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I closed escrow on the sale of my house on 08-01-07. GMAC Mortgage automatically applied a $16+ Thousand dollar pre-payment penalty to the pay-off amount on my mortgage.
My mortgage DID NOT have a pre-payment penalty based on my originating mortgage broker and GMAC customer service department and told me my loan was an "SOFTLOAN".
GMAC - Had to have a "Contract specialist" look at the contract (took three weeks- after closing esrow) to determine if in fact there was a prepayment penalty; If the contact is this vague that the originating mortgage broker and customer service department all told me it DID NOT have a penalty, this is FRAUD!
Thanks,
Concerned Consumer.
I suggest that next time you get a loan, since this is a really big money and might cause a big impact on you, don't just rely on what your "originating mortgage broker and GMAC customer service department " would say because they too would want to get raise and would do anything to get you into what they're offering.
Make sure you read everything first. Be wise and don't just trust anyone. And the most important thing is don't sign or agree when you are not clear on what you are putting your self into.