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GMAC Complaint - Try to get a subordination from GMAC - Subordination
Complaint
Ever try and get a call back or a staright answer from customer service at GMAC Mortgage? By far, in an industry that has incompetence written all over it, GMAC Mortgage is King of the Crap. I have tried to get a reasonable time table as to when I can obtain a subordination to refinance my 1st mortgage and I am given a different day every time. My rate lock expires and it costs me significant money to extend it. I am now going to call David Applegate, President & CEO, whom I am sure I will not be able to make contact with since this company trains their customer service to block everything they possibly can. Pretty pathetic company. David Applegate is in Horsham, Pa and their number is (215) 682-1000.
Comments:
Posted by MRM on 2010-08-13:
Oh sweet niblets?!?!
Posted by saj80 on 2010-08-13:
What makes you assume GMAC will subordinate their lien position; do you have a confirmed agreement with them? Many banks in junior lien positions will not subordinate for two reasons: first, if you are refinancing your first for more money, then the secondary bank loses collateral position, and, second, by not subordinating, the junior bank now becomes senior if another bank is dumb enough to refinance without the subordination agreement. Getting a subordination agreement from a large organization is very difficult, and my bet is that GMAC will not provide one.
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