My home mortgage got sold to GMAC shortly after I purchased my house. GMAC is Ally Bank, which markets itself as no BS, consumer-friendly bank. Don't believe the ads.
I have satisfied all the requirements to remove mortgage insurance from my loan, but GMAC has responded to all my requests to do so in the slowest possible way. They refuse to fax or email paperwork but instead send it by snail mail just under the legally required 20 days. Their responses aren't even correct, which requires another 20 days for a response. It is taking months, for a transaction where I was ready to immediately wire them funds. Each month costs me (makes them) hundreds of dollars. It's theft by intentional lethargy.
GMAC/Ally Bank, in my opinion, is a near-criminal enterprise. Don't do business with them by choice. Unfortunately, you don't have any choice over who buys your loan but you do have a choice over where you bank..
0 comments