Posted on: 28th Jan, 2011 08:25 pm
Was just denied a mortgage modification by gmac the box checked was earnings show you can afford your current commitment.
payed 465000 home is worth 250 on the market. owe 330000. should i stop making payments
payed 465000 home is worth 250 on the market. owe 330000. should i stop making payments
Welcome romcac,
If you want to get rid of the property, then you may stop paying the dues and apply for a deed in lieu of foreclosure. However, I will suggest you to contact the lender once again and re-apply for the loan modification.
If you want to get rid of the property, then you may stop paying the dues and apply for a deed in lieu of foreclosure. However, I will suggest you to contact the lender once again and re-apply for the loan modification.
Romcac, if you were denied a HAMP modification (GMAC is a participant in the program) that carries a HAFA short sale approval, which as of December 30, 2010 means you no longer have to prove hardship.
Like was suggested before me, re-apply for a HAMP modification (you can get the forms at makinghomeaffordable.gov). If you're payment to income ratio does not exceed 31% then you will get a denial and the accompanying HAFA approval.
Good luck!
Like was suggested before me, re-apply for a HAMP modification (you can get the forms at makinghomeaffordable.gov). If you're payment to income ratio does not exceed 31% then you will get a denial and the accompanying HAFA approval.
Good luck!