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Gmac - We Need Help Fast


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We have a mortgage with GMAC and last year we missed some payments on our mortgage due to family problems, we missed 6 months which was approx £3000. In February this year GMAC took us to court for reposession, once the judge knew the circumstances behind us falling behind on our payments he basically ripped GMAC's solicetor apart, he ordered us to pay £50 per month on top of our current mortgage payments until they were paid off but if we missed another payment GMAC could take the house straight off us as they had a reposession order.


Although we struggle to make the payments each month we have managed to pay the last 12 months plus the £50, but GMAC is adding £50 per month on our mortgage for every month we are in arrears so really we are not clearing anything. Then yesterday we received a letter saying that the interest rate was going up to 10.26% and from January our payments would be £785.36 plus the £50 so our new payment will be £835.36 i havn't slept all night and havn't stopped crying all day because i just don't know how we are going to manage to pay it especially as the interest rates will be rising not dropping so it's not going to get any better.


We cant remortgage with a different company because of the circumstances that happened last year we fell into alot of debt so have really bad credit rating, also, my house is only worth approx £100000.00 and because of the arrears, £3700 redemption penalty and court fee's our current mortgage balance is £95,000.


Both me and my husband work all the hours god sends to try and pay everything and keep a stable environment for our 7 year old daughter but i am clutching at straws now as what we can do, we cant possibly work anymore hours. Does anyone have any suggestions on what we can do any advice would be gratefully accepted.


Thanks in Advance

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