| Re: Another GMAC mortgage....stop paying, or short sell??
A family member is considering making a monetary gift to us to help us pay off some credit card debt and auto loan debt, in order to decrease our debt to income ratio so we can qualify for a loan modification.
Does anyone know if this would be a problem for the lender with approving a loan mod? Without the gift, our debt to income ratio is too high to qualify for a loan mod.
But, the gift/payoff would show up on our credit report and on our bank statements when we provide them to GMAC. Would telling them we received a one-time gift from family due to our current economic hardship be sufficient, or would they question why we didn't send the money to them? Please help! |