Has Anyone Got Help On Their Mortgage?

I bought my home in 2006 right at the top of the market. Anyways it is worth about 350K and I owe over 680K on it. GMAC refuses to do anything except give me the run around. I can't let it foreclose because my credit is all fucked up now and I could never get another loan.

WoW!  Brutal.  I hear what you say about fucking up credit, but man, you might need to let that foreclose.  That is a huge amount to be underwater.  It usually takes a long time to foreclose.  Just live there rent-free for a couple years and then move out.  Save the cash up for rent.  Credit does get repaired even after foreclosure after maybe 3-5 years.  Paying into that seems like throwing good money after bad.

Thats tough but you signed the documents, so if you CAN pay it you SHOULD pay it.

Foreclose and have a family member rent/buy for you next time

You can get a new mortgage about 2 years after a foreclosure if your credit is spotless in those 2 years following. Christ 75% of the country has practically been foreclosed on lenders take it into consideration now. Still not an easy process, people with perfect credit and cash reserves can still have a difficult time getting a mortgage right now. Banks are still being tight with lending money.

I agree with WSC, you made a bad decision like millions of people but it is still your obligation.

People who want to live up to their obligations are the problem?

Pay the bank their money. You signed the mortgage right?

 Maybe he's at the end of his ARM & has been jacked. You know as well as anyone the action these MB's took to get everyone a loan, including telling many that "you can just re-fi out of this before your ARM runs out". Well guess what? The banks won't re-fi now that you're upside down.

 I understand, & for the most part agree with, your POV, wall. But everyone has to make their own "business decision".........just like banks do. Lenders are as much to blame as the borrowers that may have been ignorant or fell on hard times.

It's a business decision to walk away. Fuck the banks. My wife went in for a minor surgery that ended up becoming major.  She was out of work for two years. We went through all of our savings and 401k and everything else we had.

Bank of America would do nothing to help us. We ran out of options and filed Chapter 7. We haven't heard from the fuckers in 4 years. We even got another attorney for when they do eventually forelcose to make the process as smooth as possible.

My wife and I are ready to move on, whether we rent or have enough saved up to pay cash for another. We were lucky, no house payment in almost 4 years. We did everything we could to make things right. It was the best decision we ever made.

Mugg,

Oh and the banks are now charging HIGHER FEES because they are blood sucking person and need to line the pockets of the greedy CEO's who needed to be paid $50 million while the government was bailing them out.

You mean like most democrat voters? Yes i agree..

I suppose you are somewhat correct, but once you factor in inflation, I have a hard seeing him as anything, but a victim.

It's not a crime to breach a contract.  You breach, you pay damages to the extent provided by contract and law.  Not saying it's a good idea, but it's not unethical or immoral IMO.

I have more sympathy for sure about the health or job situation, which was included in my initial reply.