I know that they review for a permanent modification, but it still shows on the website that I owe for two months.
When the permanent mod goes through, do the two months that I still owe for disappear and I am current as of the date of the permananet mod? Or do I have to pay those two months before the permanent mod goes through?
Thanks
Finished my 3 months of trial payments
Started by
tmkats
, Jun 19 2012 01:10 PM
10 replies to this topic
#1
Posted 19 June 2012 - 01:10 PM
#2
Posted 19 June 2012 - 11:12 PM
They will add in all payments that your past due, late fees, attorney fees, ect. Into your loan. Some have a downpayment they have to send in with their docs...I did not.
Make sure to call at least once a week to check on the status of your modification..making sure the documents you have to sign get sent out to you (I even asked for the tracking number).
Make sure to call at least once a week to check on the status of your modification..making sure the documents you have to sign get sent out to you (I even asked for the tracking number).
#3
Posted 20 June 2012 - 07:44 AM
They will add in all payments that your past due, late fees, attorney fees, ect. Into your loan. Some have a downpayment they have to send in with their docs...I did not.
Make sure to call at least once a week to check on the status of your modification..making sure the documents you have to sign get sent out to you (I even asked for the tracking number).
That is what I thought, I just wanted to make sure. I called on Monday the day after I made my last payment and they said they will review and get back to me and that my rep will call me with any updates. To their credit, the rep has been very responsive, so I'm sure I will hear something. They said to keep making the trial payments that I was making until I hear otherwise and to make sure that they are received by the end of the month that we are currently in.
#4
Posted 25 June 2012 - 07:17 PM
I hear mixed reviews on this all the time "keep making payments until you hear from us". The ignorant customer service (do not deal with these people) told me that when I once called and my specialist wasn't available. I sent her an email (my 3rd payment was made and I was only instructed to make 3) and asked her if I needed to make more, that customer service said so and she said absoluetly not. The modification included certain figures and the "extra payments" he was instructing me to make would not be in the equasion.
My point.....call your specialist you have been dealing with and ask him/her first. My mod was with the underwritter for 28 days and I waited....never made extra payments and I was instructed not to.
My point.....call your specialist you have been dealing with and ask him/her first. My mod was with the underwritter for 28 days and I waited....never made extra payments and I was instructed not to.
#5
Posted 25 June 2012 - 07:22 PM
Also, call at the least once a week for an update so you stay ontop of it. Do not wait for them to contact you. Everytime I called my specialist emailed the underwritter to get the ball rolling. They generally like to book the modification by the end of the month. Mine went a little over as I received my final docs and had them sent back the first week and a half in June, first modified perm. Payment due July 1.
#6
Posted 26 June 2012 - 07:32 AM
I hear mixed reviews on this all the time "keep making payments until you hear from us". The ignorant customer service (do not deal with these people) told me that when I once called and my specialist wasn't available. I sent her an email (my 3rd payment was made and I was only instructed to make 3) and asked her if I needed to make more, that customer service said so and she said absoluetly not. The modification included certain figures and the "extra payments" he was instructing me to make would not be in the equasion.
My point.....call your specialist you have been dealing with and ask him/her first. My mod was with the underwritter for 28 days and I waited....never made extra payments and I was instructed not to.
This is interesting and I can see your point. If I don't hear anything from my specialist assigned to me by mid-week I will call him and find out exactly what to do. When I call in, my account is flagged to go right to the mod dept and anyone on my specialist's "team" can deal with me and they pretty much all said the same thing...keep making the payments until you hear from us. My next payment is due on 7/15 so hopefully I hear something from them before then.
When I hear something affirmative I will post an update, but I apprciate the advice.
#7
Posted 27 June 2012 - 04:20 PM
So I called my actual rep, not someone on his team, and he told me exactly what was said above. Don't make my July payment and hold onto it until they decide on a permanent modification.
Whenver the perm mod comees about, all the past months will be rolled back up into the loan and my payment would be due on Aug 1.
So looks like there's "no" payment for July (Although it will be put aside) and the next payment will probably be in August.
Stupid aszzhat regular customer sevice people. Glad I listened to the above poster and called my actual rep.
Whenver the perm mod comees about, all the past months will be rolled back up into the loan and my payment would be due on Aug 1.
So looks like there's "no" payment for July (Although it will be put aside) and the next payment will probably be in August.
Stupid aszzhat regular customer sevice people. Glad I listened to the above poster and called my actual rep.
#8
Posted 13 July 2012 - 09:37 PM
Good job!
I made no payment in June and first pymt due July 1. Do keep calling your rep duing this time that you're waiting to get it pushed through/not forgotten.
I made no payment in June and first pymt due July 1. Do keep calling your rep duing this time that you're waiting to get it pushed through/not forgotten.
#9
Posted 19 July 2012 - 07:58 AM
Final mod got approved yesterday. Interest rate went down about .125% and total payment is going $400 from my trial payment. It will probably go down another $150 after the escrow analysis is done as my real estate taxes were recently reduced. Only bad part is they re-amortized the loan to 40 years and also sprung on me that I have to pay money into the mod also, something that I wasn't expecting. Basically I am going to be paying off the house forever or wind up selling it way down the road when the market has hopefully rebounded and I will have some equity in it.
All in all, GMAC has been pretty good in this whole ordeal. Their relationship rep was excellent and was always in contact with me. He actually went out of his way at one point in time to try and push it along since he saw it was stuck in the pipeline for two months after I sent the initial papers in. From start to finish it has been a total of 7 months and August will be our first new payment under the perm mod plan. Paperwork should be coming soon.
Good luck to those hoping for a mod. If you don't qualify for HAMP, push for an in-house mod and you should get somewhere.
All in all, GMAC has been pretty good in this whole ordeal. Their relationship rep was excellent and was always in contact with me. He actually went out of his way at one point in time to try and push it along since he saw it was stuck in the pipeline for two months after I sent the initial papers in. From start to finish it has been a total of 7 months and August will be our first new payment under the perm mod plan. Paperwork should be coming soon.
Good luck to those hoping for a mod. If you don't qualify for HAMP, push for an in-house mod and you should get somewhere.
#10
Posted 20 July 2012 - 10:20 PM
Sounds good, congrats!
I know what you mean about being surprised. After our mod got approved and I got our first statment I saw a $2800 "misc fee" on there and they divided into $500 increments ontop of our new mortgage payment! I was pissed! I called my rep and she said it's lawyer fees that my underwritter forgot to include in our mod (it's usually wrapped in the mod) but we are only required to pay our contracted amount which is the new mod amount thatt's in our new contract. Ugh!! Online it even states the amount due is our new modified payment (not including this lawyer fee crap). I'm thinking of bringing this up to my lawyer. Their screw up and I shouldn't pay if it's not in the contract.
I know what you mean about being surprised. After our mod got approved and I got our first statment I saw a $2800 "misc fee" on there and they divided into $500 increments ontop of our new mortgage payment! I was pissed! I called my rep and she said it's lawyer fees that my underwritter forgot to include in our mod (it's usually wrapped in the mod) but we are only required to pay our contracted amount which is the new mod amount thatt's in our new contract. Ugh!! Online it even states the amount due is our new modified payment (not including this lawyer fee crap). I'm thinking of bringing this up to my lawyer. Their screw up and I shouldn't pay if it's not in the contract.
#11
Posted 21 July 2012 - 05:38 AM
Sounds good, congrats!
I know what you mean about being surprised. After our mod got approved and I got our first statment I saw a $2800 "misc fee" on there and they divided into $500 increments ontop of our new mortgage payment! I was pissed! I called my rep and she said it's lawyer fees that my underwritter forgot to include in our mod (it's usually wrapped in the mod) but we are only required to pay our contracted amount which is the new mod amount thatt's in our new contract. Ugh!! Online it even states the amount due is our new modified payment (not including this lawyer fee crap). I'm thinking of bringing this up to my lawyer. Their screw up and I shouldn't pay if it's not in the contract.
At least my rep was upfront and told me what i needed. We have to send the money back with the final paperwork so the mod can be processed. The whole point of a mod is to help people that are struggling and this isn't really conducive the that fact. Be that as it may, we have no choice and now have to somehow come up with the funds or the mod won't go through. I'm sure we can beg borrow and steal, but that's not the point.
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