Mortgage Mod almost approved, then loan sold!

[dlinid]

Here is the quick backstory. I had a mortage modification approved by GMAC in May and was awaiting final approval. They said that it needed a judges approval before they could call it a done deal. In the meantime, they(GMAC) transferred the loan to Greeentree financial as of July 1. GMAC will not honor the mortgage loan modification because no judge signed off on it. They only let my attorney know this last week and had already had the transfer with GreenTree in the bag. I have been making the lower modification payments since May and no one said that the transfer to the new lender was in the works. GMAC charged me $700 to do the mod and now they are not going to honor it. I am at a loss of what to do. I called my attorney and he said this was beyond his pervue since I am paying the mortrgage outside of the BK. Any suggestions, I only have until June 30 to make this work.

[justbroke]

They charged you for the modification or did they apply the $700 to the loan balance? (Big difference.)

If you are in bankruptcy or already have your discharge, then it can get complex. Banks do sell loans and I am pretty sure that the modification department would have no clue as to what's going on in bulk sales and assignments of mortgages.

Your attorney can probably bring it "inside" the plan by just doing so... a plan modification. However, you can't force a lender/creditor to make a modification. That's their prerogative to do so.

If you really want to fix this and not have a foreclosure due to the issues, you could modify your plan and file a claim for GreenTree with the payment amount set at the "modified" payment amount. Wait for them to object to the claim and plan treatment, and then go from there. That would bring it "inside" the plan.

It really reads as though your attorney wants nothing to do with it. It may cost you some money, even with your existing attorney, since this will involve a plan modification and a potential showdown on the treatment of the loan in the Plan.

[dlinid]

They added the $700 to the loan. I do understand the difference. I am amending my schedules and the plan to show the new payment amount. This is the only thing that can be done, by filing it all electronically it should take effect within 48 hours. My trustee said that she would not amend the plan to include the mortgage payment, just not done in this court. I called my Attorney General and the state finance board to let them know what is being done and see if they can help. This is so wrong, I have worked for 18 months to get this through and now they want to just kick me down the road. I am going to fight this and we will see what happens. I am going to keep making the modified payment amount to the new lender and send them a copy of the modification agreement in with the payment every month until they try to sue me for not making full payments. At that point I will go to court and show what transpired and that I was bound by a new contract and have been paying as agreed.

Never give up, never give in!

[justbroke]

If you are in arrears, you can modify the plan. I would say especially since the creditor sold the loan as well. Never speak to your Trustee unless you are pro se. Since you are in arrears, you should be able to add it to the Plan.

[NoTomatoCan]

Good luck with Green Tree. They held my 2nd mortgage and were not willing to do anything in terms of a modification. Once we were 5 months late, the best they offered was to tack the arrears onto the back end of the loan IF we caught up on 2 months of payments. LOL!

Their lien is now stripped (pending successful completion of my plan), so they are getting hardly anything.

The only good thing about them is that once I got behind on payments they give you the same rep to talk to each time you call. So I would call their 1-800 number, and no matter the agent that I got, as soon as I gave my name and SSN, they would transfer me to "Jane". So at least there was some consistency in their unwillingness to do anything in terms of a modification! ;)

[ccfriend]

I also had a GMAC loan and Green Tree has been nothing but trouble. They lost paperwork with my husband's military info for the Soldier Sailor Relief act and they are down right RUDE!

[dlinid]

Yes, I am technically in a small amount of arrears, and my trustee will not entertain adding my payment in with my bk unless the mortgage co is lifting the stay to foreclose. I speak to the trustee, the judges clerk, the attorney general and the head of the department of finance. If if were not for my speaking to everyone, I would not have gotten as far as I have. The trustees office and the judges clerk call me to give me information, but not advice. We are all working to help me keep my home. I appreciate everyones help and seek it out regularly. No one has said please dont call me. They all know me and know that I am very proactive. Maybe it is not a good idea for everyone to take this approach, but it works for me. I am trying to get the judge to sign the mod before the loan is transferred. Then the terms will follow the loan. I only have 5 business days to get this done. Here goes nothing!

[Over our heads]

GMAC is a bunch of jerkwads. We are in the process of a short-sale, they were the ones holding it up, and they send us a letter that says they have sold our loan also to Greentree, effective July 1. First, I don't really care, Greentree is just as stupid, as that mortgage was IIB and not reaff'd. And secondly, we are closing on June 29th so they can just bite me.

Here's hoping that you can get them to sign off on it quickly and avoid more headache!

[justbroke]

I speak to the trustee, the judges clerk, the attorney general and the head of the department of finance. If if were not for my speaking to everyone, I would not have gotten as far as I have.

Reads as though you do not have an attorney. If you do have an attorney, this should ALL BE going through the attorney. You should never go around your attorney.

The Trustee is not the "finder of fact" or the final person to decide something, it's the Judge. And, even to the point of it's the Judge, the clerks have no business making any legal advice or even suggesting anything. You have a legal right to modify a plan (period). Getting it approved is the hard part, but it is done all the time over the objection of the Trustee.

Again, you should not be going around your attorney. I don't understand what the real issue is with your case, but my thoughts are that something is really wrong, and you should not have been talking to any of those people you mentioned.

[dlinid]

Loan Modification done!

Well, regardless of who I should or should not have spoken to, I got my loan modified and signed into order by the bk judge. If it were not for my being proactive, this would not have happened. My attorney was moving slow, so yes I did speak on my behalf to people. If your attorney is not getting the job done, you have the RIGHT to say so and get done what you need to get done. I only had 5 business days to make this happen and I was not going to rest on my rights. So, maybe I did color outside the lines, but no one got hurt, everything is signed as a matter of law and the modification is done. I will be happy to tell how I did it on another thread. I am not advocating my methodology, merely stating how I got it approved.

And btw, where in the bk laws does it state you cannot apply your right to free speech? Geesh, if we all sat around waiting for someone to do something for us we would all go broke and hungry

[justbroke]

And btw, where in the bk laws does it state you cannot apply your right to free speech? Geesh, if we all sat around waiting for someone to do something for us we would all go broke and hungry

No, sometimes you do get a BAD attorney and it reads as though you have a BAD attorney. An attorney should be responsive based on your fee/service agreement and urgency.

Yes, if you have to do it yourself, you do. However, I think you talked to too many people. But that's besides the point because you were able to get your modification done in time.

Congratulations on the persistence. You were lucky. Most of those folks won't talk to you when you are represented.

[dlinid]

Thank you. I am not lucky, I am skilled in the art of conversation and persuasion. I am persistent and congenial. I just believe that a person is their own best advocate and that a persons passion for their own condition is the best motivator for success. Too many people become numb or overwhelmed by all the conditions that contracts place on them. They rely on attorneys who are packed with clients, who just cant fulfill all the needs placed on them.

Yes, I am the town crier and do go to the wall and beyond to get my dealings done. I know this is not the usual format for proceedings, but it worked for me. We, the bk community, got a win today. A win without waiting for attorneys to approve, a win that we can direct to individual verve and motivation.

[dlinid]

I am sorry, that sounded so over the top and bragadocious. There was a gracious amount of luck to the deal, and a lot of assistance from a vast number of people. I am an upstart and an admitted serial networker. Thanks to all that gave thier time and assistance.