GMAC Mortgage
Will not subordinate

I have a second mortgage with GMAC and my first mortgage is on an ARM it is adjusting and we were trying to refinance. With the market like it is there is not enough equity to do both the first and second on a 80% refinance (which is what the bank is offering) so we decided to just do the first since the second was fine. We contacted GMAC to find out about subordination. The first idiot I talked to me told me that they would not subordinate because they were in first position. I informed them that they needed to take another look they have never been in 1st position! They transferred me to INDIA or some where that English is not spoken. This person said that they will not do any subordination and for me to just sell the house. I have had perfect pay history with them never a late, it would only make since that they at least entertain the option of a subordination. They are already in 2nd positition so all I am doing is asking them to stay there. If they are unwilling to subordinate then I guess they can as their INDIA rep suggest "SELL THE HOUSE". Maybe they should have some communication with their INDIA reps and let them know what the market is like here and sell the house and getting what they are owed may not be so easy. This is not my primary resident this is an investment property so if it goes to foreclosure I will not be out of a house!!

Company: GMAC Mortgage
Country: USA
State: Iowa
City: Waterloo
Phone: 8002054622
Site: www.gmacmortgage.com

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