GMAC Mortgage
Dispicable Lending/Refinancing Practice

I received a fed-ex envelope 9/30/08 from Tony Jung, Loan Officer with GMAC Mortgage, LLC. The letter stated he needed to talk with me regarding my mortgage. Sent a shiver through me since I had been laid off 8/29/08 but was completely capable of paying my mortgage, at least for another few months. I did wonder how they found out though. I called Tony on his direct line (now disconnected) @ 7:38 am and left a message to call me. I called again at 12:53 pm and left the same message again. I finally reached him on 10/3/08 @12:16 pm. He stated since I was such a good credit risk, even though I had just refinanced earlier in the year, they wanted to redo my loan at a lower percentage rate. I had never missed a payment, paid more each month on the loan and my FICO scores were 780. I was thrilled and agreed to find my fax number which I did not know by heart and call him with it so the paperwork could be sent to me and my payment would be lowered. A blessing that would allow me to pay the payment for another 6 months at least.

Unfortunately, being a person who DOES NOT LIE, I told him I appreciated this since I had just lost my job but was able to pay the mortgage for several more months even without the refinance. Stupid me. I called him with my fax number on 10/4,10/6 and 10/8, leaving a message each time. No paperwork was ever received.

I did however receive a letter that my loan had been assigned, sold or transferred to Midland Mortgage on November 14. It didn't actually sink in until I received a notice from Midland and read that they are considered a debt collector. After calling them, they advised me to call their debt collection department to set up some form of credit counseling and did I want to keep my house?

What an assinine question! No, I want to sleep in the gutter. If this is what GMAC does to people who they deem worthy of refinancing, who have never missed a payment or been late but experienced a temporary job loss, I would hate to see what they do to the less credit worthy.

I will never do any business with GMAC in any manner or fashion ever again including but not limited to home mortgage or automobile purchasing. I will be investingating if a class action suit can be brought against them for unfair practices.

Company: GMAC Mortgage
Country: USA

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