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.