GMAC loss mitigation

I hope this info can help. I loss my job 12/2008, and created a service company.. It took a few months for me the start making money with my new company. GMAC is working we me through their loss mit department. I had to file a book of data: Profit loss statemet, financial hardship, bank statemets for 6 months, etc, etc... They are working with me in a positive manner. They gave a temporary deduction in mort amount from $1,300 to $1,080 per mo. until the loss mit package is processed. I an now able to make my payments, because my now business is gererating revenue. I am an HVACR Tech in Phoenix (desert), I also gave them a four your year projection plan. All I ask them to do was to help me with the four payment when I fell behind. So far GMAC is okay. Their in business to generate profit, no good will. Good luck, but find ways to help yourself, America has fallen, and they cannot get up. It is up to us (Citizens) to put these institution back on their feet. Sad but true.

I WISHED PRESIDENT OBAMA NEW HOW HARD IT IS TO GET A LOWER INTEREST RATE AND MODIFICATION. I'VE BEEN ON THE REPAYMENT PAY FOR 9 MONTHS EACH TIME I THINK WE ABOUT TO GET AN ANSWER THEY ASK FOR MORE DOCUMENTATION LIKE "QUARTERLY REPORTS, PAYCHECK STUBS. JUST LOWER MY INTEREST RATE TO 2-3% I'M CURRENTLY AT 7.35 - If they would only lower my interest down my new payments would be as much as the repayment payment. I guess I'm going to have to hire an attorney here in LA so we do not have any surprises from GMAC down the road. I feel they are using a dart board to complete loans.

Mymortgage used to be with Homecomings. Two years ago ARM increased and I couldn't make my payments for two months and they put me on a modification program. I then made payments EVERY MONTH for almost a year and then they sold my account to GMAC. Now GMAC started the modification program all over again, didn't recognize my previous modification payments with homecomings and has since extended and increased my monthly payments three times. GMAC's customer service is terrible (putting it nicely) They are very difficult to work with and REFUSE to transfer me or letting me talk to anyone in the modification department. Recently, they called my homeowner's insurance company, cancelled my monthly deductions from my checking account for my homeowner's insurance premium and escrowed my insurance and property taxes thus increasing my payments again. My payment were about $1,200.00 and now they are proposing a monthly payment of almost $1,800.00. I thought that a modification program is to make your payments affordable instead of increasing. Even though I have made my payments on time, I received a foreclosure notice. So, I had no choice but to file Chapter 13 and hopefully with the help of the court, I will be able to arrange an affordable payment. Enough said.

This was a 80/20 ref. cash out 100% from Indymac and GMAC the payments are 723.00 per month I get 650.00 rent will they redo the loan.
My credit is no good now. the value droped to 59,000 I owe 72,000

Hi Rich,

With a bad credit and no equity on the property, it won't be possible for you to refinance the mortgage. Lenders won't be ready to give you a loan. If you want to save your property, then you can apply for a loan modification with your lender.

Thanks

Your on your own pal! You have to remember your on your own in this world! People don't care about anybody anymore, shoot people don't even say hi to their neighbors in todays society! It's all about me me me! I see it everyday, people of today are animals, with no remorse and no dignity! Good luck to all that are having problems and remember that next time don't get yourself stuck in the same spot your in today! Buy a little house, a used car, stop trying to keep up with the Jones's because they don't care about you anyway!

I agree with Terry! People treat each other like dirt! I have worked with GMAC and they gave me the run around! They didn't want to help when my pay was cut in half, then when General Motors decided to take my job to Mexico and the job was gone they didn't want to help then as well, now that I'm outta money I will let it go, Its a shame! I will start over down south! I hope that people are a little more caring for each other down there! I will rebuild in a smaller home and never get in this fix again! If I can't pay cash for the house, then I will rent a shack till I can! People need to understand that the wages and benifits are gone! Thanks to nafta and corporate greed it will take a long time for America to be the country it used to be when our grandfathers built this country! People are spoiled and irogant with each other and I hope to see changes in the future! One can only hope! 8)

hey bonbon not all who have $300,000. houses are living outside of our means. I live in suffolk county ny and bought a 2 bedroom dilapidated home for $320,000. Property size is 100 by 112. Futhermore I put down over 25% towards the purchase price of the house ($80,000). Local taxes are about $8000 a year. Gmac has sabotaged my attempts to get a loan modification process by giving wrong information and hiring uneducated representitives on the phone who are unqualified. They continue to make up thier own guidekines to the modification process and too have been told I have to be in defualt to qualify or have less than 3 months worth of mortgage payments in the bank. These guidelines are nowhere to be found on making homes affordable or financial stability .gov

I dojnt feel dad for you mucho you bought to big of a home and took out adjustable rate mortgages two of them if I am correct. Now you are crying wolf. It is people like you who got us here in the first place. I bet you put little to no money down towards the purchase price of your house. Thanks for bringing down our property value . When your house gets boarded up I am sure your neighbors will be happy that you are gone . It is people like you who got us into this mess in the first place 2 mortgages pmi buying out of your means while you enjoy the lavish good life in your half a million dollar home fyi your home did not even lose that much value. Look at yourself as the problem now you want help

I have a mortgage with GMAC and I am going thru a shortsale process. My frustration is that the realtor has taken over 20 days to send the package to my lender. She has told me for weeks it was sent. I called GMAC several times and they have not received it. Finally, she told me they are processing it and it will take "a few more days." The contract was signed on April 8th, this is May 2nd and it still has not been sent in. Is this common among realtors????

It can take quite sometime for the realtors to send the packet to the lender.

gmac loss mitigation can be renamed gmac loss assurance...i hope they clean house over there. their negotiators are completely out of touch with reality. my husband and i just went through a foreclosure with them after attempting to sell our home short for ten months. we finally had an offer for $214k after listing the house originally at $249k and systematically lowering the price over a period of seven months. gmac had already told our negotiator that $214k was a price they'd accept and once we got close to that price, we started to see activity pick up on the house. we received and accepted an offer for that amount. in the meantime, gmac closed the office that had our file and moved the file to dallas. we were assigned a new negotiator at gmac who turned down the offer and countered at $235k, which our buyers wouldn't accept. we had already had the house at that price six months earlier with no activity and tried to explain that to them. this was the end of march 2010. we had to raise the listing price on the house to $235k. we missed the tax credit for buyers window, never received another offer...and the house sold for $198k in the sheriff's sale. greed and ignorance abound at gmac!!

I neglected to say that this was not a case where we were in over our heads or trying to live beyond our means. My husband and I BOTH lost our jobs within a month of each other,and we had been in our house for ten years. I had been on my job for eight years and my husband on his for three.

Short sale it to someone you know and stay in the property with a lower balance and lower monthly payments. Then transfer the loan back to your name in 12-24 months.

I have been trying to refinance my home loan for over a year now, but do not have enough equity in the house due to fallen home sales. I clicked a link on GMAC's website (my mortgage lender) for refinanacing. I received a call the next day from a rep offering a short re-fi. According to the rep, with the short re-fi, the house would be appraised and GMAC would deduct the differnce between what I owe and what the house is appraised at. Example - Owe - $330,000, House Appraisal - $300,000 = New loan amount $300,000 with 5% rate + pmi. Sound great and TGTBT? Well, seems it is. I gave the rep my info and received this response from their loss mitigation specialist "cannot approve this one with the current front end DTI being greater than 31%...it's failing the calculator for all kinds of reasons. Have the borrowers complete the attached financials and send back...for loan modification" After finding out what a front end DTI is, I figured out that my current front end DTI is over 31% (wife loss job) but would be well below 31% with the proposed short re-fi numbers. I have sent numerous emails and left numerous messages with the specialist with no response. Few questions I have are:
1. Isn't the purpose of the short-refi to bring someone with a front end DTI over 31% to somewhere under 31% ?
2. Does GMAC get some sort of incentive from the government to pretend to offer these options?
3. Are mortgage companies under any obligation to "try" to give owners options.
4. Where do I go from here?

Thanks,
Chris