I contacted GMAC as instructed for a loan modification after I was notified the value of my home had gone down, State of Washington had cut my hours and the cost of living had almost doubled. They, GMAC, said I could get a loan modification. Come to find out, their modification cuts the payment but adds the difference to the back of the loan putting you more and more in debt and your credit rating getting worse. Because of this I chose not to do a modification. Also, without informing me, they said they did an appraisal and they would... read full review »