GMAC Mortgage SUCCESS!!

[DaveandBrandy]

Has anyone gone through a loan modification with GMAC Mortgage. Are they willing to work with people?

[Moe Bedard]

Hi DaveandBrandy,

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

Just go to the Success Section and look there.........we just had a recent one over the weekend............
Also to see who is working with GMAC........go to the search at the top of the posts and search GMAC........you will get all of the information for them that is on the forum.........

Hope this helps......

[DaveandBrandy]

Thank you for your help!

[DaveandBrandy]

Cat,

I looked up a previous post and got a bunch of addresses and phone numbers for GMAC contacts. Would you happen to have e-mail addresses and/or fax numbers so that I can immediately get my hardship letter out as well as putting it in the mail.

[Moe Bedard]

I am working on those currently...........but Andrew might have some now....he is the one that compiled the GMAC contact list for another member........

Andrew any email contacts for GMAC?

[DaveandBrandy]

I started off on this website reading other people's stories and seeing what options I had. My husband went through a lay off, I was off work temporarily due to the birth of a child, and needless to say we were doing everything that we could to make our mortgage payment of $1241. Then, our loan adjusts and our payment is $2701, talk about shock. I'm really not sure how many days that I cried for. How were we going to pull this off? Yes, we were both back to work, but now we had childcare costs and anything and everything associated with a baby. Not to mention our other 2 children. Thank goodness for our income tax refund and tax stimulus check which helped me pay the past two months mortgage. Not to mention we were not very smart when we did our loan and we are in a Neg Ammortization situation. A family member handled our loan and completely screwed us. I WILL NEVER BE THAT STUPID AGAIN!

I used the GMAC contacts list and started sending and faxing my hardship letter out. It actually worked (I think)! Yesterday Parrish from GMAC called me and we went over everything on the phone and he is positive that we can be helped. We went over all of our numbers which he will present to the investors and call me back with my new numbers. He is hoping for right around $1500, which I can stomach with either a 5 year freeze, or fixed interest rate for the life of the loan. I would prefer the latter, but right now anything will help! He also says that they can change it to a fully ammortizing loan.

This is what I have been waiting to hear and need to thank you for getting me started. I didn't know that there was such thing as a loan modification, basically I thought that we were screwed. Thank you thank you thank you!

He should be calling me back within the week and everything should be handled by July 1st. Please keep your fingers crossed for us! I am hoping that the ray of light will not be a disappointment!:

[Moe Bedard]

Brandy.........

This is great news!! I will keep my fingers crossed for you!!
I am so happy to hear this........it must be such a relief......

Please keep us posted when you hear.........

[surreal4me2]

DaveandBrandy,

Hello and how are things proceeding with GMAC! Please give me a positive?

Another American Who Fought For Her Home and Won.

[cookiefrmcali]

Hi Dave and Brandy,

It will work out in the end. Follow the steps for the LM. This site is great and gives great advice.

I'll keep you guys in my prayers.


Cookie

[DaveandBrandy]

Well, I am still wating. I've been calling every day and leaving messages when I can. His box is full a lot of times, and trust me I will call 5-6 or even more times per day! I just left another message, so hopefully he will call me back soon. This part is discouraging, but I am definitely hanging in!

[RudyJay]

daveandbrandy

When I was waiting for the loan mod from Chase I think I only talked to the person assigned to me twice during the whole time. I just talked to any loss mit or loan mod spec that could look to see where my file was and what was happening to it.

Although the wait time for Homecomings (GMAC company) was a bit shorter , I talked to the Loan modication dept guy who told me what it was the loan mod team could do for our loan. When I wanted more information and called back the initial guy that called me was unavailable...so I explained to the rep what information I was looking for and he was able to read the notes in the computer for me..I don't know if this helps..but here it is...rj

[DaveandBrandy]

Does anyone know the format for e-mail addresses at GMAC. Is it last name, first name, @gmac? Thanks for the help. I have not gotten a call back from my loss mit specialist. I am currently on hold to talk to the next available rep, but maybe I can try the e-mail route.

[Moe Bedard]

This is not the formula for the emails at GMAC, but this is the Senior VP and they have helped members.......

javid.jaberi@gmacrescap.com

[DaveandBrandy]

Okay, so I guess I spoke too soon. I just spoke to a loss mit rep and I am soooooooo excited. I told him that I received a letter yesterday letting me know that I was late with my mortgage payment and should I go ahead and try to make my $2801 payment (even though I have no idea how I would do it!) He told me to hold off because I should be receiving a call in the next 1-2 days, they are just waiting for a final approval on my mod and I need to make a payment of $900.05 on July 1st. I said if he new what my new rate would be and he told me 1% for 5 years. Could this be true? Are there going to be demons waiting to take my home at the end of these 5 years. What will my rate be after the 5 years. I am so excited and so skeptical all at the same time! Is 1% really possible?

[Tom H]

So you know, they promised me the same thing, but it sounded too good to be true. I was skeptical like you but didn't want to say anything. Thus far I haven't seen it writing yet but it is supposed to take effect in July and I cancelled my short sale listing, rented my home, and have moved into a rental in Texas all in the last two weeks.

It's been busy, but at 1% (while not a principal reduction) during that five years I can at least pay down at least half of what I'm currently upside down and the full payment will be lower than what my neg am payment was previously.

For both of our sakes. I hope GMAC isn't pulling our legs - but again I haven't seen this in writing either.

Tom

[DaveandBrandy]

Tom

Did they tell you what to pay on July 1st and have you paid it?

Brandy

[Tom H]

My neg am payment was appx $3200, and the new payment is supposed to be about $2800 bucks. I did pay the old payment this month and my statement for next month doesn't reflect this new payment - just got it today but will try to speak to my guy next month. As I rented out the home though my homeowners insurance went down by 50% with just a fire policy and I made the May 31st deadline in California to have my property value reassessed. Hopefully next year my escrow will go down some. Bad news is I have PMI at $400 per month which isn't going away anytime soon.

[DaveandBrandy]

I am also in California. I don't know any details, I just spoke with a rep who was looking at my file. My neg am payment was $2800 and I have to pay $900 on July 1st according to the person that I spoke with. I am not sure if this will be my new payment or not.

THIS WAITING GAME KILLS ME!!

[DaveandBrandy]

I also wanted to get this number out there. If your loss mit rep is unavailable or you are leaving messages and can not get a hold of someone call 800.850.4622 and use
x2362609

You may wait on hold for 20 minutes like I did, but you will speak with someone!

[RudyJay]

Good luck to you daveandbrandy and Stangflyer70.. sounds like really good deals..rj

[DaveandBrandy]

I just called GMAC again, because I was told that I would be receiveing a call in a couple of days, and it has been 3. I could not get a hold of my loss mit, so I spoke with someone in the department and they told me that my modification had been approved on the 18th. I have $900.05 due on July 1st and then my rate would be at 1% for 5 years leaving my payment at $1281.72. That's a whole lot better than my $2801.00! I asked about after the five years what my rate would be and she said that it would be in the paperwork that they send out, but just to make sure that I send the $900.05 by July 1st. So, my modification is a success![/B][/B] I am just waiting for the papers, even though I am unsure what the rate will be after the 5 years we need this help now and we received it! I could not have done it without your help, guidelines, sample letters, contact info, etc! Stumbling upon this website was the best thing for me and I will reccomend it to anyone and everyone out there!

I'll keep you posted about my docs and when I receive them! Thanks again!

[RudyJay]

Yeh... CONGRATULATIONS...I don't know if this helps but ... I talked to a loss mit rep on 6/10/08 that I was approved. On 6/16/08 I recieved a call from a notary firm who handles the Homecomings account (GMAC company) to set up for a notary to come to my home for signatures. 6/18 I rec a phone call from a local notary and confirmed our appointment. 6/19 call from Notary company to confirm that local notary called for appointment/ 6/20 we are scheduled for this morning for signatures.. I will let you know how it turns out... What great terms... good job rj

[RudyJay]

DB

Hey... 5 years is not too bad ... Anything can happen in 5 years..Save your $ .. 5 years of a lower rate is better than 5 years of a higher rate...imagine your monthly payments over 1/2 of what it was...good deal...rj

[Moe Bedard]

This is great news!!! Congratulations!!

Please let me know when you receive the docs and if you have any questions on them.........

[DaveandBrandy]

RJ

I hope that your appointment goes well! So, it took about 10 days for the whole process. I am leaving for work on the the 27th and will be out of town for a week, so hopefully we work past that!