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I also have a loan w/ GMAC and am getting the same king of run around!
we have a loan of 415 w. gmac a second of 85K w/ chase, a home value of 600K(back up from 540K) and unfortunatley a truck load of debt from failed business. a new baby & rising heath costs. we are not delinqint on anything.....yet , but our interest only loan is set to adjust in april 2010. we are already stretched to capacity w/ no risidual income left. we meet the loan mod qualifications on many levels but are told we make too much $ yet my wife and I both are working 6 days a week! she days myself nights , we never see each other just to pay the bills. we are trying to be pro active but are getting the run around its like they want us to default!!!! does anybody actually get a loan mod! has any body actually heard of it actually occuring?[/b]

Niicss · Posted: Mon Nov 16, 2009 2:23 am Post subject:

People have qualified for modification with their lenders. However, in order to get a loan modification, you will have to fulfill the required criteria. In your case, the lender thinks that you have the required income to pay off your mortgage dues. As a result, he is not ready to modify your loan.

riseabove · Joined: 09 Nov 2009 Posts: 277 11.01 Dollars($)

Loan mods do happen, but they typically are the ambulance at the bottom of the cliff rather than the fence at the top, and tend to be only available once you've become delinquent.

If you can get a loan mod because you "earn too much" perhaps you could refinance instead? See if you can stretch out the loan term to bring your repayments down?

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does any body qualify 4 a mod?