GMAC loan workout

[Deserted]

Don’t overlook a critical point.

Fat_lazy_union and nostradamos are giving excellent advice, but I want to highlight one critical point that they’ve already brought up.

You probably have a non-recourse loan. I would advise you to get an expert third party to verify that. If true, GMAC will almost certainly want you to sign a new loan if they cut you any slack on the interest. This will almost certainly be a recourse loan. In your position, it sounds like a recourse loan would be a potential financial timebomb. DO NOT SIGN A RECOURSE LOAN UNDER ANY CIRCUMSTANCES.

As all other posters have pointed out, do not I repeat do not cash in your IRA to placate GMAC.

The time for assessing blame for getting into this loan is long past. For what it’s worth (not much), in my opinion offering these loans is the moral equivalent of giving car keys to someone who’s a staggering drunk.

[Deserted]

Don’t overlook a critical point.

Fat_lazy_union and nostradamos are giving excellent advice, but I want to highlight one critical point that they’ve already brought up.

You probably have a non-recourse loan. I would advise you to get an expert third party to verify that. If true, GMAC will almost certainly want you to sign a new loan if they cut you any slack on the interest. This will almost certainly be a recourse loan. In your position, it sounds like a recourse loan would be a potential financial timebomb. DO NOT SIGN A RECOURSE LOAN UNDER ANY CIRCUMSTANCES.

As all other posters have pointed out, do not I repeat do not cash in your IRA to placate GMAC.

The time for assessing blame for getting into this loan is long past. For what it’s worth (not much), in my opinion offering these loans is the moral equivalent of giving car keys to someone who’s a staggering drunk.

[Anonymous]

A fool and their money are soon parted. FYI, you don’t buy a home if you are broke. You don’t buy a home if you don’t have an emergency fund in place. When you use a credit card, you are giving yourself a HIGH INTEREST LOAN. And, if you don’t pay that loan off at the end of the month, you are LIVING ABOVE YOUR MEANS. You are faking your lifestyle. I can tell you, I have been broke, I have had big credit card debt and now I have no debt. The no debt, living within your means lifestyle is much more comfortable. The borrower truly is slave to the lender. For the last couple of years I’ve beem debt free. I don’t use a credit card, only debit. And do you know that I forget when my paycheck gets automatically deposited.

Reading your posts, you have tricked yourself into believing that you could afford the house. You should have looked at the worse case interest amount before you signed the load papers. If you couldn’t afford the home when the loan reset, you should have walked away.

I don’t feel sorry for you one little bit. You signed your name to a document, now, you want some easy way out because so many Americans are not taking personal responsibility for their actions. I think they shouldn’t allow you to get off easy. But, you’ll probably declare bankruptsy and be back in a few years to do it all over again, not learning anything from your foolish actions.

_______________________________________
Zero debt and paid for house.

[Anonymous]

A fool and their money are soon parted. FYI, you don’t buy a home if you are broke. You don’t buy a home if you don’t have an emergency fund in place. When you use a credit card, you are giving yourself a HIGH INTEREST LOAN. And, if you don’t pay that loan off at the end of the month, you are LIVING ABOVE YOUR MEANS. You are faking your lifestyle. I can tell you, I have been broke, I have had big credit card debt and now I have no debt. The no debt, living within your means lifestyle is much more comfortable. The borrower truly is slave to the lender. For the last couple of years I’ve beem debt free. I don’t use a credit card, only debit. And do you know that I forget when my paycheck gets automatically deposited.

Reading your posts, you have tricked yourself into believing that you could afford the house. You should have looked at the worse case interest amount before you signed the load papers. If you couldn’t afford the home when the loan reset, you should have walked away.

I don’t feel sorry for you one little bit. You signed your name to a document, now, you want some easy way out because so many Americans are not taking personal responsibility for their actions. I think they shouldn’t allow you to get off easy. But, you’ll probably declare bankruptsy and be back in a few years to do it all over again, not learning anything from your foolish actions.

_______________________________________
Zero debt and paid for house.

[Anonymous]

A fool and their money are soon parted. FYI, you don’t buy a home if you are broke. You don’t buy a home if you don’t have an emergency fund in place. When you use a credit card, you are giving yourself a HIGH INTEREST LOAN. And, if you don’t pay that loan off at the end of the month, you are LIVING ABOVE YOUR MEANS. You are faking your lifestyle. I can tell you, I have been broke, I have had big credit card debt and now I have no debt. The no debt, living within your means lifestyle is much more comfortable. The borrower truly is slave to the lender. For the last couple of years I’ve beem debt free. I don’t use a credit card, only debit. And do you know that I forget when my paycheck gets automatically deposited.

Reading your posts, you have tricked yourself into believing that you could afford the house. You should have looked at the worse case interest amount before you signed the load papers. If you couldn’t afford the home when the loan reset, you should have walked away.

I don’t feel sorry for you one little bit. You signed your name to a document, now, you want some easy way out because so many Americans are not taking personal responsibility for their actions. I think they shouldn’t allow you to get off easy. But, you’ll probably declare bankruptsy and be back in a few years to do it all over again, not learning anything from your foolish actions.

_______________________________________
Zero debt and paid for house.

[Anonymous]

A fool and their money are soon parted. FYI, you don’t buy a home if you are broke. You don’t buy a home if you don’t have an emergency fund in place. When you use a credit card, you are giving yourself a HIGH INTEREST LOAN. And, if you don’t pay that loan off at the end of the month, you are LIVING ABOVE YOUR MEANS. You are faking your lifestyle. I can tell you, I have been broke, I have had big credit card debt and now I have no debt. The no debt, living within your means lifestyle is much more comfortable. The borrower truly is slave to the lender. For the last couple of years I’ve beem debt free. I don’t use a credit card, only debit. And do you know that I forget when my paycheck gets automatically deposited.

Reading your posts, you have tricked yourself into believing that you could afford the house. You should have looked at the worse case interest amount before you signed the load papers. If you couldn’t afford the home when the loan reset, you should have walked away.

I don’t feel sorry for you one little bit. You signed your name to a document, now, you want some easy way out because so many Americans are not taking personal responsibility for their actions. I think they shouldn’t allow you to get off easy. But, you’ll probably declare bankruptsy and be back in a few years to do it all over again, not learning anything from your foolish actions.

_______________________________________
Zero debt and paid for house.

[Author]

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