"Hardship is not imminent" is the language GMAC used to deny my fourth HAMP modification. (In denying my second, GMAC's language for denial had been "insufficient income" followed, in denying my third, by "sufficient income.")
After fully nine months of telling me I needed MORE income in order to qualify for a HAMP mod, GMAC seems now to be steering me in the direction of LESS or perhaps even NONE. I feel a "Must Be Delinquent" situation coming on. Recently a GMAC customer service agent told me that missed payments are a condition for qualifying for a HAMP loan mod ... but, she hastened to say, not a sufficient one!
The 8/05/2010 post below, from one of the wise grizzled veterans at the LoanSafe Forum (TY Riddlemethisbatman) is highly informative on this topic. The video this veteran refers to is well worth watching, as he says. To find his or her original post at LoanSafe, scroll to the bottom of the page looking for its date of 8/05/2010.
Following is the post by Riddlemethisbatman:
At least as far back as July 16, 2009, this delinquency requirement issue was addressed by Sen. Menendez [D-NJ} during a Banking, Housing and Urban Affairs Committee Meeting (PRESERVING HOMEOWNERSHIP: PROGRESS NEEDED TO PREVENT FORECLOSURES).
United States Senate Committee on Banking, Housing and Urban Affairs : Hearings
This may be viewed on the Senate archive webcast. (Follow the link, click on "view archive website" [pin small print, but still link] and use the counter to get to the exact conversation at 128:15). This exchange and is about 2 minutes long and well worth your time.
This entire hearing is extremely informative---keep in mind that this was in 2009. It does give some insight into the overall frustration and confusion on loan mods. The committee also has expressed interest in hearing from homeowners about their experiences with the process.
U.S. Senate Committee on Banking, Housing, and Urban Affairs
534 Dirksen Senate Office Building
Washington, D.C. 20510
P: (202) 224-7391
F: (202) 224-5137
Diane E. Thompson's (Counsel) testimony which was during the last 15 minutes or so is particularly interesting.
I am sending the Committee a copy of my letter to the President.