I called GMAC (aka HOMECOMINGS) and asked for the Loan dept, they put me on hold, then finally I got an "asset resolution specialist" who told me that GMAC had just been given the go ahead by "the investors" to modify the Pay Option Neg am loans. We spoke and he realized our complicated situation re income and assets (writers strike, business slow, wife self employed, rental vacancy, 3 properties -- see more in my other post, in 'tell us your story' forum).

So he suggested he send out a "packet" which we got via fed ex 3 days later.

This might be old news. I did do a search to see if anyone else is having success with GMAC or Homecomings. Either my searching skills are not great or GMAC loan mods are not too common. so.....

Just wanted to get the info out that GMAC is claiming to have the green light from "the investors" to modify these pay option negative amortization loans.

Haven't done our paperwork yet. Working on it. Is anybody out there going through this with GMAC or Homecomings??

Yes they are, but you have to realize that although they are the same company they work with different levels of loans and loans originated on different levels.
The issues are that they have some of the same investors, but not all of the same investors....very boring stuff.

The methodology that they are using is driven by the investors, and so I too am waiting to hear just how and what they are going to be doing, it will be different for everyone as the investor and the pool that the loan is in will drive the type and kind of modification that they will do.....very boring stuff.

So if your loan closed 2/2005 and your neighbors loan closed 2/2006, there will be differences in how they modify it due to the anticipated returns in the securitizations..... .but they are doing them, it is just exactly unknown as these are some of the most difficult loans to modify....most difficult.

Check out Stangflyer's posts, he had one with GMAC and I think he posted the terms....it is useless to him due to the transfer he is going through, but it should give you some ideas.

Thanks for the reply, and for the heads up on Stangflyer's posts. I will keep posting in this forum with updates on our situation. And I'm sure I'll have tons of questions to post too! Thanks again for a great forum.