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Gmac Mortgage / late mortgage

1 Henderson, United States Review updated:

I stay exactly 30 days behind on my mortgage payment. I had some health issues in the past that caused me to get behind for one month. I pay my mortgage payment 30 days late every month because I don't have the $1076.00 to get caught up. Each month I am paying them $34.00 in late fees. They call me all the time. The reason they do not care about whether they take your house or not. When you take out the mortgage, you pay home owners ins, and you pay something called Mortgage insurance. You have to pay for the first 10 yrs of the loan. This is a insurance policy for the lender that you pay, covers them if you default. So if you default they are insured, plus they can then sell your house for what ever amount they can get for it and still leave you holding the difference. This is why the mortgage companies don't really care if you are having trouble or not. After ten years the ( MORTAGE INS) will no longer be due and that amount will come off your payment. Look at your escrow and see. You have property taxes, then you have homeowners ins-which protects you & their investment, then you will see Mortgage Insurance. You are paying insurance in case you default, it covers only the lender. When I think about paying extra on my loan, there is no where to add it in, except as extra principle, which would not change your note. I told them, if I could pay extra $200 per month for 10 months or so, I could have the extra note paid, but they don't want to work with me that way. Its all or nothing. So I pay them late with late fees every month, hurting my credit, and they are making extra money off me in late fees. These people are not nice and they will harrass you.

Jun 3, 2014
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