GMAC Mortgage SUCCESS!!

[SoCal 67]

Congratulations. Again. That is amazing. Not only 1 but 2 modifications under your belt for the same loan. I am still here tormenting my GMAC HOPE rep to move move move. Calling FAXING and email (thanks to a loansafe member that kindly shared my reps email address). Thanks to that her INBOX will be bombarded. EMAIL is my preferred way of communication. It's ON!! But sometimes going staright to the top works faster. That' what I last did when the wheels stopped spinning in my loan mod request. I emailed the top brass at GMAC again and like magic, the rep reopened my case and resubmitted to my investor. If you were able to get 2 loand mods for the same loan approved I cant see why I cant get 1!!! Especially with a job loss hardship. Again CONGRATULATIONS.

[Tom H]

Surreal,

CONGRATS!!! Once again, and so you know I followed along in your footsteps and also got a call from my Keychain Alliance rep just prior to the Thanksgiving holidays, should talk to her tomorrow. Much like you did, I don't have very high expectations, but we'll see.

Congrats again!

[cadent49]

I received a call today too. I am very encouraged by what I was told. It's premature to give out the details since I have not seen it in writing, but it looks as though they are going to work with me. It is not all that I hoped for, but it is good and better than the first modifcation I was offered.

It pays to keep trying, the first no can mean a second yes. I am very thankful to this site and what I have learned from it. Wish me more luck!!!

[DaveandBrandy]

Surreal,

How did you go about contacting GMAC about reducing your principle balance. Did you e-mail, fax, or send a letter? I definitely would like to do this I just would like to know how you got it started. Also, if you do not mind me asking how much did they take off of your loan amount?

Thanks,

Brandy

[surreal4me2]

Hello To Everyone!

First, I wrote a compelling letter and faxed and e-mailed it to Mr. Javid Jaberi and copied it to everyone at the Corporate Headquarters in Iowa. I was contacted the same day by a Hope KeyChain Alliance representative, and received an open/direct line of communication/action for 2 days. After a few days of silence, I sent a follow-up email/fax to Mr. Jaberi advising him of the silence and inaction that I was receiving, unreturned phone calls, multiple voicemail messages and so on. I also copied everyone at Corporate again. Shortly thereafter, I received calls from several representatives at the Corporate Headquarters advising me that they would be monitoring the situation and to call them "DIRECTLY" if communications became bottle-necked again...Within hours of that contact, I was re-contacted by both representatives from Hope KeyChain and Loss Mitigation with assurances of a re-modification, as well as an approximation as to when I would receive the documentation. When I did not receive the documentation as promised, I starting calling and faxing again...the next day I received a phone call from Loss Mitigation that the documentation for the "fixed-rate" re-modification had been Federal Expressed, with a pending date of delivery to my home. I arrived home last night and another package was on my front door that contained another copy of the same “fixed-rate” re-modification document.

Everyone, the most important thing to remember is to be PERSISTENT, CONSISTENTLY....when a representative makes a claim to you, see to it that they live up to it....document every conversation, date, time, name and summary of your conversation because you may need to reiterate same to the top brass.

GMAC does not want our Homes. Also, everyone, please keep in mind that they are sure to face a mandate from the incoming 2009 Administration that will cause Mortgage Holders to possibly write-down mortgages, as well as reduce interest rates on primary residences whose TOXIC mortgages originated during the period of 2005-2007 (I think). It only behooves these banks, companies and servicers to get ahead of the train, if they can. I believe that GMAC and their team are good people trying to do just that, get ahead of the train that is speeding down the track to resolution. Citigroup, Countrywide (Now owned by B of A) have already stepped ahead and off the tracks.

BE PERSISTENT, PRAY, STAND AND BELIEVE IN GOD because THERE IS HOPE by believing with all of your heart that you and your family are worth it!!!!! STAND, PRAY AND BELIEVE AND BE PERSISTENT. In case you do not believe in GOD, then you should know that the GOD I SERVE is a MIRACLE WORKER and for that I must always say TO GOD BE THE GLORY! AMEN and AMEN!

Surreal4me2

Peace and Blessings,

Another American Who Fought For Her Home and Won!

[surreal4me2]

Dave and Brandy,

Sorry, I forgot to mention that the "debt forgiveness" portion of my re-modification was modest....it was less than 10K, but that amount combined with the interest rate reduction to 3.34% brought my payment amount down by an additional $369 a month!

Glory to God!

[Moe Bedard]

surreal,

We know that they dropped your rate from the original modification...............

how much did they reduce your principle by?
What was the original principle amount and what is the reduced amount?

[surreal4me2]

***,

You know I love you, but that is all the information I am providing. Everyone, Be Encouraged and go Forward with your request for a re-modification or a modification....just remember that NO can mean YES. Pray, Stand and Believe.

*** if you would like to speak to me privately about the actual dollar figures then please provide me a private e-mail address and I will contact you. Peace and Blessings.

Surreal4me2

[Moe Bedard]

It is in my signature.............. ***@loansafe.org

[DaveandBrandy]

Surreal

Could you please provide me with the fax numbers or any other contact info that I might need to send my letter, thanks!

Brandy

[surreal4me2]

Dave and Brandy,

Listed below is a snapshot of where I started:

e-mail: javid.jaberi@gmacrescap.com

Faxed to both of these numbers each time, 866-841-3432 and 215-682-3086 (corporate)

Copied the following folks, each time:
Javid Jaberi, Senior Vice President, Homecomings Financial (via e-mail)
Mitchell Oringer, Vice President Default Administration
Mr. Jordan Nelson, Director, Voice of the Consumer
Governor, Arnold Schwarzenegger (via U.S. Mail and e-mail)

Officers, Residential Finance Group, RESCAP
Paul Bossidy, President
Bill Casey, Treasure
Tammy Hamzehpour, General Counsel
Jim Jones, Chief Executive Officer
Luke Hayden, Senior Managing Director (w/attachments)
Bruce Marks, CEO NACA (via e-mail)
Darren Hendon, Counselor, NACA (via e-mail).

I don't know what state you live in, so make sure you copy your governor and because I live in California, it was important for me to let the Terminator know about my situation, so make sure you include your governor on all correspondence.

Peace and Blessings -- Keep Us All Posted Here.

Surreal4me2

[mindscreations]

I am very happy for you,

I hope that this experience has made you believe in this world of good people like Moe and all the members like ourselves. Once again Congratulations and may god keep looking over all of us.

[jbishop]

Hi Everyone,

We are new to this forum. Help, please!

Here's the story:

Purchased home in July 2006. GMAC loan amount $840,000. Five year interest-only 6.38%. To balloon up in July 2011 to $6,600/month. Now struggling to make current payments of $4,462.50/month. Depleted all of our savings. Refinancing is not an option due to property value decrease.

We did fill out loan mod paperwork in March 2009. Never heard back. Called every week to check status. Blown off and/or told it was in "pending status" every time. Finally, in July 2009, I insisted that my package be reviewed. I was told that the case was "closed" because we were current on our payments. Basically, the lady told me that, if I don't make my payment, that's the hardship. I've never missed a payment and I have rock star credit.

Questions:

Should I miss payments to get assistance?
If I miss payments, will this affect my credit?
If they do review my package and decide I'm not modification-worthy, then what happens?

Thank you so much for any information you can send our way.

"Troubled in T.O." (Thousand Oaks)

[Riley18]

Hi, you might have more luck with advice if you post your story in its' own thread. That way people here will know you have questions.

Have you had a loss of income? Do you have credit card debt because of the high mortgage?

[jbishop]

Hi Riley18,

Thank you for the advice. We posted a thread called "We are new. We need help. Thank you for this website."

Have you had a loss of income? Do you have credit card debt because of the high mortgage?

Work has slowly been cutting back on salary perks, taking away overtime, etc. We have do have some credit card debt.

[phil413]

JBISHOP,

You applied originally in March for a loan mod. I would try again and submit the paper work for the HAMP which is on gmac site. It is my understanding that per government standards they have to consider all applications they receive. Even though your balance is higher than allowed I recently ask them to do a principal reduction or defer payment until loan is refi or home sold. If you don't qualify for that program they will consider you for other programs. I am waiting on their response.

I had one loan mod with Homecomings which is a subsid. of GMAC. That was before the HAMP program came out. You have to call them at least 2-3 times a week.
Also if you are not getting responses you should try calling the executive office. That always generate a call from someone within 24 hours. Oh, I was not late on my payments either. I had an adjustable that went up about $1,000.