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Successful Permanent Mod with USAA/GMAC

Discussion in 'Loan Modification' started by awood22, May 12, 2010.

  1. awood22

    awood22 LoanSafe Member

    We finally have achieved success. For background, we stopped paying in January of 2009. We have submitted our mod package at least half a dozen times and were denied each time. The Bank finally filed a foreclosure action (we live in Florida=judicial action required). In Florida you are forced to mediate the case if the property is your primary residence. The Bank actually came through at mediation.

    We owed $320,000 on our home (one mortgage) and our payments were $2489.00 per month (6.75%). After the mod, which was finalized yesterday, our payments have dropped to $1469.89. The interest rate will be 2% for the first 5 years, increasing one percent each year after that until it reaches a max of 5.35%. The term was increased to 39 years. The Bank added the delinquent amount to the principle for a grand total now of $350,000.

    We could be more happy. Just wish they had done this 12 months ago and saved us the additional principle.

    On a side note, we just settled $27,000.00 in credit card debt with BOA for $4200. Around 15%. Workouts are out there. Just keep trying.

    I'm a lawyer here in Florida and I can tell you from experience, the best chance to get a mod from the bank is at mediation as part of the foreclosure action. I know that's not an option for all states, but if you live in Florida, mediation is your best bet. Whew!
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Wow congrats that is an excellent modification!

    Great job settling your credit card debt as well, it would be wise for anyone who has a large sum of CC debt to pursue this option..

    BTW was this a HAMP modification?
  3. awood22

    awood22 LoanSafe Member

    No. Not a HAMP. We didn't qualify for that. They called it an "in house" modification.
  4. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Oh ok, yes a lot of in-house modifications lately are resembling much of what HAMP has to offer. Congrats again, your hard work and due diligence has finally paid off!
  5. LOLA28

    LOLA28 LoanSafe Member

    Do you mind sharing ur income i'm in the process of sending my application but want to make sure i do it right. my question regarding the income is r they base on gross income or net im so confused regarding expenses should i go base on my gross or net please help they already started the pre-foreclosure process and would like to send this ASAP thanks alot.

  6. tmkim

    tmkim LoanSafe Member

    Congrats! How on earth did you get your CC debt to 4200 from 27000? Nice!

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