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Is GMAC Mortgage more likely to do Loan Modification now

Posted on: 18th Oct, 2010 09:56 am
Since GMAC has placed foreclosures on hold due to bad press concerning the poor manner in which they have been handling requests for Loan Modification, are they more inclined to work out Loan Modification. We sent in all of our paperwork concerning a property that we bought for almost 100% financing through another Mortgaget Co, (that eventually ended up with GMAC,) in Dec 2006 for 1.2 million. We have lived in the property since then, but due to my losing my job and being unemployed for approximately 6 months, and providing around the clock care for two elderly parents, we have not made a mortgage payment for 2 years. I, fortunately did go back to work 1 and 1/2 years ago, and we want to save our home, and begin making payments again. However, the house and 20 acre horse property are now worth only $800k, and so we are upside down in the mortgage. I have sent in the whole package for Loan Modification to GMAC x 2, have never heard back from them, and seem to have to talk to a different person at GMAC each time we call them, or they call us. Would they be more likely to work with us now, after their recent bad press?
Hi jamesrdavismd!

Welcome to forums!

In my opinion, this is a good time to reapply for mortgage modification. I will suggest you to contact your lender and re-send the loan modification application once again. There are chances that the lender will accept it.

Feel free to ask if you've further queries.

Sussane
Posted on: 19th Oct, 2010 01:03 am
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