Help! Time is running out

[dok17]

I like to say thank you to everyone on this site for all the information! What a relief I can sleep at night again! Anyways, I have 30y IO loan due in 6 more years, I owe 495,000 on the house and it is worth only 320,000. I am in the process on getting a divorce and I can afford to stay in the house due the added cost with child support and an apartment. I have been current to date on all the payment and this will be the first month that I will miss. In the process on put a hardship letter together, I went to my account info on GMAC web site and I noticed a homeowners help section that discusses different option if you are having a tough time making the payment. I filled out a financial form and send to today with the hardship letter.

1. Should I make this payment this month? If I do I will need to get it from a credit card. Is it worth it?
2. Have you heard any success stories on this approach?
3. Do I need to send in the hardship letter to GMAC per some of the theads, even if I sent one with the forms?

[Moe Bedard]

Hi dok17,


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

We can not advise on whether or not to make a payment.......that is a personal decision.......
The modifications given are up to the investor on your loan so you would need to follow up with GMAC and make sure that they received everything o.k.......you may not have to resend the hardship letter..... and ask what the options are for your loan.

GMAC Loss Mitigation
1-800-850-4622 ext. 2362609


Please keep us posted on your progress...........