Comments on: Loan Modifications, Foreclosures Affecting Retirement Savings (IRAs and 401k)

By: mike

mike — Wed, 24 Feb 2010 02:23:04 +0000

checks on the way, it took 5 days to go over everything, if everything gos according to the plan this should work out fine…….I’ll report back after 30 days plus…………

By: pete

pete — Sat, 13 Feb 2010 14:23:41 +0000

JerJer, I can assure you that the program is for real. My interest rate went from 4.99% to 3.875% fixed for another 5 years dropping my payment by $700/month. I am in norther CA. After executing the documents this fall, I came to wonder if I had, perhaps, changed the terms of my loan to give IMPAC recourse to my other assets in the event that I default. Not sure yet.

Anyway, I was in your exact situation, and the process was almost effortless.

Good Luck, and please check out the recourse issue and let everyone know.

… pete

By: Abbie

Abbie — Sat, 13 Feb 2010 02:23:51 +0000

I didn’t notify GMAC but I did call to verify that they knew about this and it was legit and it is and I’m at a 3.5% interest rate for 5 years. I did have to pay a $2,000 loan modification fee but over 5 years its works out in the long run. Who knows where we will all be in 5 years, perhaps some other modification will happen in 5 years, otherwise you just go back to where you would have been 5 years from now with the original loan agreement from BoA or in my case GMAC. My interest only mortgage bill went from $2850 to $1528/mo. That is huge for us, since I’m unemployed and spouse has own biz. Good luck.

By: mgreen

mgreen — Sat, 13 Feb 2010 02:08:16 +0000

should boa be contacted first before going thru with 5 year mod with impac…thanks

By: Abbie

Abbie — Tue, 15 Sep 2009 20:18:11 +0000

Hi Richard,
I had the same thing happen. Eventually it all catches up and after the 2 months of my not paying my mortgage bill (which scared the hell out of me but I went with what IMPAC told me to do), I got the corrected statement reflecting my 3.5% 5 year remodification and all is good. The GMAC didn’t know what I was talking about but I asked to speak with her supervisor and she talked to me about if and know what was happening. Good luck. Feel free to ask me any more questions.
Abbie

By: Richard

Richard — Tue, 15 Sep 2009 20:09:00 +0000

How has this turned out for you? I’m in the middle of the same thing, concerned that GMAC won’t be on the same page as IMPAC. Thanks!

By: Richard

Richard — Tue, 15 Sep 2009 20:06:54 +0000

My experience is the same as all these. I signed up for the IMPAC program but called GMAC & the low-level rep didn’t know what I was talking about. My concern is that I won’t pay GMAC for 2 months & they won’t know why. Has anyone actually experienced the 2-month moratorium & actually experienced the payment modification so that GMAC expects the modified amount?

By: peter

peter — Wed, 19 Aug 2009 02:32:31 +0000

funny, I got the same offer from Impac. But, they had just modified my loan at the end of last year, without my ever contacting them or ever being late on a payment. The prior modification amounted to fixing the interest rate at 4.99% for another 5 years. Only problem is, my fully indexed rate is about 4% now. So, I am losing short term but have more security for the medium term. I am also leary, but I will go ahead with it after confirming the relationship between the rep and IMPAC. I have been very happy with IMPAC. If my rate goes below 4% for 5 years, I will be ecstatic.

By: fiona

fiona — Sat, 08 Aug 2009 14:46:03 +0000

we received the same call from impac so we decided to call gmac to confirm this. gmac did confirm so we went ahead with the process. the impac rep emailed us the welcome letter, the form we had to fill out, and instructions on how to write the hardship letter. we checked out the bbb and saw that impac is legit.

By: Adam

Adam — Fri, 31 Jul 2009 00:29:02 +0000

I received the same phone call offering to lower my rates. I just looked up impac and it seems to be legit. I checked yahoo finance quote IMPM and it lists the same numbers that I have been using to contact Impac. I called GMAC, my servicer, and they confirmed that Impac owns the note and is actively contacting people about refis. I am just a little leary because it sounds too good to be true. They are offering a very good deal, but they want up front fees. I understand why they are offering the deal since I might just walk away from my investment property since the fees are going up so much and I’m underwater.

Let me know how things turn out for everyone!