In we bought our home at the high. Since then, we have had 4 Foreclosures and numerous short sales in our neighborhood. We also have 6 rental properties. We purchased our home for $545k and put 20% on an 80/20 loan to avoid MI. We have never missed a payment.in we called to request a loan modification (no financial hardship and we were current on payments). They said we didn't qualify, but they will put us in a forbearance program that would qualify us for a loan modification. After 6 months, GMAC so graciously told us that we didn't qualify and we had to make all the back payments. We had 6 rental properties that the 1/2 payment forebearance program was covering the mortgages of the difference b/w the rent and mortgage payment. We weren't taken lavish vacations but scrapping by due to this mortgage mayhem that had occurred. We threatened to file a complaint with the State's attorney and GMAC decided to throw us a bone so to speak. They supposedly modified our loan by putting the forbearance amount that was due, since we did not qualify for a HAMP mod, on the back end and reducing our interest rate by. 25%.
Today I call to see if we qualify for HARP, since this is a FNMA loan, and I was told we don't b/c of the loan mod we received back in 2. Um, that was not a loan mod, that was GMAC working within their delegation guidelines of a FNMA loan that WOULD HAVE NEVER QUALIFIED for a loan mod under their guidelines back in 2010 that GMAC tried to qualify us for-FRAUD! Not only that but GMAC reported our credit incorrectly for almost a year rolling that fiasco. They have since corrected this only after numerous faxes and calls to GMAC.
So the HARP rep says I don't qualify and I need to talk to the loan mod/customer service group to see if I had a mod. I speak to this woman, I am sure this is outsourced as she kept repeating, "I am sorry, " over and over. GMAC needs to recap customer service etiquette and not say "I am sorry" over 30 times during our conversation. It is irritating. So she tells me I can short sale my house since I don't qualify for anything. Hmmm, really, I would have qualified for HARP if it wasn't for your so called loan modification. She then gives me a phone number to call my state for some housing assistance.
So, since GMAC is not capable of investigating to see if I qualify truly for HARP or if they are just having their reps fill out a little excel spreadsheet with qualifying/disqualifying factors, I decide to call FNMA.in speaking with FNMA, she stated that if it was a HAMP loan mod we wouldn't qualify-which is was not. She stated to call another mortgage company to see if they coincide in their prequal factors. I did call and I was told that when they did our "supposed" loan modification that they think our origination date must have been change since that needed to be before 2009. Other than that we should NOT have been disqualified.
I called GMAC customer service # and spoke to a gentleman. He stated that my loan origination is 2007. Hmmm, ok. He stated that I did not have a HAMP loan mod, but a "traditional" modification, which just reduced our interest rate by. 25%.
I am looking at retain legal counsel and going to the media over GMAC's fraud and deception. We have phone conversation recorded from when we were trying to get a loan mod and have kept all correspondence with GMAC. When the customer service rep transferred me to the HARP/refinance rep I started spouting off my information since I have been asked over and over and she hung up on me. Nice. This is the way GMAC handles customers. FNMA should disallow them to service their loans since their employees are uneducated and lack the knowledge of the mortgage field.
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