Homecomings/GMAC SUCCESS!

[mmohammed]

I began to have income problems in October 2007. I have a primary residence where my payment is $3000 a month and an investment property with a 1st and 2nd total payment of 2900. My total bills per month including credit cards and cars is around 10k. In October I liquidated my 401k and pension in order to supplement the income I was no longer making in order to continue to pay all of my bills as agreed. In January of 2008 I began to try and get a short refinance approved on my primary residence. A short refinance is the exact same as a short sale the only difference is the homeowner refinances instead of sell to pay the mortgage company the short balance they are willing to accept. After six months of the run around my mortgage company (Homecomings Financial)agreed to reduce the what I owe (315k) to 152k so that I can refinance based on how much my value had fallen. I got the approval in writing. I was not able to get a refinance however bc my fico is only 620 due to all of my high credit debt and I cannot prove enough income to support my debt without a co borrower. I called them back and asked them to modify the loan and charge off the loan to the amount they were willing to accept since I have never been late with them and I would just continue my loan with them at 152K. the negotiator on my file said that she would not request the investors to charge off my loan balance to get it to 152k because that is not how things are done in the short sale department. she further said the only reason they were charging off the amount to bring my loan down to 152k is bc with a refi or sale they would receive a lump sum but she would not ask the investors to charge what i owe to bring the loan to 152k bc that would mean they would not get a lump sum. i feel like i have hit a wall. I now do not have enough money to pay the mortgage and am about to get my first 30 day late. She told me the loan mod department would not help me bc they do not deal with pay offs that te short sale department (which is her department) was the only one i should be speaking to. Is that true? Should i call the loan mod department and deal with them? I dont know what to do. I dont want to lose my home nor do I want to lose the opportunity to get my principal balance reduced which would tremendously help my affordability of the home. If anyone has any suggestions please let me know

[Moe Bedard]

Hi mmohammed,


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

We have a discussion thread on this very subject.............and since in over 4900 members you would have been the very first one that ever received a written agreement on a first agreeing to reduce principle....it is hard to say what steps to take to recover that other than try the contacts below and see where you get ...........especially from Homecomings where most members are having a hard time just getting their investors on the loans to modify...............

1st / 2nd principal writedowns - question for Moe

here is all of the contact numbers and info we have for GMAC..........not sure if it will help you............but you might want to try and see........

javid.jaberi@gmacrescap.com (Senior VP)


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.)

[mmohammed]

Thank you for a prompt response. Are you saying i should try to contact GMAC since I am at standstill with Homecomings. which of those individuals do you suggest I talk to first?

[Moe Bedard]

It is just a list of contact number directly to GMAC who owns Homecomings Financial...............we don't know the dept. or the names that are attached to the contacts...............it is all we have available for either Homecomings or GMAC as far as contacts..........

[mmohammed]

Just an update.... I am going to ask homecomings for an even further reduction in principle in order to get my LTV down to 65% in relation to what the property is now worth so that a new lender will refinance me. Pray for me, i was not able to make the payment for the first time in July so I do not know how the lender will perceive my request.

[RudyJay]

Good luck..rj

[mmohammed]

Can anyone explain what surplus is and how surplus works. I dont know if you are supposed to have a positive surplus or negative surplus or exactly how it is calculated. as many responses as possible are appreciated.

Also, just an update on my situation with Homecomings.... I contacted Javid Jaberi. Thank you *** for giving me that contact email address. I received a call back from I believe his assistant. So Im awaiting to speak with her to see if there can be any negotiations. What i requested from homecomings is since they previously put in writing that they were willing to accept a reduced principle payoff and i was not able to secure a refinance with another lender i am asking them to rewrite my loan balance down to the payoff they put in writing that they were willing to accept. hopefully i will have good news to report.

[Moe Bedard]

The surplus needed or not needed is different with each of the investors..........you would have to go over the financials with the lender to see what the investor on your loan requires..............what we use here is just a guideline based on the success stories from different lenders............some investors allow a small deficit and some have percentages that they use...........

[mmohammed]

Is there anyone who knows of a surplus range that gmac or homecomings financial uses?

[mmohammed]

By definition is the surplus the amount over or under that is left over when comparing your monthly debt to income, right.

[Moe Bedard]

It is up to the investor on your particular loan, GMAC/Homecomings is your servicer.........
some have had as much as a $300 surplus.........and their investor accepted this..............
Instead of submitting and having an error.........you might want to just go over the financials with the person who is calling you back.
also take a look in the Success Section threads...........GMAC and Homecomings would be listed in the titles.........you might be able to get some info there too..........

[mmohammed]

just an update on my situation. i emailed javid jaberi like *** suggested. i got a phone call the next day. my request was to write down the balance on my home since i had already gotten a payoff approval in writing to accept less than the full amount of what i owed (i owe 315k they were willing to accept 152k) and i could find no other lender to refinance me and i did not want to sell my home. gmac came out and did another appraisal sinc it had been 5 months since the last one. it came back at 150k and the rep, James, who has been wonderful, said they are considering writing down my balance to the current value of the home. i should know for sure in a week. please keep me in your prayers as all of you who are going through the same thing have been in mine. i will hopefully have good news to update in a week. thank you *** for your great advice and for this website of tremendous support.

[Moe Bedard]

Wow that sound great!!
Good Luck! I hope you get some good news soon.......

[mmohammed]

A praise/success report!

GMAC agreed to write down my balance of 313k to 200k and reduce my rate from 10.25 to 5.0%! I was given these terms over the phone and should have them in writing by mid October. I was asked to make a "good faith" payment of 1350, and I did. Does that sound normal. Does it really take that long to put the terms in writing. the rep that is working with me said he had never seen this done and it went all the way up to the president for approval. Im so happy but a little concerned it wont show up in writing like the rep said or it will show up a little different than what he told me verbally. Im still praying though, this reduction will lower my payment from 3008 to 1073. thanks again *** and everyone participating on this site for all your support. i will drop one last note once i receive it in writing.

[Moe Bedard]

That sounds Gr8! What a relief for you!

Please so let us know when you receive the final paperwork.......

[mmohammed]

I received the final paperwork in writing! I already signed and sent it back. the terms reduced my principle balance from 315k to 208k and my interest rate from 10.25% 30yr fixed to 5% 30yr fixed! My payment has gone from 3008 per month (including property taxes) to 1330 per month (including property taxes)! I am so happy I am beside myself. Thanks again to *** for Jaberi's email address. Without that I dont believe I could have got this done. Thanks again to everyone for all of your posts which provided much encouragement and insight. Best of luck to everyone. You are all in my prayers.

[RudyJay]

Well done..Sleep well... Congratulations..

[Pandorah]

WOW how on earth did you get this accomplished?! I am sure that is far too much to ask for in our situation, but wow would it be a blessing.

Congratulations to you!

[Moe Bedard]

Great job! We do not see many principle reductions in the loan workout arena and this is an awesome example of one. Congratulations and thanks for sharing your story here on Loan Safe!

[Tom H]

CONGRATULATIONS TO YOU!!!! Well Done!

[surreal4me2]

Unbelievable! I am so happy for you! Now the challenge for me is to go back to Mr. Jaberi and ask him to strongly consider rewriting the principle amount of my mortgage down too. I have been building my case and now I am encouraged to execute it. Congratulations Again! LoanSafe you guys just keep on Rocking!

Another American Who Fought for Her Home and Won!