Stuck In a Predator's Web :(
Written: Dec 11 '06
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Pros: Predictably horrible
Cons: Liars, deceivers, con artists
The Bottom Line: This company should not be in the loaning business, because they don't care about anything but blood.
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| mrsncook's Full Review: GMAC Mortgage |
When we thought about buying the family home and keeping it in the family (80 years now), we looked carefully at our options to make sure that we were making a sound investment. However, our mortgage company sold our loan to GMAC, and we immediately became concerned due to a string of problems with them before. After calling, the agent promised that we would be able to refinance in a year. Although the monthly rate rose with the switch to GMAC, we struggled a little with payments in hopes of a lower monthly rate in a year.
After a year, we called to refinance. Although we quoted the original person, no one knew what I was talking about. Not only did they not lower my rate, but they raised it to an almost impossible amount. We struggled to pay that, hoping we could work something out with another company or later with GMAC.
Then my husband lost his job, and I called GMAC to work out payment arrangements. They never responded to my dozens of phone calls, faxes, letters, or enclosures with the monthly payments. I had to skip two months, but I included extra money in the following three months to cover it. My payments kept coming back, month after month, and no one returned my dozens of calls to fix the problem. Finally, after 6 months, we filed for bankruptcy as they sent us forclosure notices.
It wasn't until we talked about bankruptcy that GMAC wanted to work with us, telling us to pay the entire past due amount plus high penalty fees and attorney fees. We couldn't make the payment arrangements they wanted, at 90% of our monthly check which would leave no money for food let alone other bills. Yet as we filed bankruptcy, GMAC fought against it to have us pay a ridiculously high amount. (I even supplied information about how other foreclosed homes in the area stay vacant 3-5 years.)
Now we are fighting to have them on the bankruptcy so we can pay the monthly amount and try to refinance and restabalize our finances. I never imagined we would be in such a tough situation. I thought we were so careful to make sure this would be a positive investment. GMAC lies and deceives, and is not the friendly loan company they claim to be. Hopefully one day we will own our own home, maybe even keeping the family home in the family, but it doesn't look like we will be out of this mountain of debt any time soon!
Recommended:
No
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Epinions.com ID:
mrsncook
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Reviews written: 2
Trusted by: 0 members
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