Mortgage Forum

Joel Fraser

Hi Everyone, I've joined this forum just so I may share our experience with GMAC Loss Mitigation Dept. I had learned and received support and important information from this forum and hope that our experience along with the rest of the others may help someone else. We refinanced our home 4 yrs ago to a 15 yr mortgage with Ditech (GMAC). Our payment went up quite a bit but we were okay with the payments. But with our luck, my husband's job changed and he lost all his overtime as well as my job duties which included approx 10-15 hours of overtime a week as well. We made the mistake of living large prior and felt the pinch. We kept our mortgage payments up but the credit cards were falling behind. Then came the car and pet emergency which caused us to go late by one month, something else came up and we hit 2 months late. Meanwhile, I was in contact with the collections dept weekly. Majority of reps were nice, and you always have those who treat us like we are scum and who are low lifes that shouldn't have the mortgage to begin with. I had one representative that threatened foreclosure but luckily for me, I happen to work in a branch of government that deals with foreclosures that allowed me to bark back with knowledge they did not appreciate. Basically, as long as homeowners try, even a Judge will request the banks to work with the homeowners, but you MUST keep in contact and keep up the payments as best as you can, as long as you want to keep your home. I kept up my weekly calls to ensure they were aware of our situation and kept the payments up even though we were now at 80 days late - we knew the 90 day mark would put the mortage in pre-foreclosure. Finally a collections agent mentioned Loss Mitigation and I requested/begged that we be referred. There are so many foreclosures in this country now, majority of banks will work with people if they are willing, its actually very sad. But I know based on the numbers I was really hoping that Loss Mitigation would help us. That was in May, 08. They told me someone would call in 2 weeks. No one called. I know they are busy, but we waited until 2 weeks ago, when finally I happened to google about GMAC mortgage and loss mitigation and came across this forum. I e-mailed the name that Cat Damiano suggested - javid.jaberi@gmacrescap.com. I kept the e-mail short but explained that I did not want to go any further delinquent but we were waiting since May for help. Get this.... he replied within 15 min that he would have someone contact me. I was caught off-guard since I gave limited information and replied back that I would offer more info if I was provided with a legitimate number - Javid replied back and then another lady from GMAC sent me a link with a private e-mail. When I had returned to my desk approximately 30 minutes later, there was a message from our loss mitigation representative leaving a direct number. Calling the normal 1-800 # is a 45 minute average wait, very tough to do at work. I called his number and spoke to the rep directly and he had approved a plan that allows us to catch up with our payments and we will pay a third party the amount that is being advanced to GMAC. Its at a very affordable amount and I sat at my desk at work in tears, from relief and appreciation !!! I know this is a long e-mail, but I just want others that may be in the same spot as we were to keep your heads up and keep trying. We are in a position that we didn't request a different rate/reduction or loan modification, we just needed to catch up. My husband and I picked up a part-time job each and now we are paying our debt off and will always put our mortgage first. We learned from our mistakes. We didn't want to lose our home and we are truly thankful and appreciative that GMAC worked with us. I also want to take this time to thank Cat Damiano (screen name) for Javid's e-mail. He got the ball rolling for us with an immediate response while the Loss Mitigation dept is very busy, we were taken care of and helped. Thank you to all of those who posted on this forum as well. I learned alot and to be honest, I felt better knowing that its not just us in this position, but many many people. We are not alone. I truly wish all of you that come to this forum GOOD LUCK !!!! The banks are willing to work with you - just keep in contact. The courts are receiving so many foreclosures that even New York has a pilot program starting to help homeowners and banks come to a resolution that may benefit both parties. Its a sad time for many due to job changes/losses and illnesses, but this should not mean that those who truly want to keep their homes lose them. Keep fighting, but keep a good attitude, they will work with you. Thank you Everyone !!!