I have a fixed rate loan with GMAC on a property owned as an investment. I have insurance and taxes escrowed. I have payments made automatically via my checking account. I didn't notice that the payment amount was different, due to a change in the "minimum escrow amount" required (unbeknownst to me!) by GMAC. I continued to pay the full PITI that I THOUGHT was due, but was not paying the minimum due to this "escrow shortage". The total amounted to about $6 per payment. There was NEVER a time when there were insufficient funds to pay the principal, interest, taxes, and insurance PLUS the mortgage insurance, but GMAC insisted that I was underpaying because the "minimum escrow balance" was too low (it was hundreds of dollars higher than what was required).
So, I have months of "delinquencies" reported on my credit report, and—here's the REAL kicker—my insurance carrier sent me a check for $100 because GMAC had OVERPAID the insurance. Now, my credit looks horrible, I can't get out of the mortgage insurance (even though the house appraises at $210K and the mortgage balance is only $136K), nor can I pay my OWN taxes and insurance (so I'd NEVER have to deal with this again!). So, I'm just going to refinance. I will never, ever do business with gmac/homecomings financial ever, ever again. They have LOST a "customer for life!"
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