GMAC Mortgage Policies?

[Administrator]

Will GMAC renegotiate your existing loan?Hello I have a first and second loan with GMAC. I have a fixed interest only loan that does not adjust until 2010. I bought the home for $569,000 and did not expect home values to drop. Estimated value of the home is around 480-500 K.I am current on both loans.I was considering forclosure and buying another less expensive home but a friend suggest I try to renegotiate the loan with GMAC.GMAC loss mitigation told me that because my loan was not up until 2010 they would not be able to assist me and if I could not afford the payments I should like the home for sale and they would possibly negotiate a short sale.What I need to know if I become delinquent will they renegotiate my existing loan by lowering the balance as other companies would do to avoid forclosure?If you are reading this and do not know GMAC policies please do not guess I am looking for someone who might actually know.Thank you for your time.

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(Source: mortgagefit.com)