Mortgage Complaint Hotline: Consumer Protection Bureau (855) 411-2372

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djdebz

LoanSafe Member
Oct 1, 2009
27
0
0
Got our 2nd package (after being denied from the first "approved" modification)

GMAC sent us another mod, after the one we were sent and congratulated for was denied back in March, and this one is offering a deferment of $73k, due at either the sale of the home or after the loan is paid in full (now it will be 40 years instead of 30). The original mod that was supposedly accepted, gave us a principal forgiveness of $69k, with no balloon payment due. What are your thoughts on going up against them legally? I cannot believe how we have been told for the past 3 months that we were being forgiven more than the last time, and in reality, we are paying for this mod in the long run--no breaks here. After almost 5 years of going through this, I am so disgusted with the system and how people are being treated and lied to. My husband has been out of work for a year and a half; it's not easy even to get part time work here. The Consumer Protection Bureau at least got the ball rolling for us this time, but, GMAC is playing dirty.




I am sorry that you were unable to file a complaint through this avenue, they may not have been able to help with the type of complaint.

There are multiple ways to register a complaint about your mortgage servicer or to report fraudulent activity.


• Contact your State Attorney General. Contact information by state is available here: State Attorneys General who signed the Joint State-Federal Mortgage Settlement by State | NationalMortgageSettlement

• File a complaint regarding your servicer with the OCC here;

File a Complaint about a National Bank
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
GMAC sent us another mod, after the one we were sent and congratulated for was denied back in March, and this one is offering a deferment of $73k, due at either the sale of the home or after the loan is paid in full (now it will be 40 years instead of 30). The original mod that was supposedly accepted, gave us a principal forgiveness of $69k, with no balloon payment due. What are your thoughts on going up against them legally? I cannot believe how we have been told for the past 3 months that we were being forgiven more than the last time, and in reality, we are paying for this mod in the long run--no breaks here. After almost 5 years of going through this, I am so disgusted with the system and how people are being treated and lied to. My husband has been out of work for a year and a half; it's not easy even to get part time work here. The Consumer Protection Bureau at least got the ball rolling for us this time, but, GMAC is playing dirty.
I can not speak to if you have any legal recourse here, if you feel that you have a really strong case, you would need to sit down with a real estate foreclosure attorney in your area and bring the paperwork and timeline information with you and see. Also file the complaints to the other entities such as your states AG and the OCC.
 

kdarcel

LoanSafe Member
Feb 9, 2012
89
1
8
I filed a complaint with Consumer Finance and Wells Fargo Executive Office of Complaints callled me took info again and denied me all within 1 week.
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
I filed a complaint with Consumer Finance and Wells Fargo Executive Office of Complaints callled me took info again and denied me all within 1 week.
What was the reason stated that you are being denied? You posted in your thread that you have a loan backed by Freddie Mac, have you checked if there is a Freddie Mac Borrower Help Center nearby where you can sit down with a counselor and find out exactly why you are being denied?

Here is that information;

Who to Contact for Help - Freddie Mac
 

kdarcel

LoanSafe Member
Feb 9, 2012
89
1
8
NOt Freddie Mac

Hi Cat, the specialist in the Wells Fargo complaint office told me that HSBC (a group of private investors) are my investors. She told me that they want the arrearges paid within 12 months. Well I cannot afford to pay 23,000 over 12 months. Do you know if there is a HSBC contact. Thanks so much.!!!!







What was the reason stated that you are being denied? You posted in your thread that you have a loan backed by Freddie Mac, have you checked if there is a Freddie Mac Borrower Help Center nearby where you can sit down with a counselor and find out exactly why you are being denied?

Here is that information;

Who to Contact for Help - Freddie Mac
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
Hi Cat, the specialist in the Wells Fargo complaint office told me that HSBC (a group of private investors) are my investors. She told me that they want the arrearges paid within 12 months. Well I cannot afford to pay 23,000 over 12 months. Do you know if there is a HSBC contact. Thanks so much.!!!!
That is a very difficult investor to work with and we have not seen many permanent modifications approved with this investor since the inception of the forum. They have only provided temporary help in the past and had not participate in any government programs. What you may want to look into is the program through NACA and give it a try, this is what some other forum members are trying.

The information can be found here;

https://www.naca.com/nacaWeb/refinan...aspx?language=



And as I type this I now noticed that you had already posted this elsewhere on the forum;

Just getting started