Hello Everyone,
We have hired an attorney to handle our loss mitigation case. Our mortgage is currently two months past due. The file has been with the attorneys for over three months. Took a while to gather the documentation initially. We paid a gripload of money upfront. But my biggest concern is how willing are these lenders to work with people? My mortgage is with GMAC and I’ve heard good things about them. The negotiatior over at GMAC is currently reviewing the financials on the file. We definitely show a hardship.
Long story short, my mortgage payment adjusted through the roof and I can’t afford the new payment amount, plus we’re upside down on the value. Any success stories? Basically the attorneys are trying to negotiate a lower principal and lower rate, 30 year fixed.
I’m so worried that we may end up losing our home, yet optimistic because I’m hearing a lot of lenders are working with their customers. Again, any success stories are appreciated. Please advise. Thx!
Best Deal Ads :
You didn’t need an attorney for what has been done so far. The bank understands that they are losing you. The only thing the attorney can do is to declare bankruptcy which gets you 6 more months in the house before the sheriff escorts you out.
GMAC is no better or worse than the others when it comes to “working with” people. They are terrible. All of them have been terrible. Partly because they were unprepared for the flood of people not paying their mortgages. One year ago GMAC had no foreclosure department. Now it is the busiest part of the company and completely swamped. Overwhelmed.
You have very few options and they are all bad.
I’m a loss mitigation consultant and it seems like what your attorneys are trying to do for you is a loan modification. Basically negotiate your mortgage to a low fixed rate. As long as you: recover from the hardship, and able to make payments if your loan is brought current.
How much did you pay upfront? and what state are you located?
They shouldn’t charge until they complete it