To whom it may concern:
I 'd like to report GMAC bad business practice to the Bureau. First of all, my note has been sold to GMAC at the end of January. On February 2, my title company Prudential has sent in an order payoff request due to the fact that my house is under a sale contract and we try to close out the deal; however, GMAC Mortgage has yet to satify our request. When I call in the first time, they tell me that it will take about 7 to 10 business day. I've waited and now it's the end of the month still have yet received it. I call in again and speak to Ms. Myles, a supervisor at GMAC. She says that they don't have a full documentation of my note transfered over from my previous mortgage company.
However, GMAC has already mailed me a Mortgage Account Statement for March payment. So my question here is when GMAC purchases the note, and before they can bill me, all transactions and documentations must be completed.
They tell me to go ahead and make March payment so that they'll continue to work with my previous Mortgage company to get full notes documents transfered over. I think this is a bad business practice and a rip-off. I think they want to hold on to my loan as long as they can so that they can make interest off of it.
Please assist me what to do from here on.
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