This letter has undergone scores of revisions. I'm trying to get the attention of public officials and real estate reporters. More important, I'd like to be in touch with at-risk homeowners like me who have applied for MFA (and HAMP) loan mods.
Here's how GMAC has processed my HAMP application. I'd especially value hearing other GMAC customers. Are other lenders treating applicants as GMAC has treated me?
So how, in a nutshell, does GMAC’s HAMP application process actually work? It has four Tiers of agents. Agents maintain a log of their communications with me that passes from one Tier to the next. This log, however, is silent on the ‘guidelines’ (professedly HAMP-consistent instructions) that I have received in great detail from multiple agents of all three Tiers. It has no record of them. This silence gives the GMAC agent I’m speaking with today the shield of deniability he needs in order to ignore any and all previous GMAC guidelines and to supply me with new, entirely contradictory guidelines, always to my disadvantage. Having no record of past guidelines, today’s agent refuses to discuss them and simply apologizes for the "misinformation" I’ve received from other GMAC agents. He then insists (incredibly and gallingly) that his guidelines have always been operative. The process works like magic. Bottom line: virtually nothing that GMAC has said in the past applies today - yet always GMAC is working within HAMP guidelines!