GMAC had denied me on three prior loan modification attempts. They sighted the following various reasons: 1st) Your delinquent (after they granted me a modified payment for 3 mos. during the loan modification review.) 2nd) Your income is too high (after a 20% monthly pay reduction.) 3rd) You do not qualify for a rate reduction because you have no equity. I was then advised to attempt a new product they were offering in 03/11. A short-refinance of 95% LTV. I was denied within two weeks because I'm upside-down by close to $220,000.
GMAC then informed me of a 115% LTV being offered in 05/11. I started the process with a very attentive gentleman but after three weeks, my file shifted to another processor. My file was shuffled to several different processors". After a 6 1/2 month long roller-coaster ride, I was given an "APPROVAL" on my short-refinance which included a 12 pg/. "LOAN
COMMITTMENT" signed by Michael P?. DiComo, VP (
GMAC),. Also, on 11-25-11, Ally Bank addressed 47 additional condition riders that had to be met prior to scheduling the closing/. My loan processor on 02-01-12 informed me that everything is on track and the target date for completion was 02-08-12:. On 02-03-12, minutes after signing the Ally electronic "
GOOD FAITH ESTIMATE" documents, I was called by GMAC and told my short-refinance was DENIED due to "Stricter Guidelines".. Apparently, GMAC can make up their own rules and guidelines as they go along'. I am certain that GMAC was never going to complete the committment obligation, but due to their exhausted denial excuses opted to fabricate one. 12878fe
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