Can GMAC Exec's Help?

August GMAC phone conversation

8/21/09 9:28 AM

Telephone call to Adeng – asked if she received letter of modification terms? Put me on hold, said hold on a second. Answered yes she received it and didn’t think there was anything wrong on the documents they had sent us.

She said the loan docs are not detailed enough and they will rewrite them with a step program. The commitment letter is incorrect and needs more details. It is not 2% for the term of the loan. The term was just the term of the loan not the term for the in its entirety.

Let me explain it to you: I know what the investor is willing to do and this is the best they have to offer. The program they are offering is a step program and the interest rate will go up and the 5% interest rate in the documents is the final rate for the remaining term after 24 months at 2%.

I said that I understand what the letter states regarding the interest rate and have had an attorney read it and the letter of commitment does not match the documents you want signed. The documents state a higher interest rate. The letter is a commitment to an interest rate and the documents do not match it. I gave her the number of each item and read to her the conflicting information. I had an attorney go over the documents. I can have the attorney write you a letter and you can deal with our attorney if you would rather speak with them?

She kept telling me that I didn’t understand the terms and what they were offering. I said that I did understand and have put together full prospectuses for banks to buy entire sub-divisions and I would like to talk with the investor. I asked her for her supervisor’s name and number because I wanted to make sure she received the documents that were sent out and our counter offer for a loan modification.

She said if we cannot afford their terms that we should just short sale the property. I asked if the bank would rather get a lower amount than we are offering for the property or do they want to work with us? She said the investor does not lower the principal and that all loans are looked at differently and they would not do that for this loan. I said so what you are saying is the bank would rather short sale the property than offer us a lower amount to keep it?

I asked if she received the documents on the sales in this area and told her that not one property with an indoor arena has sold since July of 2008. I asked her if she was aware of the laws in the state of Oregon. She didn’t answer directly stating again that the investor will not make another offer and that is the best they can do.

I asked about GMAC offering settlements to some people on their loans and if they would do that on our loan. She said she didn’t know anything about that and this is the only thing the investor will offer us. She will not go back to the investor and they will not make another offer.

I asked for her name and number or to speak with someone with the authority to lower the principal and she said she was the one with the authority and I could not speak with the investor directly. They are servicing the loan and she is only one I can talk with. She said there is no need for us to negotiate with you. She also told me to contact the executive rep. that we had contacted before and they will tell you this is the best we can do. Told me to hold after I asked to speak with her supervisor again and hung up on me.

8/27/09 Message for Tammy Versluis

8/28/09 Message Tammy Versluis