In July of I had a appraisal done on my home for $410,000 by Gmac / Ditech.in December of I had another appraisal done for $415,000 by another lender.
This was before I had some home improvements done on my home. Later that same month of December Gmac came out again to do another appraisal. However this time Gmac appraised my home at $350,000. Even with documentation, which Gmac requested, showing that the houses sold in my area that were equal or compatible to my home, sold for $435,000, $429,510, and $424,000. With the improvements I made on my home put my house at $425,000.
Furthermore, I have been a customer of Gmac for about ten years, and all I wanted to do was to refinance my home to either lower my monthly payments and use that savings to do more improvements, or to take out the needed cash out of the home to pay for the improvements directly.
IN ADDITION;
While the documentation I sent was being examined by Gmac appraisal department, Gmac allowed the lock in rate of 4.375 to expire.
This would force me to pay higher closing costs and to pay PMI INSURANCE, which ends up costing me more than I pay now with Gmac. ALL because Gmac/Ditech refuses to honor that documuments I sent them
Finally, You would think that Gmac would try to keep their good costomers happy and know that the improvements that are being made only increase value over time, not decrease.
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