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Gmac Mortage / escrow padding; illegal fees; tampering with payments

1 Madison, WI, United States Review updated:

If you ever have the chance to avoid doing business with GMAC mortgage, please follow the warnings of others on this site. I had a 30 yr fixed rate mortgage from a local mortgage lender, then the loan was sold within 60 days (a common practice). GMAC acquired my loan. I never have missed a payment, never had been late all seemed well. Until GMAC sent me a 15 day notice that my payment would increase by $260 a month due to anticipated property taxes due a year ahead. They forcasted a $260 increase even before my city's assesors office had completed the estimates. I had no option but to begin paying the increase or have my credit indicate that I was not making my full payment. I couldn't find any help and could not afford an attorney. Why would I suddenly be at risk of defauling on mymortgage based upon inflated escrow for more than a year ahead of it's due date (November 2009) when so many other people were defaulting based upon balloons variable rates? I did the right thing I thought. Wrong, I should have gone with a local bank. But this was my first home, my dream, and as a single parent I believed I made a smart investment that I could afford. It has been a continual nightmare dealing with them. I wrote a formal letter requesting a new escrow analysis and quoting federal law. In 60 days my payments were returned to normal and I eventually received a refund! Now, I get letters telling me they've done a new analysis and if I don't pay 4 cents, their estimated shortage for taxes in Nov. 2009, it will be reported to the three credit agencies! When I paid over $100 extra for a payment 16 days prior, they made an automated error and took that payment and applied it to principle, then saying that I missed a payment and subsequently reported it to my credit agencies AGAIN. It took 3 months for them to check their records and correct their errors, although they had not yet filed the corrections with the three national credit agencies, now my score is not high enough to get a refinance through a local bank with better rates. Gmac even has the nerve to charge me $186.28 for the fees for them to correct THEIR automated error for the extra payment I made. They bother me at work, despite several requests to not call me at work. I have record of all cashed checks by GMAC concering my mortgage, consistently on the 4th, I make sure I send in payments before the 15th of each month. Nevertheless I have to spend so much time continually correcting their errored reporting, stop the harassment and deal with their incredible incompetencies. It's so rediculous I laugh, to avoid crying.

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  • Bl
      24th of May, 2010
    0 Votes
    Gmac Mortage - Loan Modification fraud
    United States

    Here is a letter I just emailed, sent and faxed to Our President Obama. It reflects the similar situations I have read all through this complaint page! Come On It Screams Class Action. We need to do something!

    Mr. Obama, I am going to let you know a little about myself then my husband. Then I am going to tell you how all your loan modification programs are not being followed how the big banks are in RESPA violations and how they do not seem to follow your instructions. Leaving us homeless after fighting for the last 10 months to have our loan modified and our payments lowered, and finally how it was sold on May 18th leaving us essentially homeless. Shame on somebody but no one knows whose fault it is!
    I am a 50 year old female this year who has worked hard labor all my life. From the Oilfields to Driving Semis to finally working in a Phosphate Mine where I was injured on the Job. 10 Years with no accidents, the accident of which I speak was deemed not my fault. I was fired as the outcome because my Doctor at the time would not release me. Nice Isn't it. I sustained severe nerve damage rendering me unable to lift, sit or stand for more than an hour at a time. I have to lay down on the couch after doing any activity, on my back for at least two hours. Which is where you will find me most of the time. Nice existence would you say? I use to be a very strong person until this accident. My job entailed carrying one bucket of ore in each hand up forty two stairs for twelve hours. Piece of cake until I was hurt on the job. Now I guess you could say I am as close as an invalid as you can come with out being in a wheel chair. I am being sued for twenty six thousand of medical bills as the Ins. I had was cancelled as was the workers comp when I was fired. Also Nice Isn't It!? Oh and let me not forget to tell you that I have a 16 year old boy who is excelling in his High School. He is an Honor student with a 4.0 GPA. His Senior year will be next year and he has already compleated almost a full year year of College credits. What do you suppose will happen to this young man and his future because of all these events leaving us homeless? Something I am sure you will never experience. We should never have had to either if your wonderful programs really worked. Where is the enforcement for such programs?
    Now my husband Donald E. Long was a Vietnam Vet. He has two purple harts a silver star and was offered the medal of honor of which he refused because when he came back from fighting for our Country full of Shrapnel, missing one lung and having an eye which he will never see out of right again! Why, Let me tell you because he laid in a rice patty swamp for twelve days while his eye lay on the side of his cheek. He came home and was treated worse than most people treat their dogs! That did not detour him. He lifted his head up high and went to work. He has ran every piece of equipment you can name. He has driven any truck you can mention. He has logged, worked in the log mills. He has ran the log skidders. Wages then wore horrible but the cost of living was not ten times higher than wages. Thus he survived. Now because of his age no one will even look at hiring him. Pretty nice is it not!? Now we come to the house issue. We bought this house in July of 2004. From GMAC with a VA Ryder. We were doing fine. I was working making four thousand a month (before Taxes). My husband made thirty thousand a year for a while. He was increased in salary up to the point of fifty two thousand a year. Then comes my accident. Bang loss of a several thousand a month income. Next we were called by a VA Rep. who told us our loan was being sold over seas and the interest rate was going to go up to twenty three percent so we should refinance and since Donald was a Vet. we would get a fixed interest rate of four and a quarter. We would not have to pay anything. We thought boy we had better do this or we will be in trouble. Well when it was all said and done we did get the refinance but the interest rate was six percent and they had tacked on another ten thousand dollars. There goes our Equity!
    Not only that but when I went to make our first payment I had received no payment papers. I had no idea where to send the payment. I called GMAC and asked if they might know who bought our loan so I could pay. Guess what I was told? We still have your loan you need to keep sending it to us! Amazing isn't it? We knew we were not going to be able to make the extremely high payments. I put in for a hardship loan modification. I was denied, Why, ? because I was not behind. Well we are really struggling now. Again I put in for the modification. Again I was denied. We were not far enough behind. I then went to a loan modification Co. who submitted my modification. Again Denied. This time was because the bank decided we made too much money. Went through another Modification Co. Again Denied. This time because the bank said if I could pay a loan mod. Co. I could pay the payments. Is the picture getting clear to you yet??? Tried it on my own two more times now we don't make enough money. Went to three more loan Mod. Co's, was denied again. Then my husband was laid off due to Our wonderful state of Economy! The last mod. co. took my money and never gave it back as their contract said they would. Now We are out that money! Went through one more to save our beloved home and property. The bank had a sale date. It was for April 24th. The lawyers got it postponed until the 18th of may. The bank was working our modification finally and we thought maybe we were going to be able to keep our home. Guess what? They by your federal law was not supposed to sale our home while working on our modification, they did. Sale went through at ten o'clock on May 18th. Where is the honor due to people who have nearly died to fight for our country?? There is none. Where is the honesty in the big corporations now days?? There is none! Oh the bank gave us two options. One I could have someone buy the home and rent it back to us. Like that is going to happen, unless maybe you will feel gracious enough to accomadate us as such. How about it, would you buy our house back and rent it to us?? Or option nimber two is I can give them twenty thousand to re-instate us back on the loan then we can try the modification course all over again. What a bunch of BS. Come on Mr. Obama you are our Comander and Chief. You are giving billions of dollars away to other contrys for homeless. Try taking care of your own countrys people for a change. Have you ever thought there are people here who need their homes as well?
    I realize that people who make the measly wages as we were making are nothing. I realize that people who work hard all their lives mean nothing. I realize that people who have fought for our country, almost died and came home is nothing. I realize these people are all treated as if they are nothing. But I would like to tell you that all these nothings are the reason people as yourself are where you are!! You who keep putting out all these great programs to help Vets. To help people who are unemployed. Who are in great debt. Let me tell you Mr. Obama none of these are real. None of these WORK!!! I suppose If I were a minority, which by the way, it would seem these days the Caucasian is truly the minority I could get help. So I ask you, when do people who mean nothing get to recieve some help so they can in their retirement age at least have a home to call their own and at least a meager existence??
    I would truly love to here your answers on this because we are now homeless. We are honest law abiding people whom I believe should be shown a little respect along with several other people in our United States with the simalier situation!
    Bonnie Erickson Long
    Donald E. Long

  • Kh
      24th of May, 2010
    0 Votes

    unfortunatly those programs only work if you have acertain amount of income and a low amount of debt. You need to look into filing BK. They dont sound like they are going to let you keep the house which may be a blessing cause why would you want to keep a place you can not afford?

  • Am
      7th of Oct, 2010
    0 Votes
    Gmac Mortage - Incompetent
    GMAC Motgage
    United States

    GMAC Mortgage is the biggest bunch of ###s I have ever dealt with. I am short selling my home, with GMAC being my second mortgage. We are short selling or home, because we are having another child, and with our high interest rate first and second (it was our first house, and we are statistic of the predatory lending practices that has sunk the mortgage industry). Long story short, the first mortgage approves the short sell, and is willing to give GMAC $3500 in the short sell, and has set a closing date of 30 days. We then engage GMAC to get this done. Well, this is where the clowns come into the ring at the circus. We get absolutely no response from a Peter Knapp who is assigned to our case (COMPLETE INCOMPETENT FOOL). He says he is providing us tasks, however we confirm with him - 11 times - we are not receiving them in equator (system they use). No response for almost a month, I get desperate (as our closing date has come and gone, and our extended closing date is a week away), and I call CEO Tom Marano. Tom passes me along to Sharon Robinson, whom I am sure is just an assistant with no title, and get absolutely nowhere. I escalate to Tom again, no response. Our second closing date is tomorrow 10/8, and I have been notified by my title company, who also is incompetent, that there is no way we can close on Friday. My buyers, who have been patient, are now having to walk away because their CHAFA loan expires tomorrow. With the baby coming, we have no time to start this process all over again, so we will have to foreclose. Keep in mind, we have done everything right during this process. I have NEVER missed a mortgage payment, I started this process early enough that it should have gotten done. If it were not for Peter Knapp, Tom Marano, and Sharon Robinson, we would have completed this short sell. This company has absolutely no sense of urgency, and no care in the world for the customer. I would like to point out, Tom Marano, with the bailout money that GMAC received (to the tune of $17 Billion), received a bonus check last year for over $5 million. Nice to see they are using the money to help the industry get better, but no. Same old shenanigans, same old games, all hurting the consumer. I understand I made a mistake by signing those mortgages, and I am willing to pay for those mistakes, HOWEVER, I am not willing to pay as bad as I will be with a foreclosure. And of course, there is no recourse for incompetency in the mortgage industry. They can get away with what they did to me, and what they do to thousands of people a year, because they are govt owned, and the govt gives 2 cents about its people.

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