Hello,
I’m a sales manager at a US car dealership, and as you know, the automotive industry has suffered significantly with the collapse of the economy. Due to the fact that I am paid solely on commission, I was turned down on my first attempt at a mortgage modification because my income was too low. As the economy continued to drop, my employer decided to transfer me to a different department instead of laying me off. Fortunately that decision gave me and my family a slight increase in pay. Due to that increase I was now eligible to qualify for a loan modification. The loan that the mortgage servicer GMAC had told us we qualified for was the President Obama’s Plan “Making Home Affordable” in February of 2009. We completed and submitted all documents within the time frame that the mortgage servicer GMAC had required. Upon calling to check on the status of our account, we were informed that the mortgage servicer had lost all the documents we had sent in originally. Due to the time that had elapsed, we were required to send in another set of completed, updated documents which were being mailed to us. We completed and sent in the documents within the new time frame he gave us. In order to avoid falling through the cracks, we continually called to check on the status of the modification.
We received the loan modification letter stating the terms of the three month trail payments. There were just a few problems. The documents were either incomplete or were blank, and there was no due dates for the payments requested. After multiple requests for completed documents, they were still incorrect and the process took well over thirty days with the deadline of the first payment approaching. They finally faxed me the completed forms for my wife and I to sign leaving barley enough time for them to be resubmitted within the time frame. We made all three trail payments on time by certified funds as directed and were told, “You will be getting loan documents at the end of the 90 day trial period.” Upon completing the trail modification we waited approximately thirty days for the loan documents to arrive. We were later informed that our investor, Bank of New York, did not participate in the “Making Home Affordable Plan” as originally stated, but that they would review us for other modification options. When we made the last trail payment in august of 2009, we were informed that there had been a foreclosure sale date of July 30, 2009 which we were never advised of. We were advised that the sale date had been cancelled due to the modification we were approved for and receiving. After that, we decided that we needed to call weekly so we would not loose our home due to there lack of proper business ethics. Upon subsequent calls, we were told that the were waiting for approval from the the investor, Bank of New York, their legal department, or an appraisal, etc.
When making our biweekly follow up calls on October 28, 2009, I was informed that there was a final approval. The representative advised me that the phone call could possibly be recorded for quality purposes and that they were a debt collector. At that time i advised that i would be recording the call as well. I was told that we had been approved for an extended term loan if 40 years, our original loan was for 30 years, and have a fixed rate of 2.5 % for the entire term of the loan. The representative also advised that the permanent loan documents would be sent to us in approximately 30 days after Bank of New York prepared the loan Documents. We continued to check the status of our account and that we were told that the loan documents were still waiting for the investor and to not worry everything looks good.
We are making continual monthly payments over the phone via our checking account to GMAC, who services our loan for Macquarie Mortgage. During this modification process, we have made three consecutive payments over the phone. When we called on the 13th to make our November payment, we were advised that there was a new sale date of December 10, 2009. This sale date should have never been placed due to the fact that our modification was approved and waiting for the final loan documents. Yet again, we were never informed by mail of this sale date. We were then told we could no longer make payments via phone because of the sale date that had been placed. When we asked why the sale had been placed and if the modification had been denied, all they had to say was, “it is in review.” We had requested that a supervisor call us on many occasions, only once did we ever receive a call.
To say that this has been a stressful year would be an understatement. We have done everything that they have asked of us and then some. We are writing you out of desperation, the mortgage company is not the solution the are the source of the problem. If this is happening to us then it is happening to millions of Americans across the nation. We were hoping that with your assistance and exposure, our account would be looked at by some one who could help save our home.

I would like to thank you in advance for your help.
Sincerely,
Walt Schmitz
Please contact me at 661-400-4417
Or [email protected]

I have a 2000 vehicle that has been paid for for approximately 4 years and have never received the lien release from GMAC. I cannot get a copy of the title without it. TConroy

I was hosed I was told that my 2004 PONT GRAND PRE WAS
eligible for the cash for clunkers I told the sales person that the
head gasket was bad and she said no problem.
I went to my home address and the vehicle broke down on 100
yards from the dealer. when I arrived she said I was not eligible
for the cash for clunkers. I got 100 dollars for a trade. MY
credit union paid 1000 that Owed on the Pontiac I had been
under stress because of family and job.

I WAS HOSED

I am tired of Gmac telling me I do not qualify for a loan modification. My income was cut in half July 17, 2009. I called GMAC to let them know whats happing because I'm told they have all this help for people in my situation. Well the first time I called they make it seem that everything will be fine and dandy. They put me on (what I know now ) a forbarance plan and told me fill out a modification application and sent it in. I didnt hear from they for two months. Finanly I called them and they said it was denied. I have to either reduce my expenses or increase my income. They teenager I spoke to on the phone had no information. I asked why and what that meant and he kept repeating the same thing. I have to reduce my expenses or increase my income. Now I had no clue why and what it was they were looking for cause he couldnt answer anything. I reduced my income and resubmitted an app again. Two weeks later I'm told Im denied again. This time the decide to tell me I will have to go back to my old payments and at the same time pay for the past three months that they cosidered behind. that's over $3200.00. Oh yea they also decided to tell me it will effect my credit. They said I still dont qualify for a modification and I now have to increase my income. I got a part time job and just got my check stub so I called to send in the information. They told me it wouldnt matter cause my loan is an Fha secured loan and they arent doing anything with that right now. OMG!!! All she wanted was for me to make an extra $700.00 payment and make two payments for the $3200.00.
All they want is money and I felt since I had extra income they, by the way told me to get, just wanted me to pay and forget about the help they should be offering.

For three months they are dragging me along making me feel theres is light at the end of the tunnel when infact they have put me in a hole I can not get out out of.

GMAC has been absolutely useless in helping its customers avoid foreclosure! Banks and other institutions were paid BILLIONS of DOLLARS to help people keep their homes. WHAT is GMAC doing with its share of the cash? My husband and I are both disabled seniors, and we live on a VERY limited income. We have NO savings, NO retirement funds - we don't even have CEMETERY PLOTS!! The ONLY thing we have (besides one another and our children and grandchildren) is OUR HOME! We both worked VERY hard throughout our lives. Now, in our GOLDEN YEARS, instead of FINALLY being able to sit back and relax, we WORRY NIGHT and DAY about being HOMELESS!! We were SO excited when we heard of the loan modification program - we thought it was the ANSWER to OUR PRAYERS!! After filling out numerous forms and making copies of EVERYTHING (and I mean EVERYTHING!!), we mailed in our application and waited to hear the GOOD NEWS!! You can imagine our UTTER DISAPPOINTMENT when GMAC turned us down!! Although we have more than $100, 000.00 in equity in our home, GMAC offered us a "DEED" DEAL - we hand over the deed to our beloved home to GMAC and they will KINDLY forget about our mortgage!!