Home Loans and Support

Please help with GMAC!!

Discussion in 'Loan Modification' started by bgmspd, Apr 26, 2010.

  1. bgmspd

    bgmspd LoanSafe Member

    I recently filed a loan modification application with GMAC and after about 3 months of going round and round with requests for everything i already submitted they told me, when i called, i don't make enough to pay my bills and a loan modification isn't going to help me. They claim I'm 3k short a month but somehow I'm current on all my bills however this will change after my wife just had brain surgery and will not be able to return to her job ever, which is about an 85k loss in pay for us. I then learned that we do not qualify because we are current in our payments. I have a payment due in about 6 days that i can't make and wanted to avoid this as i knew this day was coming but now i need help and i don't want to ruin the credit i have worked so long to preserve. Any help or advice would be greatly appreciated. Thanks in advance.
  2. justdeb

    justdeb LoanSafe Member

    first thing is to actually know how short a month are you from your income to your actual bills - and how much in debt are you, all total? You may be paying the bills -but are you paying them by using credit cards to do it? If so, then the bank, unfortunately, is correct - and you cannot afford the house nor a loan mod if the income is not there. There just wont be a way around that scenario if your income wont sustain it. Are there rentals that would be cheaper for you in your area?

    My prayers are with you and your wife and I hope all is well for her surgery and recovery. Its hard enough going through this entire ordeal, but add sickness into it, and it makes it even harder.
  3. bgmspd

    bgmspd LoanSafe Member

    After speaking with a rep last night from GMAC for over 45 min to confirm the numbers they had in the system for our modification they were way wrong. So i was told it's not their fault and the loan is closed and i need to resubmit the packet for approval. Now my wife's income did change throughout the process but updated pay stubs were sent at their request and the information is still not right.

    As for how short we are, we actually are not. We don't use our credit cards and are paying all our bills on time up until now. My wife's disability will be over in 3 months at which point she will have no income pending a pension that is worth a whopping 28k a year, which is taxable.

    And the option of a rental is not possible since i have a daughter with Cystic Fibrosis and have made thousands of dollars of upgrades to our HVAC system and the removal of carpet and other things to make a cleaner environment for her to live a happy life.

    It was just very difficult to hear the represenative tell me that until you are late that you really are not eligible to receive a modification. And by no means am i saying that others are not responsible here but i made a responsible decision to contact GMAC when i knew there was going to be a problem a couple months down the road. While waiting for my approval/denial i blew through our savings to pay off bills and lower our debt.

    Sorry for the long post just a lot of stress like some many other I'm sure. But finally does anyone know if there are loan mods for people who are not behind on their payments??
  4. justdeb

    justdeb LoanSafe Member

    were werent late with our 1st but we were with PNC.... different lender (and we were in imminent danger as hubby lost his job and he's the only one that works). So to answer your question, yes..it has been done, but rarely. It took us almost 8 months from start to finish...and it was 8 months of hell. We are currently in Ch. 13 to strip the 2nd.

    Responsibility isnt the issue... affordability is ;). If you need to be late to get your loan looked at (and it sounds like thats exactly what they are telling you) - then... you have a decision to make today; either continue to exhaust your savings and try to make the payments = not getting a mod until you exhaust everything and then apply OR stop paying on your mortgage and go 30 days late..and then apply. Its one of the two, but ultimately the choice is yours as you know your situation better than anyone of us on here or even the banks.

    Rental may not be an option right now at the moment - but you do need to think about the "what ifs" - are you going to be able to keep your house without a mod? Mods are few and far between these days it seems...lenders just do not want to do them - thats the sad truth of it all. So you have to have back up plans.
  5. bgmspd

    bgmspd LoanSafe Member

    I GOT A LITTLE LUCKY TODAY. Called HQ for GMAC and spoke with an advocacy rep today and told her my story. She was so understanding and compassionate about my situation. She took my number and said someone will call back today. And sure enough about 4 hours later a rep from GMAC called back and said i can offer you an instant 500.00 reduction until you find out what's going to happen with your wife. And if she should not ever be able to work call me back and we'll go lower. Not that the 500.00 is a lot compared to some of the stuff I've seen here but this is going to make my next couple months until we can decide how we're gonna go with my wife's recovery so much easier. I wasn't asking for a lot and got enough to make things manageable for now. I was told the change is going to be immediate and to make my next payment before the penalty date of the 15th and the papers are on their way. So i can't say how much this site and the 6 hours of reading i did last night have help me for now.

Share This Page



"Hello Moe, I just wanted to tell you, your website has saved my life (literally), I stumbled on your site in the middle of losing my home, I was able to network with people going through the same thing as I am. I didn't feel alone anymore, I have tried to give back and counsel those that haven't walked in my shoes yet. We hear so much about what is wrong with America, I just wanted you to know, you are whats "right" with America."

Nina Mitchell
Loansafe & MoeSeo Inc. © 2014 | LoanSafe.org is not a bank, lender, mortgage broker, law firm or affiliated with the US Government. Privacy Policy