Warning: We have a home in California that has lost over half of its value in two years. Nevermind the fact we were enticed into a "no docs" loan that presented midleading information, innaccurate information, and false representation by the brokers, we were able to refinance from an adjustable... We are proud of our credit history so as the job market dwindled, income decreased, and assets diminished to nothing... I was concerned about not being able to meet the mortgage payment... Mind you, GMAC know of our income at the time of acceptance of our refinance... We were acceptable at that time.
Therefore, I was surprised once we reported our potential mortgage difficulties they were reluctant work w / a modification as I was informed. No matter that I was just trying to be forward, current, and responsible. Their rude comment was you have been making it so far and we can't help you even if you predict difficulty. Go borrow money from family. I was outraged. It was clear they could care less and want us to foreclose. I then missed one payment, called them to see about that modification since I was finally "delinquent" and they resisted but after I continued to ask for the modifications they went over our finances.
You will not believe this; they took our information over the phone, itemized income, expenses, and debts but claimed we did not have enough income to qualify for a modification. We sure did when we refinanced. There is no doubt they want foreclosures as tax write-offs. I persisited; they took some additional information about additional income if we rent. They appeared to consider it, forwarded it for recommendation, and waited hopefully.
Three days later: papers for a three month stay of our morgate with an additional amount paid in portions over the life of the loan. Thus, our mortage payment will only be greater! This is not a modification. We would be adding $10,000 to our Note, not reducing the rate at all. This is a misleading to homeowners in desparation. We all need to report to the BBB, GMAC, Obama, and HUD...
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