Personally, I think that everyone should avoid joining a class action lawsuit. Generally they are nothing more then comfort for a fool. This type of suit will not begin to address the financial loss that you've incurred. Even if you prevail in a class suit you are only going to received pennies on the dollars. You will not get your home back nor the thousands of dollars of equity that you've lost.
If Gmac has done you wrong sue the company as an individual. If enough people sue individually then it becomes very costly and perhaps Gmac will be forced to cease and desist with its terrorist tactics. Hey, let's hope the federal regulators will also take notice of all these lawsuits and either shut Gmac down or at least make Gmac stop extorting and embezzling money from our escrow accounts.
I've read every report on this site and I'd say 99 percent of the foreclosures are illegal. Unfortunately, if you try to defend yourself you will receive very little assistance from the regulatory agencies which are suppose to investigate our complaints against the illegal practices of the mortgage industry. Also, you will find that majority of the courts and lawyers are not willing, able, or knowledgeable enough to deal with anything more then a very basic foreclosure or bankruptcy procedure.
The best weapon, and possibly the only thing that will save your home, is an audit of your mortgage payment and transaction history. 1 1 still equals two, the numbers don't lie. Any certified public accountant should be able to perform such an audit at a reasonable price. (For more information about accounting and other strategies meet me at Platoridge)
Gmac and numerous other mortgage companies and loan servicers are sly as foxes. They have developed and refined a scheme to manufacture defaults. Coupled with their seemingly inability to do math and their callus lack of concern and inappropriate responses to homeowner inquiries, is there any wonder that bankruptcies, foreclosures, and forfeitures are at all time high in our country and around the world. And by the way, these companies are not hardly losing money when they foreclose on a mortgage note. To the contrary, they are making huge profits! Gmac even had the unmitigated audacity to brag in a press release that their foreclosure department was its most financially successful division.
We who gather at, Joe's Platoridge. Communtiy (cyber space) farm work together to find methods to combat the illegal business practices of abusive mortgage companies. If you are in need of assistance and are willing to fight for your home join us in our effort to get the fox out of the hen house.
Hope to meet you at the Platoridge farm.
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