GMAC Servicer

[Mike]

I am just simply devastated and quite frankly don't know where to start, so I will start at the beginning by telling you that I am a single mom with a daughter in college.

I bought a house for $555K. The mortgage bank at the time was Lenders, which has since gone under and closed its doors permanently. Point One; I bought my house in Jan '07 with a 100% financing. I was advised by my Realtor that due to past credit issues, this was a good thing for me and besides I would be able to refinance, with ease in SIX months. Looking back, I was a complete idiot because of all of the signs of fraud and negligence where present...

I guess my first clue should have been when my agent had me come to his house to sign my loan documents in his KITCHEN and then they were notarized by his SON at the same time in the KITCHEN... Yikes what an idiot I was to do so and now I'm paying the price. Point Two; as part of the negotiation of this house my Realtor arranged for the Seller's (seller was represented by Prudential) client to pay my closing costs and to provide me with a $25K for repairs at the close of escrow.

You guessed it. At the close of escrow my agent told me after a week or so (and I have all of the emails from him to corroborate my story) that all of his funds had been confiscated by the IRS because of his former wife's failure to pay taxes and now he was being held accountable and this Broker had to turn over the funds to the IRS. Yes, everyone I was and still feel like Idiot Al Carte. Meanwhile I had workers and handymen completing repairs to the house, like painting and restoring the very basics, so I could move into it and make it livable, and in doing so, I exhausted my savings, but I wasn’t worried about that because I knew I had my funds coming back to me at the close of escrow, right, WRONG.

I was repeatedly told by my realtor that he would get the money to me as fast as he could. Meanwhile, I have been robbing Peter to pay Paul and we all know who Paul is aka GMAC. Point Three; As if all of the above wasn’t enough and to add further injury, in July of 2007, I received 3 separate tax bills, one for $762, and another for supplemental for $2500 and then a third supplemental for $5500. I called the realtor and he advised me that the taxes had to be wrong and that I should take up the matter with the Seller's Escrow company and the City Assessor.

I contacted the Seller's Escrow and the agent advised me that because I bought a house from a trust that my agent knew I would be hit with supplemental bills and it should have been explained to me and that I probably signed a disclosure explaining all of that. WELL guess what, I did, but it was never explained to me. Point Four; my realtor called me in July and said that he could get my loan refinanced, but that I had to act quickly while there was still a window because the banks were getting crazy and things were drying up. Well that turned out to be an understatement. The long and short of this refinance scheme is that my former realtor was not able to do anything for me and in the process of trying to do so, he shopped my credit to SIX difference mortgage banks and/or investors.

NOW I AM REALLY CONNED with yet another major hit on my credit. Point Five; After begging realtor for the balance of my money over and over (and yes, still begging) I finally decided I had to go get help with my mortgage, fast. Point Six;, I went online to GMAC/Homecomings Financial, downloaded their workout plan and mailed it to their office via Certified Mail in December 1, 2007. I never heard back from GMAC about my documents. I called them every month starting in July and going forward advising them that I would be late with my payment. Oh by the way, my payment is $4310 exclusive of property taxes and insurance with a 10% late penalty for every payment after the 16th of the month. My salary is only $74K, so you know that my salary was stated (or should I say inflated) in order for me to qualify for the loan.

Since I did not hear back from GMAC, I started researching the internet and discovered NACA. I attended a NACA workshop and then a month later was scheduled to meet with an actual loan counselor. On February 20, 2008, the NACA counselor took all of my financial info and plugged it into a computer program and submitted it for review to through their Homesave Program. At that time of that meeting I advised by the NACA counselor that not only did I have predatory loan, but a crazy loan because what I actually signed was a 40 Year Mortgage Note a $500K balloon payment due at the end of 40 Years.

Guys, upon hearing that news, I just broke down and cried. I don't know which way to turn or what to do and I will tell you why. Point Seven; I received a letter from GMAC's default division yesterday asking me to call them to discuss several options to prevent foreclosure. I was very happy until I actually spoke with Camille, the Loss Mitigation Specialist who told me that I did not qualify for any of their programs except for a short sell because my income was not sufficient to qualify for modification and that I needed to earn at the very least another $2500 per month.

At the present time I am 1 ½ payments behind, soon to be 2 because I intend to make another ½ payment on the 31st of this month. I am also looking for part time employment to help keep me a float. HELP! I don’t know what to do....I want to keep my house, pay my mortgage with affordable terms can anyone offer me any advise….I really do believe I was taken advantage of in many ways, first because I signed my documents in the realtors kitchen, they were notarized by his son. I was not told that I could change my mind and that I had at least 3 days to do so. I now know that the owner of the ReMax Office in Whittier California where my former agent is still conducting business is also an officer of one of the mortgage companies that my loan was shopped through repeatedly. I am still owed $7500 for which I have the realtor’s admission, in writing, as well as some jimmy rigged agreement to pay me out future closings at $1500 per escrow from this shady broker/owner of the ReMax office.

Also, the shady realtor offered to negotiate with GMAC on my behalf to get my loan terms modified. I just don’t know what to do. The property values in my area have plummeted and there is more inventory…. The bottom-line is that I really don’t want to get forced out of my home because not only did I sank my entire life savings into this place and yearly salary, but it means the world to me.

There must be something I can do. DOES ANYONE HAVE ANY ADVICE? SHOULD I GET A LAWYER AND GO PUBLIC, I'M READY TO DO WHATEVER IT TAKES