GMAC Mod denied because of cash reserves

[Bullhorn]

May 1st I applied for the obama making home affordable loan mod. Over the past 2 months I have been calling and summit all the paperwork they required.
Recently I got a letter saying "GMAC is unable to approve your request" when I called them the lady said it was because I had to much cash reserves.
I reported all assets like requested that was about $100,000 including iras, collage saving for kids and stocks.
Since then this amount has went down allot so I am going to reapply. I am going to pay off a rental property I have that I owe $25,000 on and some other bills. they wouldn't tell me how much cash reserves you can have and still qualify.
any advice ???
they told me they didnt confirm any of the cash reserves, they only went by what I reported

[Moe Bedard]

they do not have an exact amount listed.......................

according to the guidelines...............


Every borrower and co-borrower seeking a modification, whether in default or not, must sign a Hardship Affidavit that attests to and describes one or more of the following types of hardship:

1. A reduction in or loss of income that was supporting the mortgage.
2. A change in household financial circumstances.
3. A recent or upcoming increase in the monthly mortgage payment.
4. An increase in other expenses.
5. A lack of sufficient cash reserves to maintain payment on the mortgage and cover basic living expenses at the same time. Cash reserves include assets such as cash, savings, money market funds, marketable stocks or bonds (excluding retirement accounts and assets that serve as emergency fund – generally equal to three times the borrower’s monthly debt payments).6. Excessive monthly debt payments and overextension with creditors, e.g., the borrower was required to use credit cards, a home equity loan, or other credit to make the mortgage payment.
7. Other reasons for hardship detailed by the borrower.

[morgus]

We have been working with GMAC since May 13 09, I had to retire a year ago for medical reasons and still unable to work, our income has been reduced 40%. GMAC said our debt ratio was too high at 31% of my husband's salary, so were were denied. GMAC has been a nightmare to deal with. I have written a letter to send to GMAC. I am also sending copies to my Senators and Congressmen. Is there another way besides what I'm doing to contact someone there besides who answers the phone. I'm sorry for jumping on this thread I'm having trouble navigating