We refinanced a GMAC loan into another GMAC loan. GMAC erroneously reported that they accepted less than the balance due on the original GMAC mortgage. This information single-handedly dropped my FICO from 772 to 670 within 3 months. During and prior to this period, I had zero derogatory credit of any kind and did not increase any of my debt to cause the score to drop. When I inquired about the error, they said the title company paid 2 cents (that's right, TWO CENTS) less than the balance due. Of course, they never contacted me or the title company about the supposed discrepancy.
I've tried now for 4 years to get them to remove the erroneous information from my report, but it's still there. I've faxed them written proof, including payoff statements, HUD1 closing letters, detailed letters describing the problem and the timeline re. The problems -no response.
Due to their error, when I refinanced 4 months after the erroneous reporting to a mortgage I'm still in and will be until it's paid off, I was forced to by 1/4 higher interest, costing me $4128 to date and $29,116 over the life of the loan.
If anyone knows a lawyer willing to take the case on a contingency basis for a reasonable fee, please contact me.
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