GMAC Loan Needs a Mod - Not Late Yet

[Joel Fraser]

I was glad to find this forum and I wished I would have found this much earlier as I've been facing an increasing problem in making my mortgage payments.I bought my home in Nov 2007 with a GMAC Interest-Only loan at 7% and loan amount of $327,500. My payment was $2500 including escrow. Few weeks ago, GMAC told me that my mortgage payment was going to be $3100 because of Escrow Shortage starting in November 2008. Sometime this past April, I was told that I was qualified for some sort of refi with GMAC but then my home value was only about $3000 more than what I owed so they could not refinance the loan.I was able to get them to spread out the Escrow Shortage in 36 months instead of 24 month period and that brings my payment down to $2800. I also learned that my investor is Fannie Mae. I am not sure how that information can help me, but I read in one of the posts here where either Moe or Cat suggested to find out who the investors were for your loan.I've been calling them since then, and was told to call back on Nov 1, 2008 at which I would have to submit a Financial Statement. I am worried if I am not able to qualify for a mod and by then it would be too late.I didn't find too many GMAC/Homecomings loan mod posts and/or Interest-Only loans here so I am wondering how I stand in getting a loan mod. Any input/help would be highly appreciated.