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GMAC cancelled my loan modification when I filed bankrupcy

Discussion in 'Stop Foreclosure and Tell Us Your Story' started by Izabella, Feb 26, 2010.

  1. Izabella

    Izabella LoanSafe Member

    I had finally gotten approved through GMAC for a temp. loan modification in Jan 2010. I have been sick and have undergone chemo and had fallen behind on my finances due to medical bills and loss of work. In my paperwork I noted that i would be filing bankrupcy soon also in which I just did feb 23. Today I called my mortgage company to make my payment over the phone and they would not take it. they said that since I filed BR they cannot accept my payment and cannot talk to me and have cancelled my mod. No one told me, I had recieved nothing in the mail. What is wrong with these people?:eek: How are we suppose to maintain our financial obligations when those that "PUT US HERE" are just letting it all go to hell? However I am sure their pockets are more than full.

    The person I spoke to said that after the BR is done, I can apply for another loan mod. and see if I qualify. If not, I will lose my condo. But frankly at this point if that happens, I will store or sell every bloody thing in it and leave only a shell. It has depreciated 62K and I am so underwater and upside down that I will never be able to make up for this loss. :mad:
    It's time we stop being victims and start showing our power:D:D:D. We do have it ya know. I know it is sad and infuriating and so very unfair and WRONG!!:mad::mad::mad::mad: But if they want my bloody condo and won't work out terms then they can have it. It will never be an asset anyway at this point since I owe so much more than what it's present value is. I am sick of all this BS anyway and all the chaos and uncertainty. Sometimes I feel like just purchasing a little trailor, putting everything I want to keep in storage and sell the rest. WAlk away laughing... Their such greedy idiots anyway...

    I really loved that story about the man in Ohio that bulldozed his place to the ground.

    What are your thoughts?
  2. yomann

    yomann LoanSafe Member

    We are also filing BK7 next month, and started paying on a special 4 month forbearance agreement this month.
    Our attorney said WFB will "most likely" move our file to their BK department and we can continue on from there.
    Perhaps you may want to check if GMAC follows similar procedures ?
    One other thing the attorney mentioned is WFB may ask us to reaffirm the loan, which he advised not to do.
    Then we can do a "ride thru" and agree to make the current or new agrrement payments as the case may be.
  3. msm859

    msm859 LoanSafe Member

    My guess is that it would not be wise to file bk while you are trying to get a loan mod. They will use it as a reason to deny.
  4. ItWillWork

    ItWillWork LoanSafe Member

    I believe the reason they can't do a trial modification while you're in bankruptcy is the bank has to do any communicating through your lawyer. Technically you can't call and ask for progress, they tell you to update records, and all the usual business involved with getting the permanent mod done. That's the same reason you stop getting collection company calls. The mod process is collecting on the loan debt. I have read that people have filed right after their permanent mod is done, and those who started the mod after the BK was done. I know it is all so frustrating, but in this case, there are technicalities that prevent it from happening.
  5. deb1026

    deb1026 LoanSafe Member

    It sounds like you would be better of letting the condo go and renting something you can afford. Let the bank deal with it if they want it so bad.
  6. Liza09

    Liza09 LoanSafe Member

    We set up a trial modification plan with GMAC prior to filing BK. Once GMAC was notified of our BK, they cancelled the trial mod. I stayed in contact with the BK dept. of GMAC and re-applied for a mod while in active BK. I sent in all the paperwork they requested ie. hardship letter, 2 years tax returns, financial statement, etc. From my understanding, the BK dept. has their own negotiators. Once they received my paperwork, it only took 2 weeks to get my loan modification approval. A reaffirmation agreement was worded in the mod. They gave me a month to accept and return the mod. I held off sending it for as long as I could. Three days after GMAC received it back, my discharge was granted. Since GMAC didn't get court approval for the reaffirmation, the debt is not reaffirmed. We are making payments but can still walk away if things should ever go south and not owe a penny. We also settled the second on the loan for a little more than 5%, but that's another story.

    Note: We were a Chapter 7 BK and the property was a rental property. I don't know if GMAC handles everyone this way but this is how it went with us. If you want to try and keep your condo, make sure you stay in contact with GMAC's BK dept. We had to have our attorney sign an authorization letter to be able to speak with them. They mailed our attorney the form to sign.

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