GMAC loss mitigation

Hi Guest,

I haven't heard that the purpose of the short refinance is the bring someone with a front end DTI over 31% to somewhere under 31%. I don't think that government will provide any lender with incentives if they "pretend" to offer any options to the borrowers.

Mortgage companies will try and offer options to home owners so that they can save their properties. No lender wants to foreclose the property. They will try and see if the lender can save the property and also pay off the dues. As far as I can understand, the loss mitigation department is reviewing your account for a loan modification. If your request gets accepted, then you'll be able to save the property.

Thanks,

Jerry

GMAC is the worst company to try to obtain a loan modification from many home owners have been lied to and ripped off by lenders such as GMAC i have been in the mortgage field for about 7 years now and i can honestly tell you the best thing to do Sir. would be to enroll in the HAFA sometimes being in this field i realize how corporate America has taken advantage of so many people and it endless no matter how hard you try this battle is forever...i work for an non-profit government organization who actual helps home owners.....


so if any one has any questions i will be more than happy to help you out .....



there is so many great programs out there and many home owners need to understand the programs and start taking advantage of it



have a great day everyone

[Email address deleted as per forum rules. Thanks.]

Let me be upfront and honest with all of you. I had my loan modified with GMAC scam artists. My loan was reduced from 933.00 to 486.85 per month. Dec of 09 it was finalized. On April of 2010 i receive a phone from them telling me my payments were late and that my house payment was 910.00 a month. After hours, days, weeks, months of arguing, fighting finding out more lies they told me i contacted the FTC, Attorney Generals Office, the Governor, and a lawyer. There is nothing you can do because the modifcation loans are not governed by any state or federal guidelines. In lamens terms the investor who approves it can do or change anything they want to with your mortgage and there is nothing you can do about it but hope you have enough equity and sell. Thank you President Obama for putting together a plan with our tax money so that the lenders can get our houses for nothing and get paid out through AIG for the mortgage loss and then try to sue us for the balance.

You are so correct, actually I have been reading that this is all a part of Big Bank and Off Shore investors to implode our economy, and to devalue our dollar. Anyone that is upside down (me included) on your home we are ALL screwed. No matter who your servicing provider is. The REALLY REALLY sad thing is that we are CHUMP change to what all these brokers and investors are raking in.

Basically, the broker, servicer, and investor will make out BIG if you forclose because all these people have insurance...thats right...insurance that says if the loan defaults we will pay you a minimum of lets say $50K, if not more, or at least their initial investment. Imagine that times like 100K of homes foreclosing. Not to mention the Default Credit Swaps.....AHHHH! These frigging greedy pigs are purposefully making loans that are MEANT to fail and when they do.....they rake in the dough!

THIS IS FRAUD, and the BIG BANKS need to GO TO JAIL for this, and I understand that when "little banks" try to do what the big banks are doing....they just simply get shut down! THIS IS ALL SO WRONG!

Please understand I am far from a financial genius as you probably can tell, but its just so frustrating and I am trying to go through a loan modification and I am scared as heck that GMAC is just going to say "screw you" and sell my mortgage to some other investor and I get screwed and lose my home!

Ahh...but we are on to them, and I think if we all contact our Senators and Representatives and make some noise this MIGHT get to be in our favor.

I had a loan mod w/ Homecomings, and GMAC confirmed in an EMAIL my payments would not go up until 2013, they raised them in 5/2010, my state increased our payroll taxes now i'm behind. But they tell me i make too much to help. Um didn't GM get a bail out? GMAC is still part of that company.. but they don't want to help us home owners out?

all i want is to keep my home...

Hi Cori!

Welcome to forums!

Though GMAC has received help from the government, unless you meet the required criteria of the lender, you won't be able to qualify for a loan modification.

Feel free to ask if you've further queries.

Sussane

due to a job loss i fell behing several payments on a second mortgage with gmac. in december gmac sent me an offer to sign up for a program called fastforward, which upon me successfully making 3 consecutive monthly payments they would forgive my remaining delinqent interest, fast forward my account to current status and permamently reduce my interest rate. i filled out the paperwork and sent my first payment in before the december deadline. the problem now is that i have tried to make the payments for january and february, but both payments were retuned to me and gmac refused to accept the payments, stating that the payments represented 0 of 5 payments due. during the last month i have tried more than 30 times to contact the loan mitigation specialist who is supposed to be handling this, but all i ever get is an answering machine. i leave messages, but my calls are never returned. when i call the main office i end up speaking with somebody who never appears to know anything about the status of my account, and they continually transfer me to that same answering machine. i even tried talking to a manager in the main office, asking to speak with anybody else from the loss mitigation department that could help me, but the only response i get is that there is only that one person who handles my account and i need to contact her. also, they said that my payments were returned because they didn't meet the minimum payment requirement for my loan modification (which i never signed any paperwork for, nor requested). the only paperwork i ever signed and sent them was for the fastforward program, and the amounts i needed to pay for 3 consecutive months were clearly stated in their letter, and now they are saying that i agreed to make 2 payments (for an amount 3 times what the fastforward program indicated). as a result of my payments being rejected in january and february i am now afraid that i will be refused into the fastforward program, since i have not made the required 3 consecutive payments. all attempts to contact anybody at gmac who can simply give me a straight answer as to the status of my account with fastforward, and how i can send in my payments have failed. this is the first time i have ever heard of a mortgage company that refused to receive payments, so i am now totally lost as to what i should do next.

You're in a tough situation. You should contact your lender and negotiate and convince him about your situation so that he offers you the required help which will help you in saving the property.

If I were you before you get into a short sale consult with NACA, they are advocating on my behalf to get mortgage payment lowered and interest rate with Gmac. They have a huge success rate live testimonials and dont stop until you get a beneficial outcome. Plus it is all free. Good luck :)

Hi Guest,

Thanks for sharing the feedback on NACA with us!! I hope a lot of people will be inspired to take their help reading this!!

Thanks.

I have not had any good luck with GMAC loss migitation department.Every person you speak with gives a different lie.I have been trying to get a modification through for several months.All I am told resubmit.We never received your paper work.I still resubmit and hope they will get tired and final answer truthfully about my loan.I really want to settle this with them and get my good standing back of credit.Good luck to all others and let's continue to keep them congested with paperwork. I do not want to loose my home just want a lower payment and adjusted principal.My house value now is less than 90,000.00 and owed amount is 134.000.go figure.

Thank you for sharing your opinion and experience about GMAC in the forums. It is true that loan modification will take quite sometime to process as a large number of people keep on applying for this. I'm sure constant pursuing will definitely help you in modifying your mortgage.