WABROKER

Archive for the ‘Foreclosure Diaries’ Category

(September 11, 2009)

Because of a temporary financial hardship, my wife and I decided to apply for a loan modification from our lender, GMAC, to help stop foreclosure.

At first, we received a letter rejecting us from President Obama’s loan modification program due to insufficient income (although we had never missed a payment up until July when this process began).

Today GMAC called to inform us again that we had been turned down for President Obama’s loan modification program.

The terms of the loan modification would have reduced the principle on our loan by 30%, dropping our $400k mortgage below $300k. In addition, it would have dropped our interest rate from 6.125% to 3.125%.

Yet I was told that we do not qualify for loan modification.

I have been making my mortgage payments for the past 6 years, how could I not afford to pay the mortgage if it was cheaper?

(September 2, 2009)

When my wife and I requested a temporary forbearance from our mortgage back in July, GMAC suggested that we apply for President Obama’s loan modification program to stop home foreclosure.

Although we have never had trouble paying our mortgage in the past, extreme financial hardships made it temporarily difficult for us to make the payments for July and August.
We did not originally request a loan modification because we knew we would be able to resume paying the mortgage once our temporary cash flow problem had been resolved.

However, we submitted the required financial documents to GMAC to apply for loan modification.
Today we received a letter from GMAC which stated that they were unable to approve our request for loan modification because of insufficient income.
The letter also recommended that we consider selling our property.

Aside from the temporary financial hardship that my wife and I have been experiencing this summer, we have been and still are capable of paying our mortgage.
Instead of asking for a temporary forbearance, I could have borrowed a small amount of money to get me through the summer.
Before this all started, my wife and I had never missed a payment.

Now we are two months behind on our mortgage, and we have been turned down for a loan modification.
We could actually lose our home to foreclosure, if we don’t pay GMAC $8317.87.

(August 30, 2009)

Since falling behind on or mortgage payment last month, GMAC has been contacting us constantly about the missed payment.

One day I came home to find a note on my front door which read–YOU’RE LATE, PAY UP!

A few days later, someone dropped a similar note adressed to my wife on my neighbor’s porch. How embarrassing.

I have also had a number of phone calls with representatives from GMAC. Today, however, the representative from GMAC on the phone seemed like a somewhat logical person so I decided to ask him a question that has been bothering me.

I know that GMAC records all of their phone calls for “quality assurance purposes.”

I asked the man on the phone why he could not play back the conversation that my wife had with GMAC on July 9, 2009.

A recording of this conversation would explain why we thought we were granted a two month forbearance from our loan yet GMAC has no record of the agreement.

The representative stated that he could not play back the recording.

He then asked if I had any kind of documentation from the GMAC representative that my wife spoke to. I said that I did not have any written documentation.

Later in the conversation he stated that GMAC still needed one additional document to complete our loan modification package so we could get stop foreclosure help.

I asked him to send me some written documentation that only one more financial document was needed.

He replied that he had no way to send me any written conformation of this statement.

Then how could I have gotten something in writing from the operator who granted us a forbearance?

(August 20, 2009)

Today I spoke on the phone to a particularly informative representative from my lender, GMAC.

Since requesting a forbearance from our July and August mortgage payment, I have spoken to many, many GMAC representatives who have called and visited my property to discuss our allegedly past due account.

Today Lance, from GMAC, assured me that operator number 02318 failed to create any record of the agreement made with my wife on July 9, 2009.

According to Lance, the GMAC representative who granted us a two month forbearance did not have the ability or authority to do so.

When this all began we were instructed to submit loan modification documents to help stop foreclosure on our house. Lance also informed me that our loan modification package had been received by GMAC, but they were requesting a Profit and Loss statement for my wife’s business.

My wife and I do not want or need a loan modification. We simply requested a forbearance on our mortgage for two months to help us get through a temporary cash flow problem.

Now that we have been informed that GMAC does not grant forbearance, we are behind on our mortgage and facing severe credit implications.

(August 11, 2009)

After missing our mortgage payment for July, representatives from GMAC have been calling regularly to demand the missed payment.
Last week, I sent in a Third Party Authorization and Agreement to Release so that a negotiator or foreclosure attorney could speak directly with GMAC on my behalf.

Although I have hired a negotiator to handle all paperwork and phone calls, I received a notice of default from the collections department today.
None of these departments are talking to each other even though they all represent the same company.
I’m getting mail from various sources that all seem to contradict each other.

(July 28, 2009)

Based on information we received from our lender on July 9, my wife and I have skipped this month’s mortgage payment and plan on resuming our regular payments in September.

However, ever since we missed our payment for July, representatives from GMAC have been calling to demand the past due payment.
They threaten us with late fees, derogatory credit consequences, and the collections department.

Each time a different representative calls, I try to explain that my wife had called to ask for a forbearance almost 3 weeks ago.
I have been told that there is no record of that conversation.

These people are so unreasonable that I have decided to hire a negotiator to handle this case for me.
Today, I submitted a Third Party Authorization and Agreement to Release so that La Sonja Brown can negotiate with GMAC on our behalf.

(July 7th, 2009)

My wife and I have lived in our Sacramento home since we built it in 2003.
We have a home loan from GMAC and make our mortgage payments on time every month.

Today, we requested a forbearance from our monthly mortgage payment because of a temporary cash flow problem.

Rather than borrow money, we wanted to ask our lender to add these two months mortgage payments to the end of our loan.

My wife called our lender, GMAC, and asked if we could forgo making our monthly payments for July and August. The GMAC representative assured my wife that we could resume making payments in September and add the balance for July and August to the principal on the loan without incurring any negative consequences.

We were also instructed to fax information necessary to apply for loan modification.

Because of this information provided by GMAC, my wife and I have elected not to make our mortgage payment this month.