HOMECOMINGS FINANCIAL - GMAC Will not help with a mortgage modifiation Waterloo Iowa

Susan-
I work for GMAC. Let me address each one of your points.
Not approving because you are not 'A' credit is because they are no longer doing subprime or alt-a loans. But by excluding these hard working folks, they are digging themselves into a hole.
Regarding the ltv (loan amount vs. what the home is worth), that is going to keep going down for quite some time. Unless you can come up with the money to pay the difference, which 99% of people can't do right now, you have little options. Also, if you just send in what you can and it doesn't cover the full amount of the payment due that month, you will still get the harassing phone calls, letters, and a ding on your credit.
BUT, you do have options. First, you could become delinquent with your payments, then call loss mitigation to work out a payment plan. At that time, they are more willing to work with you to possibly offset the rising home costs for your family.
You can also do a short sale. That is where you find a buyer to purchase the home for less than the loan amount. I am seeing more of these be accepted with GMAC. But I will tell you that sometimes they drag their feet with this process. So you would need to stay on top of things, make sure you document EVERYTHING and EVERYONE you speak to.
Since you will probably talk to someone in CS first, and they are in India, get their lead's name, the rep you spoke to name and extension. They will always tell you that they can't internally transfer, but it is a lie. They can, but they don't want people calling in for certain people.
I really hope this helps. I know that it is hard when this kind of thing happens. And I wish your family the best of luck.

If you will continue to read other post, you will notice that many of us have depenced on the "loan modification" process only for homecomings to stick you in the end. Most of us are not lawyers, so we can't tell you what to do, but all I can say is make sure you have your vitamins and get plenty of rest because they are going to take you for a ride.

I can not believe this company is allowed to be in the market. Hang in there and I will be preying for all of us as well as I hope others are. Oh by the way I just had a foreclosure dismissed by homecomings (so they say, i am still waiting on the papers). I was within 9 days of losing my home. THIS COMPANY IS RUTHLESS!

I wouldn't send them another cent. Just stay in the house until they throw you out.