GMAC Loss Mitigation suggested for us to skip 3 month payments?

whomever told you that is plain wrong...hire a professional to try your loan mod for you..

i am about to go behind in my payments. i sent the paperwork for loss mitigation three weeks ago asking for help so i can stay afloat and not hurt anyone. am i wasting my time with gmac. i am thinking of dumping the house and screw the bank. they are not helping anyone. i am so sorry we ever helped them. they should be unemployed.

Hi robert!

Welcome to forums!

If you are interested in saving the property, then you have done the right thing by applying to the loss mitigation department for help. It is not true that you've to be unemployed in order to get a modification. Rather, you should have a job in order to get a modification. This will convince the lender that you would be able to make the payments after your loan is modified.

Feel free to ask if you've further queries.

Sussane

I just got denied today. They said i show the ability to pay even though I lost my job and my income was cut to less than half. My mortgage pymt with my taxes and insurance are about 50%. I pay my taxes and ins on my own. my base principal and interest paymt is at 31%. GMAC didnt include my taxes and ins in the 31%. I tried speaking to the knuckleheads in cust svc and supervisors and all they could say was you dont qualify. I know the 31% includes everything except second morts. I was so frustrated after trying to explain the rules of the MHA program to the GMAC, my blood pressure was thru the roof. I have never missed a pymt in 7 years. I am going to stop paying immediately and give them back the house or try an short sale. Talking to them will make a perfectly sane person crazy. To top it off I used to work for GMAC for 6 years and as loan agent. They took govt funds and are required to help people. They are crooks!

To all who are trying or plan on trying to get the modification loan be forewarned. GMAC will take forever to approve you. When you finally get your modified agreement your payments will greatly be reduced. Be careful, copy any and all paperwork, record all phone conversations, and do not trust them. Why? might you ask? Well were approved for our trial on 8-1-2009. We made the three payments of 486.29. We recieved our final paper in November for our final agreement which stated our new permanent payment that adjust 50.00 dollar every 5 years was 486.65. Now here comes the best part. According to Obama's Making Home Affordable Plan by the Federal Government, when they modify your loan, any unpaid payments, late charges, back takes will be added to your modified loan. They will tack on 5+ yrs to your loan and add between 5 and 7000.00 dollars. They never tell, show, or provide proof of what that money was. We have been making payments since we signed and returned it December 1st. April 15th we receive a call saying our payment was increased to 910.00(almost exactly what it was when we modified it). The reason being they never did add the back taxes or fees. After 100;s of phone calls and lies from all different departments GMAC stated they dont have to put your taxes etc in the modified loan. When told that was part of the agreement they say in lamen terms "Oh well to bad". We also asked why our escrow now shows a negative balance. They replied they have been taking money out of it because they can. The finale: They now say we have a -537.00's in our escrow, we are behind over 4,500.00's and they just sent out a breach of contract that says if we do not pay this amount by June 2nd they will foreclose on our house. After conferring with an attorney we have a strong case against GMAC, not only did they lie, the defrauded us, embezzled money out of our escrow, broke the rules of a federal program, and forged paperwork by trying to change online data and paperwork. Yes we do have proof, we have many recorded phone calls, and we also filed a formal complaint with the attorney generals office for fraud. Oh the best part, they will never send you a copy of your final agreement that they sign, or when they get around to signing it. Want to know why they do this? Our neighbor writes mortgages for certian unamed companies. She told me the investors that aprove these modifications take out insurance policies on them. So if you fail(even though you didnt) Not only does GMAC get the loan money, they get your house, they auction it off and sue you for the balance. Kinda funny how our hard earned tax dollars bailed them out and now they take the rest. Good Luck to all of you and if possible get a new lender and get rid of GMAC.

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

DO NOT TRUST GMAC!!! Was told last July we had to miss a payment in order to qualify for a Modification. Now almost a year latter we have had our loan interest rate reduced but have been reported to the credit bureaus as have not making ANY payment since July. We have paid all payments requested starting in November of 2009. They refuse to change it and report that it is a Bank liquidation with no payments. They said during the modification our credit would not be affected and if approved no changes would be made. They LIED! My score was 790 now it is 685 and my credit cards are reducing the line of credit and upping the interest rate. DO NOT BELIEVE ANYTHING THEY SAY

Hello, my problem is with GMAC. I was given a modification in March 09, I was told to make my first payment in May,09, which I did. Jan 2010 , recieve a letter from GMAC and told me I was 2 months behind in my mortage, I told them that couldn't be right, because they had given me a modification in March 09 and I was making my payment on time. Now they told me they don't have any record shown that I receive a moification. I fax them my paperwork so the next thing they told me the Judge didn't sign off on my modification, I told them the judge sign off on the modification in June 09. My lawyer told me to ask them would they do another modification since they have up my payment on my first modification. GMAC since me another package, so I fax them the package back today 6-07-10, came home and got a letter in my box today saying they are going to foreclosed on my house July 2, 2010 if I don't bring my payment current. I don't know how the govenment let mortgage company get away with treating people like this. We are the ones who bail them out with our tax dollars and now we are getting the dirty end of the stick. Do anyone have a solution for this madness?

Hi Sunshine!

Welcome to forums!

You are in a real difficult situation. There's hardly anything that can be done. However, if you've the proper documents, then you can fight a case against them. You need to contact an attorney and he may help you in a better way in this regard.

Feel free to ask if you've further queries.

Sussane

I have tried repeatedly to work with GMAC on a mortgage loan modification. I have been told everything from "you make too much and should be able to pay your mortgage" to " your income is not sufficent to cover your mortgage even if you got the modification" I have NOT changed one thing on my financial statement since the first time I applied. It seems that they do not want to help people that could be helped........Has anyone had any luck with a GMAC loan Mod? If you have, please post how you did it.

Good luck to all who are struggling!!!