Well, today was the Sheriff Sale of our family home.
GMAC. Everything they have done since buying our loan from Fairbanks has been full of lies and ulterior motives. My Husband lost his job while with Fairbanks. We were two months behind on our Mortgage. GMAC set us up on a loan repayment plan, with the promise of a loan modification at the end of it (gave us payment amounts, told us of our new lower rate, etc., etc.). Well, what we got were 2 appraisals and then a foreclosure. My Husband and I claimed bancruptcy and moved out... Not willing to trust them with any more of our money. They thought they would get more by foreclosing on us than by working with us on the promised loan modification. The irony? They did not realize the amount of work that the house needed. One Investor was going to put a bid in for $ 50,000. He bailed out. GMAC still thought that they could get $ 188,000 for the house that needed a new septic, new roof, new plumbing, new wiring, basically needing to be rebuilt. No interested Buyers. Well, last week Steve Novack from Loss Mitigation called. He wanted to "work something out", but we would have to come up with significant cash as down money.
He then said that although we claimed bancrupctcy, he only saw my Husbands name on it... So he said that they could come after me for the balance owed on the house after the Sale. Can you believe it... Is that a scare tactic or what? Well, this is how they operate. Look at all these stories, so similar. The best way to get revenge is by telling your story to whomever will listen... And by never letting another Company take advantage of you again. Live and Learn.
If you currently are in default, get a Lawyer... DO NOT believe what they promise you, and do not get in over your head with the astronomical amounts they want you to pay while "working something out". It is better to lose a house than to lose your health, realationships, and the thought of a bright future somewhere down the road. Trying to convert a 11.99% interest rate from a subprime lender to a normal interest rate of 6-7% from a real bank is very difficult to do unless you have significant equity or money down. Maybe if someone would have warned us years ago that our credit was not so bad to accept these terms... We would have made much better choices. Again, Live and learn. We were young, and without down money, dreaming of owning a home, any home. Subprime Lenders take advantage of these facts. Best Wishes to everyone dealing with GMAC, or thinking about dealing with them.
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