Loans, Debt & Credit - View Single Post - Unusual situation do you think I can mod?

eric3 · 06-26-2009, 11:11 AM

I have a $1 Million loan with GMAC with a low 5% interest rate that begins to adjust April 2010. I am current and I have some equity in the home.

I work for myself and my income is very erratic even normally. It ranges from 0-30K per month but it has dropped alot in 2009 to virtually nothing. I would not be able to qualify for this or a modified loan on the current income. But I have quite a bit of savings to make payments for more than a year, and I expect the income to come back up at some point.

I am really just hoping for a reduction in interest rate and/or an extension on the time frame of the rate adjustment so that I can stay current from my savings and buy some time for my income to come back up.

I assume this is not possible under the Obama plan but is it possible another way. What do you suggest for a next step?
Thanks

06-26-2009, 11:11 AM	#1 (permalink)
eric3 Junior Member Join Date: Jun 2009 Posts: 1 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Unusual situation do you think I can mod? I have a $1 Million loan with GMAC with a low 5% interest rate that begins to adjust April 2010. I am current and I have some equity in the home. I work for myself and my income is very erratic even normally. It ranges from 0-30K per month but it has dropped alot in 2009 to virtually nothing. I would not be able to qualify for this or a modified loan on the current income. But I have quite a bit of savings to make payments for more than a year, and I expect the income to come back up at some point. I am really just hoping for a reduction in interest rate and/or an extension on the time frame of the rate adjustment so that I can stay current from my savings and buy some time for my income to come back up. I assume this is not possible under the Obama plan but is it possible another way. What do you suggest for a next step? Thanks