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ShadowecR · 01-28-2009, 01:08 PM

Hello everyone,

Thanks you for such a great site!!

My situation is as follows:

Bought house for 92K year and a half ago. currently owe 90k.

The area comps show the house worth about 75K.

We are planning to move out of state in late summer of 09'. Thus, setting aside money to replace our car and have moving expensies.

This means that we can only pay 500.00 of our 840.00 monthly payment for the next 8 months (or until we sell).

We (with agents help) listed the house for our payoff plus fees. with the plan of reducing that every 30days till we get an offer or until fair martket value is reached.

QUESTIONS:

1.) in responce to our letter of intent to GMAC, we recieved a list of others things they need. We've sent them everthing asked for except HUD forms 90036 and 90038. Can someone give me insight as to why GMAC is asking for that and do you thing it's something we should sign and send in?

2.)Would it be better to keep the morgage current than be s.o.l. when it comes time to move? Or would it be better to just do what we have to do? What I mean by "better" is asking what it will mean, either way for the over all process.

3.)As the next months roll on, is there any advise anyone would give for me to do the right things at the right times as far as being ready each of the next steps?

Thank you all for listening.

~E

P.S. We're all in this together

01-28-2009, 01:08 PM	#1 (permalink)
ShadowecR Member Join Date: Jan 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Stating the process, with GMAC Hello everyone, Thanks you for such a great site!! My situation is as follows: Bought house for 92K year and a half ago. currently owe 90k. The area comps show the house worth about 75K. We are planning to move out of state in late summer of 09'. Thus, setting aside money to replace our car and have moving expensies. This means that we can only pay 500.00 of our 840.00 monthly payment for the next 8 months (or until we sell). We (with agents help) listed the house for our payoff plus fees. with the plan of reducing that every 30days till we get an offer or until fair martket value is reached. QUESTIONS: 1.) in responce to our letter of intent to GMAC, we recieved a list of others things they need. We've sent them everthing asked for except HUD forms 90036 and 90038. Can someone give me insight as to why GMAC is asking for that and do you thing it's something we should sign and send in? 2.)Would it be better to keep the morgage current than be s.o.l. when it comes time to move? Or would it be better to just do what we have to do? What I mean by "better" is asking what it will mean, either way for the over all process. 3.)As the next months roll on, is there any advise anyone would give for me to do the right things at the right times as far as being ready each of the next steps? Thank you all for listening. ~E P.S. We're all in this together