Complaint / Review
Gmac Mortgage
Placed forced insurance on residence when we already had insurance and when private insurance lapsed they continued to raise cost of insurance till insurance cost over 800.00 montly

Gmac mortgage of waterloo. Iowa has ripped us off. They placed forced insurance on our second home in kill devil hills n.C.in jan gmac bought our mortgage from new century and the problems started.

First of all, we had to have hazard insurance to qualify for our initial loan which we paid 1500.00 for from state farm insurance company. On or about july our payment with gmac was raised from 1134.00 to 1300.00.in early november gmac notified us our payment would increase to 1635.00 in december. Yesterday feburary 04.2008 we were notified our payment would increase to 1938.00 in april. This is over a 800.00 in less than 12 months for frorced hazard insurance.

This is predatory and federal laws are being broken as well as state laws. I have contacted our state banking comission as well as our state senator in washington, d. C this is robbery any way you look at it. As a nation how is being allowed to happen???