[angie d]

...BESIDES the very expensive FHA streamline refinance? We purchased our home in September 2008, and are current in our payments(with no late payment ever). We applied for loan modification (due to a medical hardship) and have been told that our FHA loan does not qualify for the president's plan. Our lender (GMAC) has taken five weeks just to tell us that, and now wants us to wait another 60 days to tell us if they can do anything for us at all. We are afraid that they are going to tell us that the only thing that they will do is a streamline refinance which will cost us another 6,000 of our equity. Meanwhile, we are using credit to cover expenses and I'm worried about my credit rating going down. I’d love to be able to access my equity, but no one wants to lend us money with our high debt ratio. Wondering if there are any other programs that GMAC could possibly put us into? or should I just peruse the streamline refi and save another 60 days of waiting to be told that there isn't another program anyway. HELP!!!

[jenkinsmerit]

Let me get this straight...YOU asked for a loan with terms YOU agreed to for a house YOU signed a contract on to purchase in Sept 2008 and now less then 1 year later; YOU are asking the bank to "modify" the terms of the loan that YOU applied for with terms YOU agreed to...... How would you feel if the bank was coming to you and saying "Sorry, but we are changing the loan terms because of things that you have no control over. we are raising the amount you owe, we are increasing the interest rate, and this is increasing your payments by several hundred dollars a month."???????? LOTS of people are forgetting that they gave their WORD to repay money borrowed from the banks. I guess "money" isn't really money unless it is in YOUR pocket. If it is on a loan docs then it is just a number but if it is written as equity in the house then you DESERVE to have it in your checking account. The Bank TRUSTED you to repay according to the terms they LOANED you money ad now you are telling the Bank," I can't be trusted to do as I say I will" but don't hurt my credit for that. News Flash YOUR credit rating is a number based on how TRUSTWORTHY you are to repay loans that you have taken out.

[psrnote-ability.com]

Angie D,

I don't know who JERKinsmerit is or what they think they know, but DO NOT pay any attention that post.
I don't claim to be any know it all wiz kid, and I do not have any specific knowledge about fha loans,
What I do know is this: ALL lenders are willing to entertain the idea of loan modification for those who have a legitimate hardship. Suprise medical being one of the top hardships considered.
Do Not Give up. Continue to talk with your lender and keep negotiations open. Also Do Not give in to what you actually need to save your home. Your lender will will continue to make offers that best suit them, not you. Stick to your guns and make it known that if they cannot meet your needs that foreclosure will ultimately be your only choice. They honestly do not want that.
On the other hand Don't try to be greedy. ( although asking for more than you need in order for them to counter with something that might work is not unacceptable).
Remember, you are in a fight! to keep your home. Go out there every round and give it all you've got.

I read the rules of this forum, but am not sure if I can be expelled by offering assistance or a web page or a phone number or email so I will not at this time. If those are acceptable practices on this forum then you'all can let me know. If there is a PM you can use that. otherwise I'll try to keep up occasionally. Unfortunately my schedule leaves me limited time.

Best wishes Angie. You do have a right to your home.