Mortgage Forum

Joel Fraser

For about a zillion reasons and circumstances we fell behind our our First Franklin 1st and GMAC HELOC. FF is now preparing to foreclose, GMAC has threatened but no action yet. $255k owed to FF, $95k owed to GMAC. Shack is now worth around $218k.If I understand the threads and articles I've read already correctly, GMAC is probably going to seek judgement against me under breach of contract.I was close to getting some MODs done, in fact, FF did one but the lates didn't/couldn't stop so the foreclosure looms. As it happens, I now have to move out of state for my job so I don't want/won't be staying in the upside down Colorado home now anyway.My question is that I've heard of some people having success getting the HELOC forgiven or coming to some settlement with them before getting hit with the entire judgement. They stand to get nothing from a short sale or foreclosure so will they deal or will they won't?If so, any suggestions on how to start that conversation with GMAC, what to ask for or how to put a tail on this slinky with the least amount of personal recourse liability financially and credit score-wise?TIA, mtn