GMAC Mortgage - Is it true?

[Joel Fraser]

Hello Everyone - Not too long ago, I posted a very successful story about my loan modification through CITI Residential regarding our first loan. My next battle is my 2nd part of the mortgage and it's through GMAC. I sent an email to all the big-wigs in GMAC and in less than 5 minutes I received an email from Mr. Javid Jaberi stating that someone from his dept will get in touch with me. True to his words the next day I received a phone call and she stated that she's part of the GMAC or HOPE (in my excitement I didn't care if she was from Timbuktu). She told me that she's going to send a package through FedEx and true to her words she did - we received the package right away. I gathered all my documents and faxed it over to her… I called to make sure she received all 22 pages, but in her msg she was out for vacation and will return July 7th. I called to follow up again yesterday July 8th and what she told me was devastating. She probably took a minute to look at my file and said that we will not qualify. Reason is that our net income minus all our expenses we have a residual expense of $1800. She explains further that if we no longer have to pay for GMAC (for example) we are still up side down ($650). Someone is not going to get paid and GMAC doesn't take part of that - she said "it's very unethical" if another creditor doesn't get paid. The only way we can ask for a loan mod is for me to find a job to make up the difference. She said so many things that was shocking and outraged me that someone from GMAC or HOPE would conduct such manners. In the end, I told her that if she could do me a favor and just at least try and submit our papers. Again, she said with a big sigh w/annoyance, "I'm not trying to be rude to you and I don't mean to sound like I have to explain to you again, investors will not even look at your paperwork, but I will forward your papers to loss mitigation". And we hung up - so I was furious! I fired another letter to all the big-wigs and few minutes later an email from Javid stating he will have one his managers investigate my case further and that it's not necessary to copy this entire people in my email. So this morning (7/12) - I received a phone call from loss mitigation dept. and proposed the following.Permanent modify interest rate at 6.5% - we are currently at 10.5%. She asked if I can make a payment by July 28th in the amount of $800, skip a payment in August and start our new payment of $805.18/30 yrs fixed rate, same maturity date, no fee, no penalty, no interests surprise at the end of the loan, there's a $1400 interest (June 08 and July 28 – prorate) that's forgiven and that she will send docs in writing as soon as investors signs off the proposal. COULD THIS BE TRUE? Sounds to good to be true. I can only wait and hope until I see it in writing. At this point I can only hold on to her words and hope for the best. When we bought our house at 625K in 2005 it is now worth probably around 400K not even enough to cover 80%. Am I giving free money to GMAC?But despite all this drama I find my courage through this forum. I learned so much from this forum and I know there's always a solution to everyone's problem. Thank you and I will keep everyone posted.:confused: