Mortgage Forum

Joel Fraser

Hello, I posted a sucessful Countrywide loan modification story here sometime in April. Countrywide was able to modify my option ARM loan with them for my primary and 1 rental home as they were about to recast in May. I have another rental home with option ARM. That loan is with GMAC. It will recast in February 2009 and the payment will be doubled from what I am paying now. I thought now is the time to try to apply for a loan modification with GMAC, so, I emailed Javid Jaberi my hardship letter using the email address I got from this forum (very, very helpful forum, by the way). A guy named Alfred called me yesterday and took down all my financial information. He said he will try to see what he can do with my loan using the info I provided him. Unfortunately, he called me back just an hour ago to tell me that due to the structure of my loan (option ARM), he can not help me. I emailed Javid Jaberi regarding what Alfred has just told me. I pleaded with him to help me modify my loan or I will be in default comes 2-1-09 when the payment increases 100%. Javid has read my email but did not respond. Must be a bad sign. Any advise? Thank you so much for this forum - Moe, Cat, Poppy, Andrew and all those homeowners who have been generous to share their experiences and knowledge regarding loan modification.