Posted by GINA FRYE on December 02, 2007 at 19:36:20:
In Reply to: Re: Homelending; a GMAC Co. posted by steele in minnesota on December 01, 2007 at 07:57:44:
I HAVE NOT CONTACTED THE LOSS MITIGATION DEPARTMENT YET BECAUSE I WOULD LIKE TO KNOW AHEAD OF TIME WHAT KIND OF OPTIONS MAY BE AVAILABLE. I HAVE READ THAT IF YOU DON'T SHOW ENOUGH MONEY COMING IN THEY WILL TURN YOU DOWN COMPLETELY AND IF YOU SHOW TOO MUCH INCOME THE WILL EXPECT THE ENTIRE DELINQUINCY BE PAID IN FULL IMMEDIATELY. THE FACT THAT I AM BEHIND IN MY PAYMENTS TO BEGIN WITH MAKES IT OBVIOUS THAT I AM HAVING FINANCIAL DIFFICULTIES, BUT FROM WHAT I HAVE READ, THE BANKS DECISIONS SEEM TO BE MADE BY FOLLOWING SOME KIND OF FORMULA. I HAVE HEARD THAT SOME BANKS WILL ADD YOUR DELINQUINT PAYMENTS TO THE END OF THE LOAN, OR ADJUST INTEREST RATE OR MODIFY THE LOAN IN OTHER WAYS. Follow Ups:
