GMAC-2nd mtg/primary residence

[atlchick819]

I have a 2nd with GMAC. Anyway, this loan was originally a HELOC that was IO for 15 yr. Well when all of the markets starting going to the crapper and home values declined, the lender evaluated my house. They determined that my house was not worth what I owed so froze my HELOC and started forcing me to make principle payments in addition to my IO payment. They never changed my loan type or IO (still based on the market) but just started tacking on principle to my payments. Now, I paid extra IR to get this IO loan so I didnt even see how they are legally allowed to just change my loan term. I dont mind the fixed payment if I was on a fixed rate which is usually lower than on HELOCs. Now that my income is dropped I am having some financial difficulty and plan to call them to see what they are willing to do to help modify the loan. Anybody been able to do modifications on 2nds? Thanks for your assistance!!

 

~A