We had a structrual fire, we were under insured. The damages are well over what we are insured for. When we received the check from our insurance company it was also in GMAC's name. I called GMAC and asked what to do with the check. The first person told me to just send it and they would sign it and send it back. I was so happy that I did not get the address at the time.
I called back the next day and another person told me no they don't do that. You have to send the check and they will give a third and apply the rest to our loan. Well I had to call back and first tell my husband. When I called back they told me no. You have to send the check and they will send a third now, a third when 50% re-built, and then the rest of the check at 90% re-build. Well I don't think so, we are under insured and the check wont even pay for three walls. The fire was in December and we are still sitting on this check as of January.
Nobody will just sign the check and send it back. We have so much equity in our home that it is no lose to GMAC. And what do we pay our insurance for? For them to keep our money and bank on it! We have talked to so many different people and just when we think someone will be helpful they leave the company for what ever reason. Every time we call we have to tell the same story all over again. And I mean every time!
What the right hand does not talk to the left hand? I know thats ture. I will tell every body out there do not get a loan with GMAC at all. When you call you can not talk to anybody else other then the person who is on your account. To get a Manager is like pulling teeth.
There is no lose for this company here and there is always a rule breaker. They will not budge, they are really having a hard time with just signing the check over to us. Mind you the check is not even half of what the equity is in our home. Not even a quarter.
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