We were unlucky enough to go with GMAC Mortgage for a roll over construction loan. We can't complete construction due to the fact that they prefer not to send us our draws.
Seemed all okay in the beginning, but now that we are over the "1 year building" period, and have to pay extension fees of $3500.00 a month, they seem to be holding the money to finish. They claim they can't send over certain percentages, and don't like to use the contingency fund. Our docs don't contain any such language, and we have a "0%" retention in the docs. They expect us to put all our money out, which we have, and then do what? We have no idea.
The staff is continually changing, and the person we have to talk to won't look at the contract and read it. We have hired an attorney and they won't call her back. She finally got the phone number for the legal department, and they won't call her either. Now they are avoiding calling us, and have for a few weeks now, so we have no idea what is going on.initially they would answer our calls, but we could never get anyone who would give us legitimate answers to our questions.
So they push us into another month of extension fees, and we continue to stress over getting done.
We are concerned that they are having money problems, and are holding other people up as well.
If anyone has researched the construction lending end of GMAC, you will see that they are closing the offices. I think they will end up closing this division soon, they are so uneducated in the area of loans and paperwork.
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