Hello
I have been struggling with my income being cut in half for the last 6 months.
I have been able to make my mortgage payments up until now by depleting my savings account but now I have no more savings to pull from.
I have recently faxed my mod docs to
GMAC and have not been able to pay my June mortgage payment. They finally sent me a letter letting me know that they recieved my paperwork and will be contacting me within 45 days to let me know if I qualify for a work out program.
My question is.. should I contact them to ask what to do until then about my payment? I have $1000 now and my mortgage payment is $2000. They have not contacted me about being late as of yet. Should I send them the $1000 or wait? I am also worried that they will deny us since our income has dropped so much.
Could they deny me since our total liabilities are now more that what our current income is? I would rather default on our credit card payments and other payments in order to keep our home. Any advice would be greatly appreciated!!
thank you