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Gmac Financial Services / late payment posted on my credit life at the credit bureaus has ruined my credit!

1 200 Renaissance CenterDetroit, MI, United States Review updated:

About 3 weeks ago, when interest rates were cut by the federal government, I decided to refinance my home. I filled out all the paperwork. For all intents and purposes, the loan was a done deal. The bank where I applied submitted everything to the underwriter for their approval. The underwriter then sent me some final paperwork to sign and return to them. Again, it was a done deal. I even had the appraisal performed that brought in a good price with no depreciation in value, even though there has been a mortgage meltdown in this country. My savings each month would be about $700.00 to $800.00.

On tuesday, when my mortgage loan was to have been approved, the underwriter did not approve it. This was the same day that the federal government cut the rates again by 3/4 of a point from 3% to 2 1/2%. This would have meant even more savings for me each month over a 30 year period. I was shocked and so was my loan officer at the bank. She proceeded to tell me that the underwriter denied my loan because they said gmac financial services put a late payment on my credit report at the credit bureau's.

For the record, I have never been 30 days late on a truck or car purchase or lease in the past 39 years. And I have purchased or leased 17 vehicles in that time. This could not have come at a worse time. This has cost me $175, 000.00 plus $700.00 to $800.00 savings each month. I make my truck lease payments on my 2004 chevy tahoe z-71 on the first of each and every month. I have 11 payments left. I receive a monthly disability pension check on the first of each month. I made my january 18, 2008 payment at the post office on february 1, 2008. Again, I am never late!

Gmac financial services began calling me in february that they never received my payment. I told them repeatedly that I mailed it on february 1, 2008 at the post office. I called moneygram to find out about the two money orders I mailed to gmac, one for $500.00 and the other for $131.61. They told me that if I want reimbursement of the money orders, I would have to file two claim cards from their website and mail them to money gram accompanied by a $12.00 money order for each.

So, I mailed two money orders, claim cards and original receipts to money gram for reimbursement for the two money orders that I mailed on february 1, 2008. This past friday, march 14, 2008, I received the money gram checks for reimbursement from moneygram. On monday, march 17, 2008, I withdrew the $631.16 from my savings account and made payment to gmac at walmart so that they would get it within 15 minutes.

My mortgage loan officer said that if I could get gmac to remove the late payment from my credit at the credit bureau, the underwriter would approve my loan. So, I called gmac and spoke to two people this past tuesday, sylvia and john, her supervisor, john out of the oregon office. After a lengthy discussion on the telephone with john, a supervisor, he refused to remove the late payment from my credit report at the credit bureau. He told me that gmac's policy is that unless they have made a mistake, they will not remove a late payment at the credit bureau. I attempted to explain to him that gmac did in fact make a mistake by applying the wrong payment to the wrong month.

I have no control over the post office and how they treat mail. For whatever the reason, I did in fact make my payment on time as I have done fot he past 39 years, and never late! Why on earth would I make a payment when i'm refinancing my home. I have all the documentation to prove it!

What are my options? Gmac has cost me an awful lot of money long term, 30 years long term in fact. I filed a complaint with the bbb in akron, ohio, and an investigative complaint with the transunion credit bureau as well as equifax and experian. Additionally, I wrote a letter to the new ceo of gmac financial services who assumes this position on april 1, 2008 with all supporting documentation.

Do I have any legal recourse? After all, I did make the payment as agreed to when it was due. Gmac has cost me a small fortune over the next 30 years. Gmac has 267 billion dollars in assets. I would think a jury of my peers would definitely agree with me. Can a civil suit be filed? I late payment on my credit report will ruin my credit the remainder of my credit worthy life.

I am soliciting all law firms if they are interested in filing a civil lawsuit against gmac financial services, located at 200 renaissance center in detroit, michigan on my behalf.

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Comments

  • Jr
      23rd of Feb, 2009
    0 Votes

    I would love to know if others are experiencing this as well as us. They never recieved my online payment and consequently are dinging my credit for not recieving the payment. They said that I could write a hand-written letter to all three credit bureaus to refute the issues, however why should I invest the time becuase of their incompentence? Please let me know, I would love the oppurtunity to be apart of the reconciliation.

  • De
      24th of Feb, 2009
    0 Votes

    I too am going through something similar!! As we speak I am on hold(go figure) with GMAC corporate!!
    In Sept 08 I began a loan modification on my morgage!! ( I was NEVER late on my morgage and was doing this to be pro-active because I was starting school and would not be working as many hours) I mailed them the down payment via Fed-Ex overnight (Thank God it was tracked)!! They claimed they NEVER recieved the check! Well according to Fed Ex not only did they recieve it someone in their mailroom signed for it!! I continued to call back and forth for FOUR months!! During this time they assured me that not only did I not owe any money because I was in the process of a loan modification but it would NOT affect my credit rating because technically I was "between" loans!! Well...
    Last week I applied for a small four thousand auto loan though my bank and was declined because according to my CREDIT I was 90+ days late on my morgage during the months of September through December!! I have spent the last 48 hours talking to customer service rep after CS rep!! Still I have got NOWHERE!!! I am now unfortunately going to have to resort to legal ways of which I have yet to figure out how or where I will get the money for this!! After all the entire reason I began the loan modification to begin with was because I was going back to school(of which I am now a full time Nursing Student)!!!

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