GMAC Mortgage Complaint - GMAC Mortgage are thieves
My mortgage was sold to GMAC in 2006, and I have paid ontime etc. etc. on every payment, as I do with all my bills.
I have a credit score of 795, no debt (other than mortgage) and have a good salary income and a long term position with a fortune 100 company.
I have been trying to refinace this property with GMAC for nearly a year!!! Each time I start the process, I am quoted a reasonable rate (30 year fixed) and start the process. As I get into the process, they tell me they have "questions" about this or that and send me a NEW good faith estimate with higher interest rates and fees, and want me to "buy the rate down". This has now happened twice.. I complain, and they eventually say "They don't know whats wrong" but the answer is to "let the current lock run out" and start over.....
Since I have now been through this several times, I have explained that I expect that we not do this again. Since then, I call, I email, I write, I fax, and they won't even call me back. I got one call (at 11:52 PM on Sunday night) where the "agent" left me a very brief message saying (for the third time in 9 months) that they "have been out of the office" and I was told to call back. 5 calls and 3 emails, and two weeks later.... AGAIN....No Contact and No Call back... The more I know, the less they want to talk to me. Now that I can see what they are doing and know rates, etc. etc. etc. They revert back to "I don't know why" and just get off the phone, saying they will call me back... Which they NEVER do...
I sincerely believe they are working VERY hard for one of two things.... Wait for rates to go up so that it isn't worth it for me to refinance (and they can keep the higher interest loan) or wait until I give in and give up altogether, or give in and they give me a loan where I am paying high fees, and "buying down" the rate to what is even then higher than market rates.... (5.25% at this writing) as aopposed to market rates of around 4.5%
Disgusting and Shameful
I really don't know how people that work there doing this kind of thing live with themselves...
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