Consumer Complaints & Reviews
2001, was a good year. I bought a house, and received keys to a nice house. Gmac was the mortgage company, suddenly a week or two later. I received a letter in the mail, telling me I was $3,000 behind on the mortgage payment, customer service told me to ignore the letter, and I did but it caused much pain and suffering, and later they sold me to Ocwen, thanks Gmac.
I hope someone can assist me. I was a homeowner for 27 years and never had a late payment. I refinanced through a lender named BancUnited that was acquired by GMAC. I lost my job and was unable to make a payment until after the due date. I called GMAC and they presented the option of Loan Modification to me. I agreed and went through the process for 17 months. I got notice of Sherriff's sale and GMAC said it looks like I was approved. I kept calling and kept getting the put off.
By chance I ran into the mortgage officer for BancUnited and he shared that he was no longer with them. He also shared with me that their underwriters falsified most of the applications for approval. I requested a copy of my original loan application for BancUnited. They said they do not have any of those records. My wife and I resided to the fact that we were not approved. The Sherrif's sale happened. Three days later I called GMAC again and they said it looked like I was approved. I requested this in writing and they said they could provide this after official approval. I called back 2 days later to tell them I no longer lived in the house and was told it was denied. They did not even know the house was sold 3 days before. Is there any recourse for me? Are there any "Class Action Suits against GMAC Pending?" I am very sorry to ask this of anyone but any comment would be greatly appreciated.
I had a loan with GMAC originating in 2001. In 2008 I went thru a divorce and my business (builder) tanked almost at the same time. I should add I had been a homeowner for more than 30 years. I attempted a restructuring of my loan and submitted paperwork (extensive) 3 times. The innumerable calls I made to them were met with different people with varying degrees of knowledge. I never was able to "connect" with anyone who actually was interested in my situation. All this time I heard lots of reports of federal money out there available to help people like me. Finally, on my 3rd application, they granted me an approximate payment modification of $100! I ended up settling for a deed in lieu payment of $3000. This after paying more than $140k and spending about $30k in improvements. My life had the guts ripped out.
I have sort of recovered but I carry a VERY VERY bitter grudge against this company. I can only hope Karma comes into play and the policy makers choke on the foul play that they have done to people. I hope they cannot get past their own dealings and suffer like so many they treated with callousness and disrespect. Glad to find a forum.
I was in a mortgage agreement with GMAC back in August 2009. I lost my job of 30 years in Feb 2008. I started to experience problems a few months later with my mortgage. I called them to apply for a loan modification in 2009, which they granted. I found another job in 2009 but it was not paying me enough money to maintain my mortgage. My mortgage was being paid but it was late on a monthly basis but I was doing the best that I could do. In 2010, because I could not keep my mortgage current, GMAC tried to foreclose on the loan. The only choice I had was to go into a Chapter 3 so in May of 2010 I find an attorney and filed a chapter 13, little did I know things were being done to the loan in the background. I started to make my monthly bankruptcy payments from 2010 to July 2015. I was to be discharged in 2015. While in the bankruptcy GMAC had sold my loan to Ocwen Loan Servicing.
In Sept 2015 I received a letter from the bankruptcy court telling me that they had contact Ocwen to see if everything was current so that I could be released. I received a letter from Ocwen stating that they show I was missing a payment for August 2014. I knew that was not correct, as I had not missed a payment in 3 years. I sent my bank statements to their research department Then that one became 3 months. I have been back and forth with Ocwen since September 2015 with this mess. I found out from Ocwen that the missing mortgage payments were transferred to them by GMAC. In 2012 GMAC requested a Stay from the courts in 2012 because I got behind while in the bankruptcy. My attorney worked it out with them that I would be able to send them my regular payment of 835.00 and an additional 255.00 for 9 months. I did this for 9 months then I was told that I could resumed my regular payments.
Now I found out that before transferring my information to Ocwen in 2013, my situation as far as payment was not made current and I went into this with Ocwen being 3 months behind. I am just finding this out because the hold 5 years in the bankruptcy I never knew this. I am trying to keep Ocwen from foreclosing on my home because of their system failure. This so messed up and tacky on GMAC's part and Just as tacky on Ocwen's part because I am most sure I am not the only one went through this and from reading the reviews on both companies they have been doing some shady stuff. Where are the good guys when you need them?How is it that these companies are allowed to do this?
Back in 2012 GMAC changed their website where you indicate bank details. For the life of my mortgage since 1999 I have never missed a payment. I have automatic draft, so the GMAC performs an ACH draft each month. I changed banks. I uploaded my new bank details. They did not update whatever backend systems they needed to, then reported to the credit agencies I was 30 days late! Then after confirming yes I submitted the bank details and the agent admitted they were changing systems, they reported I was 30 days late again!
So this has had a severe impact on otherwise a very good credit rating all over a simple technical problem that my new bank details were not updated in their systems. As I said I have never been late in 15 years so for this to occur and for them to have no consideration whatsoever and recklessly report me as late and then turn around and not pay their own creditors and declare bankruptcy, I just can't believe it. I have no confidence in Ocwen either at this stage.
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In 2009 like so many other people my husband and I lost our jobs. I found another one but made less money. We were able to get a modification in 2009. In 2010 I had another pay cut and requested another modification. I did everything that GMAC asked us to do. We went to consumer credit counselling for help. Because GMAC held my payment for 3 months, we were not eligible to receive help. I did not know at the time they held my payment, so it appeared I was 3 months late on my mortgage. In early 2011 we were sent to legal aid. They did nothing for us. During this time GMAC filed foreclosure papers. Legal air was able to put it off for a few months, but they dumped us after that. I tried another means to put the foreclosure off, the local folks put the sell off for 3 months.
I contacted GMAC numerous times able the modification and foreclosure. They told me as long as we were working on the modification and talking with them the sale date were be put off. As I stated before, I sent them everything they asked for and they asked for a lot of paperwork over and over and over. I sent them papers all the time, the same papers I previously sent, I resent a few days later. My sale date was the end of January, 2012. I had talked to GMAC two times in January just to make sure everything was still ok and they would not be selling my house. I was told everything was good, as long as I was being considered for the modification.
I found out from another source, my home had been sold the end of January. I can't begin to say how shocked I was, GMAC sold my house and we were working on a modification. The employees at GMAC had no idea what they were doing from day to day, or department to department. I did everything they said do and they still foreclosed on me, then they filed bankruptcy so they could not be held accountable for cheating people out of their homes. That was the cowardly way out. Knowing you screwed people and they get off free and clear. I will never do business with Ally or buy anything associated with GM.
I lost my husband back in 2011. At that time I tried to make arrangements to restructure my mortgage... when I actually was told that we had life insurance on the property and it turned out not to be true... Anyway each and every time I sent something in like back taxes and a death certificate it always came back that something was missing or it would come back to my mailbox completely destroyed. Since then I had lost my home of 17 years... this should have never happened. When I lost my home I lost what was left of my life. So No Thank you GMAC Mortgage... you showed your true colors... life, death, it's all the same to you. Signed, Homeless in Tennessee.
They created things to increase the Mortgage payments, example: Charges for Escrow Account, Late payments, Flood Ins., Property Inspection, missing a whole year of payments. My mortgage is set up through the Bank. This is a 2nd Mortgage.
My father and I in 2007 bought a new Silverado. We were told it was a requirement that we have credit life insurance (raised overall price from $27,000 to $3,000). When my father died in 2010, I sent in all info for the insurance to pay off the truck, and was told there was no credit life on the account, but our truck payment for 2 months were $0 and then reduced over $100 for about 7 months. When I spoke with Ally who still holds the account until it's paid off, I was informed that it shows that the credit life insurance was never canceled...so the way I see it, either GMAC or whoever handles credit life insurance owes me around $24,000 for paying on a truck that should've been paid off in April 2010 when my father, the primary name on the account, passed away. Any suggestions on what I need to do to get the issue resolved and reimbursed the amount I have paid since April 2010?
GMAC is owned by Ally Financial. GMAC tried to foreclose on my house on December 23rd soon after they fired me. I am convinced it was retaliation. If it wasn't for a North Carolina law called the Consumer Economic Protection Act, they probably would have succeeded. I am a lawyer and I applied for a modification and I provided everything they asked for but it never was enough. Even though I presented evidence at the foreclosure hearing that the foreclosure was not legal, the only thing that appeared to influence the clerk was the fact that NC law required them to make a valid attempt at a modification. The Independent Foreclosure Review Settlement doesn't even begin to compensate consumers for the harm done. Please sign my petition to make a stand against this bully.
Just over a year ago I applied for a Home Refinance Loan through ALLY LOANS. At the time I had applied my credit score was above the level required to be approved. I submitted every document that their list of needed documents required. But after faxing all I was supposed to fax a last minute document was added which delayed the 1 month process about 4 times and even included a quiet period when I was told that did not have a loan pending. They immediately restarted the loan and dragged the procedure at least 4 months, never asking or informing me that every additional month they were running a "hard credit check" which going into the 5th month right after the appraisal the agent regretfully informed me that the loan could not be approved because my credit score was too low. That's when I ordered my credit score from Equifax, Experian, and TransUnion only to learn that it was the monthly "hard credit checks" by "ALLY LOANS" that killed my chances to get anyone to refinance my home while the lending rates were so very low.
My ex-husband and I had moved out of home. We went for a loan modification and a refi until we could sell it. Because after a year of being on the market and trying to do a short sale, they denied every offer we got. Come to find out they sold our loan to Fannie Mae and they were the ones denying the offers. I called Fannie Mae and they said we had to talk to GMAC. By then, we lost 4 offers. So then refi and loan modification were denied and would not give us the reason. So my ex who was responsible for the mortgage got upset. He said he didn't want to pay them because they didn't want to help us keep the house. It was put into foreclosure and auctioned today. All because no one could give us answers or help us cut the mortgage down till we could find a buyer.
I didn't know GMAC sold my mortgage to Greentree. I had gotten several come ons from Greentree for loans so when I got mail from them I disregarded it. Although the payments were regularly sent to GMAC they were never forwarded on to Greentree. This coming Monday my house goes into foreclosure despite evidence of substantiating bank statements. When I tried working with GMAC the customer service number was actually another company. I had to be extremely consistent and forceful to speak with a supervisor when I was told they could do nothing. The spvsr asked me to send the bank statements and notice of foreclosure (why did he need the foreclosure notice when he admitted the money had gone into a bulk account?) Why was that done? To reach this man, Mahonrry, I must call one number open option five then dial his number where upon I leave a message and he responds within 24 hours. Ridiculous and he hasn't responded. I have been stalled and put off at all turns with these companies and Greentree needs this money from GMAC (or whomever) this week or they foreclose. I have paid on time for 20 years and now they are taking my house, ruining my credit and stealing 3,000 dollars from me.
In 1993, we bought the Indiana house for 50k together and got married the next year.
In 2004, we moved to Las Vegas because my Dad was in a nursing home there and not doing well. We didn't sell the Indiana house because the market was soft and we would have taken a loss. We bought a 2 bedroom house for 200k after renting for 6 months and realizing house prices wouldn't get any better. We knew Indiana was cheaper than Vegas but didn't think we would be buying less house for 4 times the amount. After my Dad died, Dave's Company wanted us to move to Southern CA. We told them we couldn't afford CA because housing costs were twice what Vegas housing cost were (8 times the cost of the Indiana House). After 6 months of Dave driving to So Cal and being gone for weeks at a time, Dave's Company gave him a raise so we could afford to move to So Cal.
In 2006, we moved to Temecula, halfway between LA and San Diego. Dave was going to cover all of So Cal. and comparable houses were 100k cheaper than those in San Diego where I would work at the airport. The realtor who sold our Vegas house told us we should buy ASAP because the housing costs were going up and wouldn't go down "anytime soon". We did some research and it appeared he was right so we bought. We had made a little money on the sale of the Vegas house, my Dad left me some money, and with Dave's and my raises, we paid 400k for a house. We never imagined in our wildest dreams we would ever have to spend that much money on a 3 bedroom house that needed so much fixing.
Everything was going well because Dave was doing lots of overtime. We actually had a little extra money to do improvements ourselves on the house too. We refinished the kitchen cabinets that were water damaged from a leaky countertop, sink, an improperly installed garbage disposer and dishwasher. We shored up the countertop, resealed it and the sink, but later we replaced the sink and countertop (with Formica). We also remounted the microwave located above the stove because it was about to fall down. We rerouted a gas line so the stove wasn't 4 inches away from the wall.
We replaced about half of all the electrical outlets downstairs because of damage. We had to re-screen all window screens because they were ripped or missing and added heat reflecting film to select windows. We added 3 ceiling fans, updated 3 other ceiling lights, and installed a whole house fan. We also updated the faucets in the bathrooms. We carted off 2 pickup truck loads of misc. debris the previous owners had left behind plus a dilapidated shed/play house, a large dog house and a swing set. We also broke up, removed, and hauled off a large cement slab from the center of the backyard (maybe someone had a gazebo on it at one time but it was an eyesore to us).
Later, we built a shed on the side of the house, complete with stucco and a tile roof. We finished the backyard landscaping project they started too, then reseeded the grass and added 3 flower beds to the front yard. We put a patio cover with low voltage lights and cable TV hook-ups over the back porch and added low voltage lighting and outdoor speakers to the landscape. We added a ground level wood deck and reran new wiring for the hot tub. We kept having problems with the backyard watering system so we rerouted a bank of valves to the side of the house (was right next to the back door) and put all new sprinkler heads in.
Our neighbors yard is higher than ours and when it rains hard, the dirt would erode so we added a retaining wall between her yard and ours and poured concrete where the previous owners had put gravel to park a trailer on. We rebuilt the wood fence and gate doors that access the "trailer" parking area. The garage doors didn't operate/open when we bought the house so we bought and installed new doors and openers, added more lights inside the garage, and added light fixtures on the front of the garage too. The roof also had issues. We reattached and replaced broken tiles and then power cleaned and resealed the whole roof. I think we fixed, replaced, and added a lot to a 400k house!
We still have to deal with flooring. The crappy carpet not only is filthy even after cleaning (dog pee, rust, and food stains), it is installed poorly, not touching the wall in some spots, bulging in others and obviously patched by the fireplace. Someone installed floor tile in the kitchen, 2 bathrooms, foyer, and the laundry area. It is unlevel, cracked and not even grouted in some areas. There are no finished edges where the tile and carpet meet (currently we have duct tape there to keep the carpet from fraying more and getting caught in the vacuum) and where the tile meets the baseboards there are little nails sticking out where they took the quarter round trim off and never replaced it.
You may be asking why we haven't tackled the flooring issues. To us, the answer is simple. Now that we have the inside of the house up to par and safe for living there are some things we just WANT to do to it and since there's a strong possibility of messing up any flooring we would put in with those "just want to" projects we are waiting to do the flooring project after completing the "just want to" projects. Plus, and most importantly, the economy took a turn for the worst! Dave isn't doing much overtime anymore so the extra cash income has dwindled. We realized that our house that we bought for 400k has been appraised for 215-220k even after all the improvement work we'd done. We've worried about what, if any options we have, when, if ever could we re-coop our losses, what this setback will do to our retirement plans and to our small "just want to" and flooring projects.
Enter the OBAMA plans. We think we see an option that may shed a glimmer of light for us. We do some research then contact a lawyer. He ultimately dashes our hopes. Then a letter comes (that we still have) to the house from Kyle ** of GMAC (GMAC ended up with our 1st and 2nd mortgages shortly after we moved in). The letter, in part says “GMAC Mortgage has created a special program… that may offer you an opportunity to lower your current mortgage payment, re-finance your adjustable rate mortgage or possibly even reduce your loan’s outstanding principle balance…”. I’d already heard that there were scams out there in regards to homeowner help offers so I’m skeptical. I do some research and find out that there is, in fact, a Kyle ** that does works for GMAC and that this is a legitimate offer, so I call him. He told me, in short, that lots of people were walking away from their home and GMAC wants to keep people in their homes with this program. He also said, in short, the program is directed to homeowners who, like us, are NOT late with their payments and because of the economy now their house is worth less than what they owe on it. So Dave and I decide to move forward with Kyle and GMAC’s program.
We received Kyle’s letter July 2nd of 2009. I’m writing this letter on July 31st of 2010. It been over 1 year and we haven’t seen any benefits of GMAC’s program yet. We have jumped through all their hoops, rang all their bells and blew all their horns on command only to be told via e-mail on May 5th 2010 from Anna ** that “…the underwriters have denied your loan…” and “…you will receive a letter in the mail…” explaining why. That was almost 3 months ago and we never receive that letter to date.
That was the beginning and the end, now let me fill in that one year worth of time in the middle. It’s filled with lots of ups and downs, times when we were sure this GMAC program was going to help us and times when I felt sure we were just victims that GMAC was taking advantage of. My husband has been laughed at by GMAC associates over the phone. He was ticked about that for days. Along with the letter we never got, we’ve left countless voice mails and e-mails that were never returned, how unprofessional.
Now onto the middle.
In August of 09 Kyle (who works in South Carolina) told us via e-mails (that I still have and lots of others) “…the new loan saves you around $1000.00 per month…” and “…consolidates 2 loans (1st & 2nd) into one…” and GMAC will be “…writing off roughly $174,300.00…” This was an UP time for us! Wow we’ll save 1 grand a month plus have just 1 fixed rate loan…where do we sign! We got the house appraised and e-signed documents and paperwork is sent to a processor named Paula ** (working out of Connecticut). We’re thinking “it’s taken just 2 months, what a program!” Time for a small hiccup. One more month passes. It’s the first part of October but we get a good e-mail from Kyle saying “…your loan has been approved for a writedown…” But also I get a letter (that I still have) from GMAC that states “…your 2nd mortgage is now owned by Green Tree Financial…” and a 2nd letter from Bank of New York leading me to think the 2nd was sold a second time. After talking to Kyle to voice our concern about what this may do to our loan process, I fax him the letters and he assures us it won’t change a thing. We think “OK everything is cool.”
Now it’s the end of October and the fact that we still own a house in Indiana is causing a low point. The Indiana house is financed with an FHA Loan. GMAC’s Program has to use an FHA Loan. “So” we say. Kyle tells us there is a rule that states we can only have one FHA Loan at a time. He also tells us he’s going to try to get that rule waived. Now it’s the end of November and it couldn’t be waived. We’re at a low spot again because we think there are no more options for us. Kyle says he and GMAC could refinance the Indiana house. After trying to refinance the Indiana house locally and on our own we decide to take up Kyle and GMAC’s offer and do this. We’re up again. Remember the market is bad everywhere not only in California. The appraisal for the Indiana house comes in at $7000.00 LESS than what we owe on it. That’s right now we’re down again, but after doing a little calculating we realize according to Kyle’s estimate way back in August, we would be saving one thousand dollars a month soon so in less than a year we would re-coop the seven grand we would be spending in order to eliminate one FHA Loan to get the CA house writedown FHA Loan. We’re up again and ready to sign.
In one month’s time GMAC gets the Indiana house appraised, we e-sign documents, we part with $7000.00 and we actually close the Indiana house loan on Christmas Eve! Now we’re really up because we think “next week we’ll be signing closing papers for the CA house…in one month we’ll be saving $1000.00 per month and have only one mortgage and it will be a fixed rate too…MERRY CHRISTMAS to us!” But now it’s January 8th 2010 and two weeks have gone by with no contact from Kyle or anyone else from GMAC. I’ve called, left voice messages and sent several e-mails. Finally someone answers Kyle’s phone and tells me “Kyle and Paula ** are no longer with the company (GMAC)” Panic comes over me as I ask “what happens to the CA loan…” In an e-mail from Margaret ** we are told Heather ** will be assigned to our CA loan. Whew, I was thinking maybe the whole thing was going to start all over again. Little did I know how close to the truth that thought was. Now it’s January 19th and in an e-mail from Heather we get knocked down again. Heather says all the documents they have are expired so the loan is “…Temporarily Suspended…” I fax her all current documents that day.
Two weeks later on February 2nd in an e-mail from Heather, I notice our loan has a new name, it’s now called a SHORT PAYOFF, and in another e-mail from Heather she wrote”…docs didn’t Officially Expire until 1/31.” So she lied to us about the expired documents …why? Heather does resubmit everything and on February 8th I get an e-mail from Dawn **. She needs a release paper signed by Dave and me in order for Green Tree to give GMAC info about the 2nd mortgage. I think “you just now realized GMAC no longer holds the 2nd” but I get them the signed document back to them that day. I think “another fire put out.” But another bigger fire is just around the corner. We get an e-mail from Heather stating “…initial appraisal expired…”; “…you will be charged…” and “…is REQUIRED…to move forward …” This jumps off the screen at me! I think if she would have submitted papers before they Officially Expired would the old appraisal still have worked? Now we have to get a second appraisal and pay for it too!
We OK the order for a new appraisal but I can’t help but think “what else is going to expire or need to be resubmitted?” Now it is March 11th Heather sends an e-mail stating “…your loan is clear to close…” OH HAPPY DAY! We get another one later that same day giving us an actual closing day “….March 12th…” Our anniversary is in April so I’m thinking “HAPPY ANNIVERSARY TO US!” Remember when I had that thought “what else could expire?” We were about to find out! We get an e-mail from Gabriella ** on March 12th (closing day) saying our “… office is closing…”; “…new processor is Anna **…” and “…here is her contact info…” (Anna works out of Pennsylvania) We also get one last e-mail from Heather giving us some info she’d gotten about Green Tree and that she sent our whole file to Anna. Heather also gave us all of Anna’s contact info again and then told us it was Heather’s last day with GMAC.
Wow 3 people that worked on our loan no longer with the Company! Tough loan process or tough company. Remember it is our closing day (yes we realized it wasn’t going to close that day now) but I send Anna an e-mail right away anyhow introducing ourselves and trying to get her up to speed ASAP. A lot of good that did. On April 7th (almost a month after our closing date) I get an e-mail from Anna saying “…I am still working to figure out if Green Tree is going to accept the short pay or if it’s Green Tree that’s doing the short pay…” I think “we are in deep trouble now, no closing date in sight any more.” I reminded Anna that Heather had sent her our whole file to her and I also tried to fill in some of the blanks too with an e-mail.
On April 10th I get 2 more e-mails from Anna stating how she’s spent soOOoo much time on the phone with Green Tree representative Harvay and how Harvay won’t tell her anything. Later in April Dave calls Harvay at Green Tree and Harvay said to Dave “...no one from GMAC has contacted me since early March…” Now Anna’s lying to us too? Dave relays this information to Anna via a phone call and Dave presses Anna to explain how it took GMAC only one month to take $7000.00 from us and to refinance our Indiana house but can’t close the CA house in a years worth of time. He urged Anna to move things forward reminding her that we had a closing date in March and telling her he feels we are now being stung along. Another month goes by and on May 5th we get one last e-mail from Anna stating “…underwriter denied the loan…” and “…you should receive a letter…” Hey I’m back at the end again… finally.
We did try to contact Anna by phone and by e-mail but got no response. At one time some one answered Anna’s phone and he gave us Anna’s boss’s name, Jim ** and his phone number. We called him several times and left messages which were never returned. But one time some one answered Jim’s phone and Dave demanded to speak to Jim. Dave talked to that guy (could have been anyone really) and he listened to our story and said it didn’t sound like we had been treated well and that he “would get to the bottom of things” and call us back. You guessed it, Jim never called back!
We are working with this lender on a short sale of our home. Over the course of the last 6 months, they have asked for documentation. We have submitted our documentation in the same format now as we did in the beginning, but now, all of a sudden, they will not accept them. Seriously??? The last 5 months they were acceptable. Now, all of a sudden, they are not. They also have strung these poor buyers along for the last 6 months. We had an offer within 1 wk of putting the house on a short sale. It took GMAC 4 months to respond with even a counter offer. Yes, all appraisals were done with 3 weeks of putting the house up for sale. It may have been coincidental, but when we didn't make the last payment, they then got their ** in gear on the "CASH" offer from the seller. I agree with all other reviews on this site. STAY AWAY FROM THEM....there is no consistency in their practice.
In 2001 we lost our brothers and sister in the towers (a firemen, a cop, & John & Helen worked at the top of tower 2)! We were dealing with a l-o-t to say the least! So much so that we buried our mother on 10/26/2001! In 2004, letters started coming for like 2 months. The next thing I knew a man knocks on the door (I open the door & this man is from Iraq!!!). OMG! I went nuts & made him leave! 1 month later, he came back and changed the locks on our home & C.P.S. Took our kids! I called GMAC to see what was going on. I told them I had not (and to this day have not e-v-e-r) signed 1 single paper or document about my home. Nothing registered, nothing from the courts, nothing!!Do you know what the supervisor told me? When I told them that these people were just making our payments (!), he told me, "We don't care who pays off the loan, just as long as someone does!" So I guess we don't have to talk to you anymore do we? And believe me when I say it wasn't due to lack of trying. GMAC n-e-v-e-r talked to me again! Even using another phone, they just hang up on me every single time, never speaking to another person ever! And to add insult to injury, GMAC sent me the deed marked "Paid in full"... How do they sleep with themselves, I wonder? My question is, was GMAC in trouble for those kinds of actions in 2004!
In or around 2004, I bought a house for my granddaughter and her husband in which they were to make the payments. They lived in the house a little more than 2 years. At that time, they separated and both moved out of the house. Unfortunately, I could not make the payments and the house was foreclosed on and resold. I have put my personal house on the market to sell and learned there was a judgment against my home. I called GMAC and have been trying to get someone to help there (GMAC is now called Ocwen) to no avail. Seems I have a 9-digit loan number and currently they are using 10 digits and can't seem to find this 9-digit account.
I have a buyer for my home and am willing to pay whatever equity I get from the home, but no one at Ocwen (spelling may be wrong) knows anything... The closing attorney's paralegal has talked to the foreclosure loan dept and spoke with the team leader. He could not find out anything... This has been going on for 3 months and no resolution in sight. I am in danger of losing this potential sale and I can't find anyone at GMAC or Ocwen to help me. I am at a standstill.
I purchased a house in 2005. Mortgage was sold several times, which ended up with GMAC. I attempted short sale and had closing. New buyers called back to bank one week later. They returned the keys and paperwork was given back to the bank. Meanwhile, I thought the short sale was all set. Months go by and I receive notice from GMAC that they would be providing insurance for the property because I had not paid the insurance. I called and explained to the best of my knowledge what happened. Per representative, "I don't understand why you are calling." For the next several months, I would receive confusing notices from GMAC. I spoke with representative and now I was told that "it is litigation" and because I was not involved in the litigation, he could not discuss it with me.
OK! Bottom line, years later at City Hall, I found that the property was actually sold for taxes by the city. Also, the short sale I had, all the paperwork is missing? The property was apparently sold to a bidder at auction who held on to it for two years and then changed their mind. Also through the years, I have received collection notices from Ocwen, and many other companies who have been known for their fraudulent activities on GMAC's behalf. House was purchased for 250,000 and they now want over 450,000.
As stated above, they made me fill out numerous applications for a modification and none of them were processed. They suck!
I was in the process of getting a loan modification with GMAC. I was sending them the paperwork they said was needed several times. My house was to be sold but I was told that it would not be sold as long as I am working on the modification. I received a letter from Ocwen Mortgage stating that they will take over GMAC and that nothing will change in the modification process. A day before the sale, I asked if everything is okay and I was assured my house would not be sold. My house was sold the next day. I called GMAC and they said there was nothing they could do. I received a letter from Ocwen saying that they could not process my loan modification because it was after the sale date. I have to move out of my house 30 days later. My house was sold for a third of what GMAC wanted me to pay.
Back in early 2010 - 2011, I had called GMAC Mortgage about refinancing my home where we were at 6% interest rate and 3.75% or 4% was available at that time. I was told that I could refinance, but it would cost me an additional $8,000 - $10,000 to do the refinance even though I had been with them for several years and was never late on a single payment. My mortgage had crept over $2100/month on a 1929 home w/ 1200 S.F. and was continuing to go up in payments from "escrow short falls" from this lender. Regardless, the cost of refinancing was just not feasible or something that we could afford to do.
Fast forward to October 31, 2011, I was called by my then employer to notify me that my contract had been terminated effective at 6:00 pm that night. Normally, with my skill set, I can usually get a job within a two-week period, but where it was so close to year end, Thanksgiving and Christmas, no one hires as a cost cutting measure. I had a little emergency fund put aside, but not something that was going to last very long with my mortgage payment as high as it was.
I immediately contacted GMAC Mortgage and told them that I was laid off from my job and needed help with my mortgage given my circumstance and that I was aggressively looking for work and hopefully will have something very soon. I informed them that I had never been late on my mortgage to date previously to this happening. I was directed to apply for the government run HARP program and to apply asap so they could review my application. I filled out the paperwork and showed that I didn't have any sort of income at that time thinking this was a good thing and will surely qualify for help through this program.
I had to wait for 30 days before I received an answer at the end of November or early December that my application was "Denied" because I couldn't afford the repayment where I had no income. I was completely baffled because if you don't have an income, you certainly need help. I had managed to secure a two-week gig that paid pretty well in December, but would take at least a week after it was completed to receive a check (3 weeks total before being paid). In this case, I had re-applied for the program given that I did have a source of income short term.
Conveniently at this time, my escrow was short by $200. Even though I had made my December 2011 payment, the clock started ticking because it was deemed a short mortgage payment. I had to wait another 30 days before I would find out if I was accepted into the HARP program bringing me into January 2012. This time, I was accepted into the program based on my financials. I had managed to land a long term gig in January 2012 and began working on the 8th of the month. When all was said and done, it was February before I was assigned a case manager, and GMAC had proceeded with foreclosure notifications even though I was in the program. Talk about the left hand not knowing what the right hand is doing.
I was told to get the HARP paperwork back asap so I could receive my estimated payments for the trial period. Now while this was happening, as I had mentioned, they were reporting to the credit bureaus that I was 30+ on the verge of 60 days late because I was short $199 from my escrow shortfall. I asked if I could pay at least that amount which I did until I got my trial period payments. I finally received my trial payment schedule and amount in late February/early March. It was almost $600 less than my mortgage payment and started on April 1st - June 1st and then if all goes well, you'd be eligible for a permanent modification on your interest rate. Sounds great, doesn't it?
I can use that extra money I temporarily saved on the trial payments to catch up on other things that fell behind in the previous months and get back on my feet. Even better, I minimized the damage to my credit report because I didn't default on anything and I was trying to do the "right thing" in not going the short sale or foreclosure route and wanted to keep family in this house. So I was led to believe where I was in this program. I was not being reported to the credit bureaus as I went through all the steps required by mortgage servicer to be compliant.
Three months rolled along, I caught up on the bills, made my trial payments on time, talked with my GMAC advisor, etc. all under the impression from their guidance that going through this program was the best course of action in recovering from my loss of income and to make sure that I complete the trial on time making me eligible for the permanent modification. I completed the program in June and come July, I was accepted into the permanent modification (another 30 days after the last payment) which will be due August 1st.
My mortgage interest rate had been lowered to 3.75% permanently; the note had been rewritten with about $8000 added back to the principal for another 30 years even though I had been making payments all along at the amount they told me, not knowing that 2 of these trial payments would equal one mortgage payment during this program. How is this significant? Well, remember that I mentioned that I was led to believe by GMAC that my credit wouldn't be ruined because I didn't opt for a foreclosure, bankruptcy or short sale and wanted to do the right thing staying in my home and pay my mortgage as agreed?
For being a valued customer who had never been late on my mortgage that fell on hard times as a result of temporary unemployment, made all payments on time as advised by GMAC during the trial period, I received a nice 30, 60, 90, 120 & 128 days past due on my credit report basically ruining my credit score by about 150-200 points if not more. I couldn't believe it when I found out about them reporting this and immediately started calling their customer service department to have this corrected where this program is supposed to help people not hurt them.
Needless to say, it's one year later, and I've called multiple times, spoken to several different groups, wrote letters as directed and sent them in only to have someone in a department that is not accessible from the consumers' end deny any sort of help with how my credit was reported even though I did everything by the book.
Fast forward a year, and both my spouse's and my credit score are ruined from the HARP program. No one at GMAC, now Ocwen is willing to help and I am told that it was reported accurately to the credit bureaus. They simply don't care and I can't even tell you the impact that this has made on our lives. The financial and personal credit impact is devastating in the fact that this costs me considerably more in interest should I get extended any sort of credit (which neither my wife or I haven't been able to qualify today), citing serious delinquencies reported by GMAC even though I went through the HARP program successfully.
I come to find out that if I had paid just one, maybe two mortgage payments back in January 2012, I would have had 30 days past due on my credit report and fared much better than participating in the HARP program resulting in a 128 days past due reporting. That information was never disclosed by the lender that you're being reported as late to the credit bureaus with the perception that they will not modify my mortgage interest rate to a lower percentage if I am able to make higher payments more frequently. It's a catch 22 that you, the consumer, will not fare well regardless of what you do.
The way that GMAC/Ocwen has implemented and run the HARP 2.0 program in no way helps the person who participates even though they steer you toward it immediately making you think this is the correct measure; it is a deceptive practice at best. Stay away from them and do not do business with them if at all possible. You have been warned and they are not here to help you at all even if you've been a good customer from the start that fell on hard times and are at no fault of your own. I feel that I was taken advantage of in a desperate financial situation trying to work with your lender only to have them turn around and ruin you for many years credit wise. I do not believe that Congress and the president had drafted this program to hurt the consumer, but the big banks found a way to take advantage of these measures and profit once again.
Allison ** at GMAC who has now turned into Ocwen Loan Servicing and her team were the best. She called me every month to make sure my payment on my temporary loan was made. During this whole process, my mother died and Ms. ** was so nice and patient with me. There are so many bad reviews. I thought it was important that people know this company saved my home for me and I cannot thank them enough.
We bought our house in 2006, our first house. We did an 80/20 loan, with the 20% being from GMAC. Our original lender had a totally wrong address for us and GMAC sent the statement to some address in Kirkland, Washington. (We moved from Kent, WA and the new loan was in Texas). For at least 6 months, our statement was being sent to some other address. This was our first house/mortgage so we assumed that the full mortgage would come on one statement. (Boy, were we dumb.) We had to catch up terribly, but got caught up because our payments were only $189/month. But now we have a dent on our credit that GMAC will not admit that it was their fault after writing letters.
I called GMAC today because I am going to refinance the house and wanted to enroll online so I could manage the balance, etc. It would not work. The lady informed me that I must be the one doing something wrong or that I had my husband's SSN wrong. (Hello, it's on my military ID and I have used it for medical, etc. so I know it's correct.) Then she tells me my account number that I am putting in must be wrong. (I just gave it to her to pull up my account.) So, in short, I feel for those who have lost their jobs, had a terminal illness and could not make their payments because I could only imagine what it was like dealing with these people that have no empathy.
When we financed our home 3 years ago, it was through Quicken Loans. Approximately 2 weeks after signing paperwork, we were informed our mortgage had been sold to GMAC. We have never been able to speak to anybody without an accent since. Our original payment was $765.00 at 3.5% fixed rate. Then about 6 months later, we were informed by letter that we had to pay an extra $65 per month due to an increase on taxes and insurance (our property taxes and insurance are included in the loan payment).
Shortly after this, we received a letter from our insurance company telling us our premium was decreasing. When I called GMAC, they said they had not received notification of this. In the meantime, I lost my job of 27 years and my husband took a pay cut. We struggled and I finally found work after a year. We made our payments on time. We recently had some unexpected expenses and have fallen behind. I can't speak to anybody who speaks English with this company and when I ask to speak to someone in the US, they put me on "hold" but actually they just hang up on me. They want us to pay an extra 250 a month to get current but they keep adding late charges and they won't agree to us making bi-weekly payments of the $830 or paying the past due amount at the end of the loan.
If we had $1800 just laying around, we would give it to them, but it's their way or no way! Now we get a letter that our "loan servicing" is being taken over by Ocwen! Why won't they work with us?
We have been with GMAC mortgage for 8 years. My husband was diagnosed in June 2012 of a very rare cancer. Here we are 8 months later and only 30 days delinquent on our mortgage. I called GMAC in December and asked about a loan modification of just abating the one month and putting it on the end of our note. They said, “Fill out the paperwork.” Now, mind you, our payment is on auto draft 2 times a month so we do not fall further behind. Today, we receive a letter stating we have been transferred to OCWEN. What I find amazing is we, the hard workers of the USA, are expected to bail out businesses like GMAC and Ocwen when they screw up to the tune of $80 billion but, they try to force squeeze you out of your home when something tragic happens that postpones a payment of 1800 bucks. I will spend my money on an attorney because this is total crap.
GMAC will not mail out statement to me since 8 months now (2012-2013). In February 2012, I requested lower payment. I was paying $645.00 monthly. They agreed to lower my payment, but must pay while being reviewed for 7 months. They asked me to pay $501.00 for 5 months. Then I decided to pay my $645.00. GMAC never lowered my payments for 2012-2013. I keep asking for the statements, but will not mail them out 7 months now. GMAC Faulding said I am 180 days past due. Do something about this. They are taking money.
I have been trying to get a short sale through with GMAC since last May 2012. First, they handed it off to one place then changed their process and we had to start over. Then they went back to the first way they were doing it and kept giving me the runaround. After telling us in November that they didn’t have all the forms which we sent in 3 times, I find out that at the end of December, my mortgage is being sold to Green Tree, and we have to start all over again. I have not been able to access my account online. I have paid all payments on time and now, I am sorry I did. I keep getting letters saying this is from a collection agency at the bottom of each piece of correspondence I receive. Who is Green Tree Mortgage? I thought they only financed mobile homes.
This has been a complete and utter cluster! If you are remotely considering a refinance w/ GMAC, I highly recommend you run to any other mortgage company. I can guarantee that they will ** you around. Every document we have received up until today (when we are scheduled to sign docs) has reflected a payment of $940 inclusive of tax/insurance. Now we learn that this is without tax and insurance. So I will gladly waste the loan officer's time, welcome them in my home, ensure that I consume a minimum of an hour of their time and then decline. Beware of GMAC Mortgage!
If you entered into a refinance and HELOC with GMAC Mortgage back in August 2004 and they had an appraisal done, buyer beware. Call me stupid, but I just got the "actual" property appraisal (extremely overinflated above market value) used to entice my wife and I to enter into a refinance and a $56K HELOC. The home we purchased in 2000 for $153K and which was appraised at the time for $157K magically jumped to $268K just four years later according to GMAC. GMAC even convinced us that our home would continue to increase in value. As a then uneducated borrower, we accepted what GMAC said our home was worth and we went ahead with the new loans believing we would have plenty of equity if we had to sell our home early and before the HELOC was paid off.
Fast forward to today. We took an income nose dive in 2008, when the economy blew up with our business tied to new car dealers (Hummer, Pontiac, Saturn, Plymouth, Mercury, Ford, GMAC). After our emergency reserves ran out a couple of years ago, we have been struggling to save our home from foreclosure. We now look back and regret ever doing business with GMAC and being enticed to take out new loans based on the overstated appraisal GMAC used. Having the "actual" appraisal now in my hands courtesy of the HELOC servicer, which we are negotiating 10 cents on the dollar to hopefully settle the HELOC loan, I discover that GMAC overstated the appraisal by over $70K. According to local realtors, our home in the best of time should have appraised out at best at maybe $180K to $190K four years later, not $268K. GMAC used six non-comparable properties to set the appraised value of our home much higher.
Our home is a small 1,200sq ft three bedroom, one full bath (one half bath), one car garage ranch and the six comparables GMAC used were 1,600 sq. to 1,900 sq. ft. Bi-Levels, Two Story or Large Courtyard Ranch homes that had three or four bedrooms, two or three full baths with half baths, two car garages, family rooms and fireplaces and more (all high end subdivision homes). I have no doubt the six comparables GMAC used would appraise at $268K and even more, but our home - no way. Now that I became an educated borrower over the years, I see why our home dropped to $160K in value after the housing bubble busted (that's the accurate valuation). The question is what to do.
GMAC is under bankruptcy protection and 75% owned by the US government after they gave GMAC bailout money in 2008, and soon to be purchased by a private investment firm (the people will never get the bailout money back now from GMAC). Fact is, we never would have entered into the refinance and HELOC loans had we been given a true and accurate appraisal in 2004, and we would not be teetering on losing our home today. Just to be clear, I have filed complaints with Freddie Mac (our investor). Our HELOC servicer has been given all the facts and a complaint has been filed with the Illinois Attorney General. I will seek out any other law enforcement and regulatory agency I can find to take GMAC down. Better take a good look at your GMAC appraisal again from back in 2004. A call to GMAC Mortgage Executive Dept went nowhere. The GMAC representative blames us for accepting their appraisal.
Two years ago, my husband was laid off. I'm on disability. Two months later, my husband was rehired by the same company, but at a much lower rate. We struggled to keep up with the payments to GMAC. Finally, when our savings was depleted and we could no longer keep up, we immediately called GMAC to let them know and asked them to reduce the interest rate from 7% to 5%, noting that we would repay the principal as it stood even though our home is now appraised by the county at 2/3 less than that amount.
GMAC offered to do a loan modification, but that resulted in a $6 increase in our payments. Good grief, we called back and again, asked them to reduce the % rate, but they just gave us the runaround. We finally hired an attorney 6 months into this mess. The attorney has dealt with GMAC for the past 1 1/2 years, finally obtaining a modification we could live with. We made the 3 temporary payments on time. Then, on the 28th of December, we were called by our attorney who told us we must make a $310 payment and get the documents signed, witnessed and notarized and get it all back to them by January 1st.
My husband leaves for work 40 miles away at 7 am and returns home at 7:30 pm. He also works on Saturdays. How on earth were we supposed to accomplish this? On January 1st, we managed to find an older man in our one-square-mile town who is a notary and got all of the documents signed, witnessed and notarized. We obtained a cashier's check on the 31st for the $310 and then we mailed all of it to GMAC via Priority Mail. Today, the 4th, our attorney called to tell us that GMAC will not accept the check nor the paperwork because we did not get it there on the 1st. How were we to accomplish this given the holidays?
We are told that we will have to go through all of the 1 1/2 years of obtaining another modification. I'm about ready to tell them they can have the house and do you know what with it. They are nothing more than greedy so and sos.