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Predatory loan through GMAC
I would like to do a Foreclosure Loan Modification Plan with this loan because I can afford my payments, however I fell behind because I had a hardship within my transportation business, and we stopped working due to a wreck, but we have been working consistently. I tried to make several payments, but GMAC sent my check back to me( I have a copy) saying that they don't accept partial payments and I'm in breach of contract and because of this I stopped sending them altogether. Also, I'm in an Interest only loan which I had no idea that I signed on this and I haven't even started to pay the Interest. I would like to have this loan amortize and take advantage of the low interest rates right now. I feel currently I'm in a predatory loan, and hope somebody can help me. Thank you
Related Entries
- I had a phantom offer to avoid the foreclosure - December 27, 2007
- Forbearance with GMAC - August 3, 2010
- Is Short Sale better than Foreclosure? - January 11, 2011