[TripleCrown]

Here is an update. After re-submitting the modification package, GMAC told me I have been approved, and sent me the paperwork to sign. The payment on my first modification that they didn't honor, was $980. My new modification payment will be $1646. That's 3.5% for five years, 4.5% for one year, then 5.25% for the final 24 years. I called and questioned the high payment and was told that is the best they can do. I said the Obama plan calls for the payment to be 31% of gross income, which would put the payment at $1335. They then said they aren't using the Obama plan, and this one is the only modification they are offering. I told them that all this will do is delay the eventual foreclosure. They said this is all they can do. I also have to accept the offer by the 15th of January, which isn't much time. Once I accept the modification, the paperwork says I will no longer be eligable for a future modification. GMAC continues to receive billions of dollars in bailout money and does next to nothing to help struggling homeowners like myself to keep their homes. I owe about $80,000 more than what my house is worth. I was never late with a payment until I started with their program and now my credit is shot, as they have reported me as not making a mortgage payment since the first modification program started. I am more or less forced to accept this modification, and will probably not be able to make the payments a few months down the road. Makes no sense, especially since the government owns a large portion of GMAC.