GMAC Loan Modification Headquarters

Kevin wrote

I have had my loan with GMAC since they bought it from Chase in 2005. I too tried to get a modification under Pres. Obama's plan and was told I didn't qualify because of my income and my good payment history. I was told I could Re-Fi since my credit was still good, but I didn't want to pay closing cost again. I was told by a Gmac employee who was in the Navy and has a profile on Navy. together we stand to miss about 3 payments and try again. I thought about it for a few days and decided it may not hurt my credit too bad, so I bought a new car and that motorcycle I had been thinking of buying (2008 Honda 1800 GoldWing) and took out a $ 50,000 Equity line of credit, and did it. I missed 3 payments, it dropped my credit score from a 850 to a 680, but it paid off. I got my modification, they dropped my rate to 4.00% and took $22,000 off my principal. My score as of today is back up to 720, I estimate it will be back to 850 in 6-8 months.

Posted November 10, 2009

Anna wrote

Same story for us, complete run around, no one directly to contact. We applied for loan modification March 11th, call constantly to be told 30 days, 45 days, another 60 days. Each call the person is either pleasant or beyond rude. I haven't received anything via mail or phone and you can't get anyone to email even a confirmation nor do they let you know if a fax was received. I'm disgusted!

Posted June 16, 2009

Eugene Tan wrote

I bet few homeowners will not chose GMAC.
I think for all homeowners you must investigate the lending company first before you apply. You can read some blogs and ask for guidance whats the best for you. There are a lot of people where you can ask for help here. Be wise in choosing a lending company.

STOP FORECLOSURE QUICK"

Posted June 16, 2009

huntress wrote

We sent in the loan mod package and then I called after about 45 days of not hearing from them. I was told we did not qualify for Obama's MHA program due to our income. Now it's going to take another 30 - 60 days for GMAC to "look at other options" for us. What other options are out there for us? We've always been on time, but can no longer borrow against a line of credit to help pay the mortgage.

Posted June 10, 2009

GUY wrote

[in reply to Pauline Regis]
I been in my home for 6 years with gmac and have a intrest only loan. I been trying to get a fix loan for 6 years they kept telling me to wait. At the time my house was worth 550,000 and now its worth 170,00 I owe 334,000. My loan goes into adjustable in Nov. I called them several times to ask them to give me a fix rate They replied that I was not late so they wouldn't help me. Plus they give you the run around and flat out lie. I'm not asking to reduce the principal just give me a fix. I never been late in 6 years and paid over 160,000 in intrest since I been in my home. The more people i talk to the more confused I get. They rather me loose my home than give me a fixed rate.
They can go to hell I will not pay no longer.

Posted June 08, 2009

Any day now GMAC!!!! wrote

GMAC is a NIGHTMARE!!! We called them to see if there was anything we could do to make our payment easier after my sons were diagnosed with Autism. They told us that there was NOTHING that they could do for us. We hung in there through the use of credit cards and lines of credit. After the President's modification program became available, we sent in our completed package and called everday after to follow up and were told that it hadn't arrived for 31 days! No one was able to tell us that it was or wasn't there for all of that time. Yesterday the tell us that they can confirm that they have the package and NOW!!!! the 45-60 day process can BEGIN!! We are in the process of having a real estate agent come in to price for sale becasue selling this place might be quicker than dealing with them. I REFUSE to wait 60 days to be told they can't help me. My friends with a Wells Fargo loan had this same underway in 14 days! They are AWFUL and like others we have never missed a payment-UNREAL

Posted May 27, 2009

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Posted May 23, 2009

8 long years with BAD GMAC wrote

I support. I am trying to find a way to help people seek elsewhere for loan company. GMAC is worse when speaking on the phone unless you know the person. I called several times and spoke to several people, took 2 hours transfering me around the company. No one seemed to care all they wanted was the payment. They say to contact your lender first thing when there's a problem. I just moved and had a new job. I was behind 1 month mortg payment. Called GMAC and my was already send to COLLECTION:(. So this is what GMAC does to people? Send them straight to collection without contacting us? Please ask around your neighbors and seek further for better loan company. NEVER GMAC!!!

Posted April 20, 2009

Kathy wrote

I think GMAC hires people from other coutries. They don't have any skills in dealing with people. You try and call them and they are so ruthless, not a care in the world but guess what they will get theirs. I once needed help because I ran out of gas, I asked 4 people to help me. I finally went to a gas station and asked if he could help me because I left my purse at home. He said get lost, and I said someday you are goingf to need help and I hope they don't treat you like the way you are treating me. You're going to get sick and something is going to happen to you because of your meaness. I went back a week later to give someone a thank you gift because a guy in the back of the station helped me. I went to the gas station and said, hey where's the mean guy Joe, the guy said... Oh he died last week with a heart attack. I said to myself, Oh, I didn't wish anything bad to him. GMAC people, you should not treat people badly, Listen to their needs and respect them. They are just like you.

Posted March 06, 2009

Christine wrote

GMAC is HORRIBLE and is not easy to work with and they must train their employees to be as rude as humanly possible... I will never work with them again, EVER!!!

Posted March 05, 2009