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Mortgage / Mortgage payment stopped after paying off second

1 3451 Hammond AveWaterloo, IA, United States Review updated:

About 2 months ago I paid off my second on my house. Loan number: [protected]. I advised Equity Accelerator that my loan on my second had been paid off and that they could stop my automatic payment on my second. Well somebody at the Equity Accelerator made an error and stopped my mortgate payment from being paid to GMAC. I was advised this by Malcom on 2/18/10. The reason I questioned this was that I received a letter in the mail from GMAC Mortgate that I should be working with the Loss Mitigation department on a special forbearance or other foreclosure prevention alternatives. GMAc advised I was behind 2 months on my payments. I almost had a heart attack. And then the letter said due to the unresolved delinquency on my account, I may be experiencing temporary or permanent financial problems that led to the defult. I did nothing wrong. I paid off my second approx. 25, 000.00 and somebody at the Equity Accelerator program made an error and closed off my mortgate coming out of my account which made my house delequent by 2 months. I tried to call GMAC and the lady was rude and would not even listen to me. Alls she kept saying was something regarding defult and reading something over and over. I started raising my voice trying to tell her what had happened. I then asked for a manager. She put me on hold and then sent me over to a SPANISH recording. I hung up and that is when I called Equity Accelerator. Malcom, a very nice man explained that he sent a letter to someone advising it was the error of Equity Accelerator and that I should receive a letter by the next day. When I called Equity Accelerator I spoke to Tina (?) who advised me that the letter was rejected due to the fact that Equity Accelerator was not going to take the blame for any delequent or last charges and my credit. Number one I have excellent credit. The highest credit you can get. My complaint is that GMAC would not listen to me about what had happened. They were rude, would not listen and just kept saying something over and over again that I was
deliquent and I owed 2 months payment. On February 18, 2010 I overnighted 1603.42 to GMAC's Louisville, KY office to I could get this account up to date. I have been advised by Malcom (2/18/10) that I was back on the Equity Accelerator program and he was sorry about the error. My question is, is this the way consumers are treated for paying off their second on their house? Is it by stopping the Equity Accelerator program so they can try and take somebody's home. I am asking for a letter that they made the error since Malcom eith Equity Accelerator advised me. When I spoke to his boss JR he gave me a fax number of [protected] and told me to send them a letter. I am very upset. Nobody wants to listen and nobody wants to do anything about the mistake they made. Sheila Hoyer 5740 parapet St. Long Beach, CA 90808 I appreciate your help as this is very unfair. We are not all criminals.

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  • Nu
      19th of Jul, 2010
    0 Votes

    The GMAC Equity Accelerator program is a sham. The promotional material leads you to believe you're going to benefit from acceration of amortization, that is, by making your mortgage payment twice a month, thus avoiding compound interest. There is no such benefit! No such thing happens!
    The GMAC Equity Accelerator department just collects your money twice a month, hangs on to it, and makes your payment only once a month just as before. The department within GMAC that holds your loan still only receives a payment once a month. The only benefit is that GMAC Equity Accelerator makes the equivalent of 13 payments per year (with your money). Essentially, you make a series of fifteen-day loans to the GMAC Equity Accelerator department, for which they charge you a fee. Nice for them, bad for you.
    You could do the very same thing yourself by sending in 1/12th of a payment extra every month. Actually, my bank (Regions) has a FREE service which does just that.
    Quit getting ripped off!

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