I was a first time home buyer 3 years ago. I bought at the peak of the market. I bought my house for 162,000. I called GMAC and asked for a loan mod. here is my situation. I bought house for 6.69 with arm for 5 years fixed..Meaning its fixed at 6.69 for five years, then it may adjust...I called GMAC 2 weeks ago. I recieved a packet in the mail and i called the number. I spoke with a lady who asked about my situation. I told her i make 46,000 a year. I have 18,000 in CC debt. 17k student loans, a car payment, and co-signed for my new wife for her car....Excellent credit score of 752...etc. I asked if i qualified for a loan mod..she ran some numbers and called me back..and said she can give me a loan mod with the appraisal value today at locked in at 6% fixed for 30 years...Is this too good to be true?...The house just got appraised at 95,000...I still owe 154,000 on it..She said she can give 6% fixed rate at 98.25 percent of loan value...Does this mean they just absorb the 50k as a write off?...How does this work?...I am clueless, and feel there is something i am not understanding?...How can they give me this money free and not have to pay it back?..Will i have to pay taxes on the absorbed amount by GMAC?..Is this a short refi , and not a loan mod?...I have been scammed before, and am very trusting...and this seems to good to be true..what am i missing?..She said it will show up on my credit report as saying " lender settled for less"...I guess i need some guidance..My neighbor seems to think i will have to pay it back...If anyone out there can help me it would be appreciated...
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