[TripleCrown]

I applied for a modification back in May of this year. I started a 4 month trial period on June 1st, and ending on September 1st. All the payments were made on time. I called them mid September to see what was going on. They told me the final docs were on the way, and not to make another payment til I receive them. They never showed up, so I called again. Told me to wait, they should be there soon. A couple of weeks later I called, and was told they would resend them, and not to make a payment til I receive them. This went on for a couple of months. Then I was told the reason I hadn't received them was because the docs had never been created. A supervisor would have the final docs created, and sent, and would continue to monitor the situation. Still never got them, and during repeated calls, was always told they would be there shortly. Then, on Dec 15th, I receive a phone call telling me my modification has been denied. They wanted to know why I was behind in my payments. They also told me to re submit another request for a modification. They said the regulations had changed, which is why I was denied. I am now 7 months behind in my mortgage payments, which is about $15,000, and they haven't paid my taxes or house insurance, which has since been canceled due to non payment. I was never late with a payment til I started their program, although I eventually would have been, and don't understand how I can be denied 8 months after applying. I did everything they asked, and all on time. If I didn't qualify, why was I accepted into the program at the beginning. What am I supposed to do now?????

[Thelimat]

Unfortunately, situations like yours are all too common these days. It is possible for you to get assistance from your lender, but it will require patience and persistence.

Step 1 - You need to reapply for a modification as soon as possible.

Step 2 - Contact your homeowner's insurance agent and get the policy set up again, even if you can only pay monthly. You do not want your lender to force-place insurance. This type of insurance can cost you 2-4x what your policy would normally cost.

Step 3 - Contact GMAC's escrow department and explain that your taxes and insurance have not been paid and you are currently requesting they pay it. If they are not currently escrowing for this, ask them to set it up for you. This may take several follow up phone calls to ensure it is done. Make sure you get a fax number and fax them copies of your homeowners insurance information and property tax statements.

Step 4 - Once you have confirmed GMAC has received your request for a modification, ask if they can put you on a payment or forbearance plan. Explain your situation and say you want to do whatever you can to begin making payments again to keep your home out of foreclosure.

Step 5 - Keep calling. You should call your lender at least once a week. No matter what they tell you, keep making payments until you have documents in your hand.

This is a very lengthy process. I tried to keep this post as simple as possible, if you need more help, have questions, or run into any other issues let me know.

[TripleCrown]

Here is an update. After re-submitting the modification package, GMAC told me I have been approved, and sent me the paperwork to sign. The payment on my first modification that they didn't honor, was $980. My new modification payment will be $1646. That's 3.5% for five years, 4.5% for one year, then 5.25% for the final 24 years. I called and questioned the high payment and was told that is the best they can do. I said the Obama plan calls for the payment to be 31% of gross income, which would put the payment at $1335. They then said they aren't using the Obama plan, and this one is the only modification they are offering. I told them that all this will do is delay the eventual foreclosure. They said this is all they can do. I also have to accept the offer by the 15th of January, which isn't much time. Once I accept the modification, the paperwork says I will no longer be eligable for a future modification. GMAC continues to receive billions of dollars in bailout money and does next to nothing to help struggling homeowners like myself to keep their homes. I owe about $80,000 more than what my house is worth. I was never late with a payment until I started with their program and now my credit is shot, as they have reported me as not making a mortgage payment since the first modification program started. I am more or less forced to accept this modification, and will probably not be able to make the payments a few months down the road. Makes no sense, especially since the government owns a large portion of GMAC.

[admin]

we have been able to help homeowners that are set up for failure, no tin every case but we know the business and would love to offer assistance to those that have tried and failed.

[Z Burkett]

I feel your pain, all of you. I was fortunate enough to find a company that is legitimate. Now I know that the banks the news and government say we shouldn’t go to any company that charges, that the banks will modify your loans for free. Well, how many of us on here have had our loans modified by the banks? A lot have lost their homes, and lot more still will unless you do what’s necessary to save your homes from the banks. I went through what most of you have, I was there. Then I was referred to Corey Lassiter of Clear Image Financial Group. They saved my home. I know I would have lost it to Wachovia if it wasn’t for him, Tasha, Denise and the rest of the people who work there. Got me caught up on my mortgage 1st & 2nd, lowered my interested rate & payment, and secured me a 50k principle reduction. Before anyone else on here loses their homes you need to give them a call 877-940-1477 ext 231. Corey Lassiter. Don’t be afraid of hiring a loan modification company, be afraid of the banks, they are the ones who are taking our homes! I know they get the job done. News and TV made me afraid to even consider a loan modification company because they are all scams and my lender will do it for free (wrong). There hasn't been not one story about a good company and when I tried to contact my local news channel they told me that my success story wasn't news (What!) So, I am making it my mission to spread the word on this GREAT company!

[lehua768]

The payment on my first modification that they didn't honor, was $980. My new modification payment will be $1646. That's 3.5% for five years, 4.5% for one year, then 5.25% for the final 24 years. I called and questioned the high payment and was told that is the best they can do. I said the Obama plan calls for the payment to be 31% of gross income, which would put the payment at $1335. They then said they aren't using the Obama plan, and this one is the only modification they are offering. I told them that all this will do is delay the eventual foreclosure. They said this is all they can do. I also have to accept the offer by the 15th of January, which isn't much time. Once I accept the modification, the paperwork says I will no longer be eligable for a future modification. GMAC continues to receive billions of dollars in bailout money and does next to nothing to help struggling homeowners like myself to keep their homes. I owe about $80,000 more than what my house is worth.