GMAC Mortgage Didn't exercise good faith in submitting my request for loan modifcation Waterloo Iowa

Get them to agree to a short sale, if foreclosure is in full swing time is running out.. just list the house with an agent immediatley make sure any purchase and sale agreement states "upon Lenders approval" Don't wait for them to agree to a short sale get the ball rollonig, whne and if they agree they will want:

1. hard ship letter
2. financial work out package
3. 2 check stub from your current job
4. last years tax return
5. listing agreement and comps in your area.

Start now.. good luck and I hope you see this post..

Also i just looked it up there probably doing a non-judical foreclosure on you its cheaper and quicker in your state. Call them (make sure its loss mitigation)and tell them your going to fight for a Judicial Foreclosure which nevada allows and you'll file bankruptcy at the last minute before foreclosure..if they won't negotiate. You have 120 days for a foreclosure in Nevada if the page i read on the web is correct, what they do not tell you is officially its starts the first day your late 30 days on a payment so get moving you do not have 120 days. Did they send you the first foreclosure letter yet from a law firm? stating they want all money in full? they usually do this 3-4 weeks before the foreclosure sale date.

Good luck and fight on.. convince them you will file bankruptcy if they will not help you and live there for as long as you can rent free if they will not help you.

One more thing your house must be priced at the comps in your area or lower, a short sale is what it sounds like to sell for less than owed, send in any offer you get to them immediatley. Get a good real estate agent familiar with short sales and list it as such. If houses in your area of comparable value are listed for lets say $200.000 you need to price yours at $175.000 to get some quick action. From what i read, mortgage companies are looking for anywhere from 65-75% of what is owed to them for a short sale. Your short sale will not be on the market for 11 months and its a lot better cradit hit than a foreclosure or bakruptcy, you'll qualify for a good loan in abot 12-18 months maybe less.