We took out our loan with GMAC in Jan later sold to Aurora. We used a scam brokerage firm out of L.A. (out of business now) They even gave us something in writing that our loan was fixed @ 4.5% for five years. Showed up at our door with with 85 pages of ever so confusing documents. We even got in writing that this was not a neg amort. Loan. For two years we had a $1,500 a month neg. We ended up going on a $600K loan with a adj. Loan is at $650K now with second. 8% when we had a fixed 7% before refi. Notified GMAC legal depart. And they could care less. Contact CA. State Real Estates Depart., they could do nothing. We kept our payments current with Aurora using a loan mod company since last 2/1/09. Aurora has twice denied our loan mod. We doc. Our retirement income at $6K a month. Loan is presently at 4.5% with a 11% cap. We are almost at our limit on allowable time for neg. Amort. When rates go up we loose our home. We recently obtained a appraisal from the same service org. Lender used. Appraisal came it at 200K less then total debt. We submitted recent appraisal and stopped making all loan payments 7/1/09.informed lenders we are prepared to walk and just file bankruptcy without a loan mod. On FOX we found a Gov't. Source for filing free for the Obama "Making Home Affordable". # is 1888995HOPE This is a structure to where loan payment is 31% of your income for 5 yrs. At about 5 yrs. Payment goes up 1% a year, in the end the interest rate is under 5%. Do check this out folks. Most loan mod companies told us that we must stop making payments to get the lenders credit and loose our great credit rating.
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