Get in touch with GMAC and make arrangements to get your account back on track. Offer to add $100 (or $50, if $100 is too much for your budget) to your payment each month until it once again current.Once you have caught up, continue making "Extra Principal Payments." To do this, send a second check with your payment each month and mark on the "Memo" line "EXTRA PRINCIPAL PAYMENT." By doing this, they must credit this additional payment to your principal balance, in turn actually helping to reduce balance owed. This, ultimately, will also help to reduce the total amount of interest you pay, and may even shorten the time needed to pay off the mortgage.If you have any credit card debt, pay this off aggressively -- no other use of your money will give you a guaranteed 18-30% return.
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03-04-2010, 05:42 PM
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