GMAC Loan Modification

[empcesar]

I called the number provided for Loss Mitigation for GMAC. I was then told that the number I called was for 3rd party loans and that mine was in house and the investor is Residential Funding Corp. They ask for my income and expenses and they say they can't do anything because I still don't make enough even if they do a modification. I'm apparently $700 short. Any advice? In need of help!

[Moe Bedard]

Hi empcesar,

Welcome to the forum and thank you for joining............

If you are showing a large deficit than you may need someone to go over the financials with you and put together a budget that will help you with a modification.
You can try NACA for this as they can help with that and putting together a proposal for the investor if this is your principle residence..............
click on the link for the info........
https://www.naca.com/refinance/refinanceTenStep.jsp

[empcesar]

Will they verify the my expenses? Every time I call they ask me if there's any changes and I've said yes and just tell them the numbers.

Also, I'm already late one month and have made about half the payment. is it wise to not pay at all and just save up the money or should i keep paying as much as I can. I just don't know if I'll be able to end up keeping the house. Thanks for any help!

[Moe Bedard]

we can not advise on payments..............if you make partial payments they will either be returned or go to a suspense acct. if there is a workout given than they will be applied that way..............but they are most likely not getting credited to your account...........you should check on that.

As I suggested...........if you need help with putting together the financials and with the modfication you may want to see if NACA can help you.