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Gmac Mortgage / horrible modification policy

1 NY, United States Review updated:

Beware! We were offered a home modification, reducing our payments. They have a trial period of four months, and then if payments are made successfully they will give you a permanent modification.

During the trial period, if regular payments are not made, they will mark the past due balance as 30, 60, 90+ days late on your credit. If you pay the modified amount during the trial your credit will be ruined.

If they decide to add an escrow to your account, you will need to make the new higher payments or suffer negative credit marks.

Negative credit marks will increase your credit card rates, homeowners and auto premiums.

You will be forced to pay the regular payment, an increased payment adding escrow or ruined credit.

For at risk homebuyers not 30 days late, this is a doom.

They need to change their policy before they ruin people's finances.

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Comments

  • Aa
      30th of Nov, 2009
    0 Votes

    We agree. we actually just made a payment over the phone, received confirmation, and then received a letter thanking us for our paymet. A week and a half later, we received notice that we had not paid and that late fees were being assessed. They typed in the wrong account number and now will not help us. We were able to make another payment but they still insist that we were late with our payment and will not accept responsibility for their mistake. The customer service representative was rude and condesending when I was trying to ensure she had the correct account numbers! We also had three communications with the mortgage compay in which they stated that our account was in good standing and that the payment was received. However, the money was never taken from our bank account.

    My theory is that they are trying to make it look like we are not living up to our end of the bargain, so they can foreclose on us. It is dispicable and sad that people are being penalized for trying to do the right thing. What a sad state of affairs our country is in with this economic crisis. Now, I just saw on the 6:30 nation news that credit card companies are hurrying to raise their interest rates before the new legislation goes into effect to stop them. I cannot stand this! Something needs to be done about these companies that have us over a barrel. Oh and actually we were attempting to make our payment early. So, if there was a problem with the numbers of the account, they could have contacted us before the actual payment was due. therefore, no late fees would have been added.

  • Pi
      12th of Mar, 2010
    0 Votes

    I have been totally screwed over by my mortgage company GMAC! I wanted to apply for the Obama modification- told I could not because I was up to date with my mortgage-- so I didn't pay the mortgage for a month and a half so I would be eligible--

    Ok- I filled out all the paperwork because I was evidentially now eligible for it because I was now past due. I was put on a loan modification plan for 6 months-- I had been paying on regular payments $820.00 per month on the modification I paid $636.00. During this time I was to call in a payment each month. During these calls I was harassed by GMAC to pay my loan- each call I had to argue to be transferred to the loan modification department-- YES argue each time! After finally being transferred I would pay the amount. No problem there.

    Then, three months in I receive an ACT91 foreclose notice- Yes I was ready to have a heart attack- called GMAC and again had to argue to get my modification department. Several times I had told them I felt they were incompetent because the left hand had absolutely no idea what the right hand was doing. They then tried to smooth things over.

    I called trying to find out what was going on and was them told I owed $14, 000.00 on my past due account and again had to argue to be transferred to the loan modification department. Once there I was told I had not been approved for the Obama Plan (no letter had been sent to me) but I was being reviewed for another type of loan, that I could breathe easier and a package would be sent to me. It was! I received another ACT91 packet! Yes heart attack time again!

    I called again but this time I somehow managed to get into the correct department - maybe because I demanded the manager immediately. I was told I had been approved and owed a payment of $1456.00 on the 19th of March. I asked what the interest rate was I had been given and guess what! It was the exact same percentage I had with the first loan! (6.125%) not one change. They person I had spoke to told me she would expedite my package and request a delayed payment-- but I have not heard a peep!

    I had expected it to be higher because they had put me into an escrow account- but to be that much more with no drop in percentage was ridiculous! I spoke to a friend who had just retired from banking and he told me what they had done was illegal and I had to do something immediately. And that this was the new scam the mortgage companies were pulling on people.

    I have yet to receive a package. I am at witts end here. I am trying to get everything taken care of, I tried to refinance all of my bills- (vehicle- credit cards and mortgage all in one bill- GMAC gave me the run around
    I am awaiting the "package" GMAC promised would arrive and I am considering reporting them for scamming consumers because I was promised that even if I did not receive the Obama plan I would still receive some type of a lower rate-- yeah right!

    I am not upside down in my mortgage- - the mortgage was only $128, 000.00 the property is worth at least--on the low end here $550, 000.00 (current market comparable price)

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