WABROKER

(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.