They have victimized consumers by creating loan products that place impossible burdens on borrowers. The mortgage industry has no one to blame but itself. The situation over the next few years will get worse as "late to the party" regulators institute more stringent regulations that will result in more restrictive lending practices resulting in fewer qualified buyers. It is not going to be pretty. But what will happen is good news for our children who were priced out of the market. As values plummet, perhaps they will be able to afford to purchase a home.

Take care,

Daniel

[surreal4me2]

UPDATE TIME!

As of the writing of this note to ya'll I have not heard from GMAC, but recevied another note from their Voice of the Consumer Division advising me that they will be responding to my QWR Letter within the time allowed by statute...this seems a bit strange to me, but I guess they now have to CYA for legal reasons. I've called the gentlemen assigned as my personal counselor 3 times today without any response so, as I end this note, the next letter I write will be to GMAC, again and cc's to all of the Heads at the Corporate Departments and an e-mail to the President/VP of the Default Division whose last name begins with a "J."

Everyone, I woke up feeling depressed and every emotional this morning and then I came to the message board and starting reading about all of your successes and immediately regained my wits.

In closing, please continue to keep me lifted up in your prayers. Peace and Blessings to all.

Another American Fighting For Her Home!

[schwefls]

surreal4me2:

Keep fighting, do not let them you, you can and will win. I know it is discouraging, nerve-wracking and infuriating all at the same time. Please keep up the fight

[surreal4me2]

UPDATE #2

Everyone, prayer does work and all of your encouragement and positive voices helped me get through this day.

At approximately 4:50pm Pacific Time I received a call from my assigned GMAC Loss Mitigation Specialist who had a few questions that he needed to clarify before submitting my file for modification. At the end of our conversation, he asked me to fax a copy of the HOI Declaration Page. He also advised me that he was ordering a VPA or visual property appraisal/inspection, today and that should be performed within the next day or two. He also wanted to know if I wanted to have the property taxes escrowed and I said yes. I then asked him what I should do about this months payment, since the 1st was just around the corner. He asked me if I could make a regular monthly payment and I say I could try, but that it will be difficult. Mr. __ said well can you send me $_K (a number he proposed) and I say Yes. Mr. ___ said okay I will set those temp arrangements up now because I want you to be able to keep your commitment, so that you don't accumulate anymore negatives!

At the conclusion of our conversation, I asked Mr. ___ when I could expect to hear from him again regarding the status of my request; and he replied by saying "well you will probably hear from me on Friday" and I said well if I don't hear from you on Friday, I will start calling you like a crazy mad woman and start writing you and everyone at GMAC on Monday. Mr. ___ laughed and then I thanked him so much for calling me and he said I can't promise you anything, yet, but I am trying. I again said thank you, hung up the phone and began to give thanks and praise to God.

I want you all to know that I am cautiously optimistic, but I believe that I am turning the corner and that positive resolution is imminent. Everyone, Please continue to uplift me with your positive vibes and most of all please keep me and my entire family in prayer. I will update you all again, soon.

Peace and Blessings

Another American Fighting for Her Home!

[schwefls]

surreal4me2:

I hear your caution and don't blam you but, I am sure it will work out for you as well. Keep up with the optimism. I see light at the end of your tunnel.