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Homeowner jerked around by GMAC trying to get a loan modification

Homeowner jerked around by GMAC trying to get a loan modification and now faces foreclosure

In December 2008 a Contra County homeowner was told that his credit score was too low to receive a good rate, and that he should do a loan modification.

Here’s his story:

I was also told to call back in January 2009, only to be told that I would need to be 60 to 90 days behind in my payments in order to qualify.

Then I was told that the program had not been finalized by Congress and to call back at the beginning of February to speak with a loan officer and not to make a payment.

I called on the date that Homecomings Financial/ GMAC told me to call and was told not to worry, call back in two weeks and still not to make a payment. // article contined below video //


Has your loan modification request been in limbo, denied or cancelled? Watch this video

Loan modification expert, Mike Rockwood, and author of the recommended loan modification workbook, explains how to use a handful of proven strategies to escalate your demand for attention and action on your loan modification request.

These strategies will help you overcome the stall tactics, long delays, wrong answers, incompetent employees and rejection of your trial or permanent loan modification.

In the video, Mike mentions a government agency you can contact to complain, namely, The Office of the Comptroller of the Currency (OCC). Click here to read more about OCC agency and what it can do for you

Click here for more Q&A Video Coaching segments that will answer your urgent questions and give you proven strategies to fight for your loan modification.

FYI: As a last resort and for added protection if the clock is ticking against you towards a foreclosure sale date, learn how to stop foreclosure in a day to buy more time to work out a solution.



I made every call on the dates I was ask to call back and did not make a payment. My final call was on March 27, and I was told that my home went into foreclosure March 25 without a notice or an option to pay my balance.

Now my credit score has dropped from a 680 to a 400 and I am told that in order to reinstate my home loan I need to pay all back payments, interest, late fees and a $735 attorney fee by April 28 totaling $4,049.17 on the first loan and $994 on the second loan.

I still have not received a notice in the mail. After calling and speaking to the trustee over my account, I was told that they do not have a time line to send out notices as long as it is mailed before the sales date.

What if I had not been making all of these calls? My home would have been sold without my knowing. I would be on the street. I am a single woman on commission only. Please I need help now, not next month. Right now.

This is happening to other people all over the United States. It’s as if the banks and loan companies are making money by taking our homes from us.
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Source: http://www.contracostatimes.com/real-estate-news/ci_14101868?nclick_check=1


Homeowners – Need Some Sound Advice?

Get Out of Debt Workbook
Seasoned debt expert shares several little known but highly effective techniques guaranteed to get you out of debt fast – no matter how much you currently owe.
Stop Foreclosure
Get more help on fighting to stop a foreclosure with one of 7 options. For example, if a loan modification is not an option learn about a little-known government program that will stop a foreclosure in less than a day without an expensive attorney.

Also get the latest foreclosure news around the country, read Q&As and other resources.

Legally Restore Your Credit
If you are visiting this blog, you likely have mortgage lates, which are a big blemish on your credit report. Once you resolve your mortgage situation, you can legally remove those mortgage lates and all derogatory credit from your report without having to hire an expensive attorney or credit repair service.

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Technorati Tags: home loan modification, loan modification, mortgage loan modification, loan modification program, hamp government program

Related posts:

  1. Wells Fargo rejected loan modification after homeowner made 5 payments on her trial modification
  2. Chase Bank sold home at auction for $100 while homeowner was in trial loan modification
  3. Ohio ranks 48th of U.S. states in the percentage of delinquent loans modified under HAMP
  4. Borrowers in HAMP program rose by only 1-percent from a month earlier
  5. Republicans call HAMP a failure but offer no other solutions

Tags: GMAC, , , homecomings financial, , ,

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2 Responses to Homeowner jerked around by GMAC trying to get a loan modification

  1. jose sanchez on 05/08/2010 at 23:34

    Gmac did the same to me i sent them the papers and they kept saying they did not receive them, then i got a letter saying my property had been sold at an auction , without a notice. so now i got to move, after all my wifes and I, hard work and effort. this is unbeleivable, I thought I was the only one, and for a minute i was blaming myself for not trying harder at sending them whatever they asked for.

  2. Gail Simmons on 11/08/2010 at 11:33

    Jose, I am so sorry this happened to you. Unfortunately, it’s too late to fight with GMAC for a loan mod since they sold your house out from under you.

    This is why I recommend that borrowers protect themselves from the lender “accidentally on-purpose” selling their home while trying to negotiate with them using the “stop foreclosure in a day” strategy. Even if you are in a trial loan mod, this is a good protection.

    If you know of any other homeowners trying to get a loan mod, recommend that they take a look at the loan modification/stop foreclosure tools here: /tools/

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