GMAC - Homecomings Mortgage Homecomings Mortgage Modification No, Short Sell Yes Waterloo Indiana
I did not choose GMAC Mortgage as my home loan / mortgage company, I was stuck with them. Last I knew my home loan was with Homecomings of GMAC Mortgage. I only knew the name changed when I recieved my mortgage bill. Hmmmm....why do they keep changing the name...retoricle question.
I am trying to have my home loan modified yet I was refused due to insufficiant funds. Is that not the point of applying for a lower interest rate. When I called to talk to "Bobby", as if a first name makes it all softer, I told him that my job and income changed. I am making more money now than when I first applied. He asked if there was any other income, which there is but he told me they would not consider that income as it is only temporary. Goes to show that a teaching job means nothing.
GMAC wants me to short sell my home. I don't understand why. I have not missed a payment. Despite my income and struggles I manage to pay all of my bills on time. My only fear is not having the extra cash if there is an emergency, like replacing something in my home if it breaks down. GMAC thinks that even if they modify my loan I will stop being able to make my payments down the line and loose my home anyway. Must be that crystal ball on their desks that gives them insight.
All I am askig of GMAC is to work with me, lower the interest rate so I can continue to pay my mortgage. They don't seem to want my money. No, they want less than what I owe, they want me to loose all that I have invested and to own an under valued home out in the woods of rural Maine next to the other dozen homes and properties not selling. Good luck with that.
3 Updates & Rebuttals
Robert
Irvine,California,
U.S.A.
Confused...
#4
Thu, September 17, 2009
I am confused..You are making MORE money, have additional income, and are able to pay all your bills on-time. Why do you still want them to modify your Mortgage? Just about everyone struggles with bills. Sounds like you may need a budget. Unless you are already living well below your means there is always things you can cut and put that money into savings.
By the way if for some reason you don't pay your Mortgage you will have an answer to this statement.
I have a feeling this company would sell my home without asking.
The answer would be yes, in the form of a Foreclosure.
Lg
Hartford,Maine,
U.S.A.
Short Sell
#4
Thu, September 17, 2009
Got a call at work yesterday from GMAC'c Short Sell Department. Aparently Bobby didn't like that I cut my conversation off with him. Even though I told him I would not be selling my home, he still sent my information to the short sell department. Good thing they called me. I have a feeling this company would sell my home without asking.
Flynrider
Phoeix,Arizona,
U.S.A.
I don't get it.
#4
Tue, September 01, 2009
"Despite my income and struggles I manage to pay all of my bills on time."
If this is the case, what is the justification for the modification? Home loans are not modified just because the homeowner would like to pay less in interest. They are modified because the homeowner is in imminent danger of forclosure. I would love it if my mortgage company would lower my interest rate too, but since I pay them on time every month, there's no reason for them to do it.