GMAC mortgage?

[DawnM]

Anyone have one? Any problems/issues?

We were supposed to close with Chase but we got a call from our broker asking us to change to GMAC.

Thanks,

Dawn

 

[PrincessSuzanne]

Not sure if it is the same GMAC, but I have had 2 vehicles financed thru them and have no complaints whatsoever. I would use them again if I needed to.

 

[dancin Disney style]

I can tell you what happened to me....I had a GMAC mortgage here in Canada.Two years ago they decided that they were no longer going to be in the mortgage business and they gave me 10 days notice to that effect.

I was due to renew my mortgage and realized that I was only about 5 weeks away from that date. At that point I had nothing in the mail from them so I called. I was told that they would be in touch. Well, they never got back to me so I called again. I was still given no information other than to be told that it was odd I had not received anything. So now it's about 3 weeks away from the date and I'm worried. At the 2 week point I get a phone call and am told that they were not going to renew my mortgage but was not told why. They made me feel like some sort of delinquent....I have never in my life missed a payment on anything. A few more days pass and I get a letter in the mail explaining everything.

So the lovely people at GMAC left me scrambling to arrange a mortgage in 10 days and this was mid December. I then continued to have problems with them...I needed a document from them that they refused to give me. They said they had forwarded it to my bank...but my bank was asking me to provide it. GMAC tried to charge me $50 for a copy of the document.

 

[Sheaboys]

We have had GMAC for almost a year. No problems, but again I have never had to contact them.

However, I will be contacting regarding asking if they will hold our mortgage for a few months. We were in the Tornado on June 1st that hit Massachusetts. Our was hit, we can't live in it. They had an automated service call to confirm that we were in the tornado path, and answered yes, the house was affected. It said they would be in contact with us regarding our mortgage. However that was July 6th.
So with us in the process of buying another house and insurance has not settled, we will have 2 mortgages, not the ideal situation, but we can pay it. However, if I can get them to old our payments I sure am going to try to.

 

[MickeyHereWeCome!]

We've had a GMAC mortgage for years, and have had no problems, whatsoever.

 

[DawnM]

Thank you.

We have had Franklin American for the past few years. I had read horror stories and bad reviews from them but we never had any problems, in fact, I found them to be very pleasant when I called to ask questions.

They could not match the refi that this broker we went with could though, so we are switching. 3.37% with no closing (outside of our own tax amount paid to escrow.) and no, the closing cost isn't rolled into the loan.

Dawn

 

[BellePrincessBelle]

We had Ditech sold to GMAC(GMAC owns Ditech) & were sold to Green Tree with minimal notice. It was a BAD transition.

 

[DawnM]

Bad how?

Dawn

We had Ditech sold to GMAC(GMAC owns Ditech) & were sold to Green Tree with minimal notice. It was a BAD transition.

 

[dsny1mom]

Have had GMAC Mortgage for years and have had no problems. They send out a smartwatch mailer every year giving options to lower your rates. Last time we refinanced with them to a lower interest rate and it was with no costs at all.

dsny1mom

 

[DawnM]

That is fantastic!

Dawn

Have had GMAC Mortgage for years and have had no problems. They send out a smartwatch mailer every year giving options to lower your rates. Last time we refinanced with them to a lower interest rate and it was with no costs at all.

dsny1mom

 

[akenneson]

I know some people like to break up their mortgage payment weekly, bimonthly, etc. I do know that GMAC does NOT allow this. They require a full payment to be paid. We have had them for about 5 years and 99% of the customer service reps have been very friendly. No complaints that I can think of

 

[crjack]

We have had GMAC for probably close to 10 years now on our mortgage and I love them. Their statements are great (very easy to read and provide all necessary information). I also love their Smartwatch mailer and have had great customer service reps the few times I have called.

 

[seashoreCM]

I can tell you what happened to me....I had a GMAC mortgage here in Canada.Two years ago they decided that they were no longer going to be in the mortgage business and they gave me 10 days notice to that effect.

I was due to renew my mortgage and realized that I was only about 5 weeks away from that date. At that point I had nothing in the mail from them so I called. I was told that they would be in touch. Well, they never got back to me so I called again. I was still given no information other than to be told that it was odd I had not received anything. So now it's about 3 weeks away from the date and I'm worried. At the 2 week point I get a phone call and am told that they were not going to renew my mortgage but was not told why. They made me feel like some sort of delinquent....I have never in my life missed a payment on anything. A few more days pass and I get a letter in the mail explaining everything.

So the lovely people at GMAC left me scrambling to arrange a mortgage in 10 days and this was mid December. I then continued to have problems with them...I needed a document from them that they refused to give me. They said they had forwarded it to my bank...but my bank was asking me to provide it. GMAC tried to charge me $50 for a copy of the document.

Was this a balloon note* mortgage? You should never have signed up for that.
If it was a regular 25 year or 30 year or whatever mortgage loan you would not have to do anything; they would have to continue taking your monthly payments.

We were supposed to close with Chase but we got a call from our broker asking us to change to GMAC.

Don't abandon your current mortgage application and switch to another mortgage company voluntarily unless there is a good reason for you such as a better interest rate.

* There is a due date when the entire balance, which could still be six figures, must be paid off long before it would have been whittled down (amortized) by the monthly payments.

 

[dancin Disney style]

Was this a balloon note* mortgage? You should never have signed up for that.
If it was a regular 25 year or 30 year or whatever mortgage loan you would not have to do anything; they would have to continue taking your monthly payments.

SeashoreCM....we do things a lot differently here in Canada with mortgages. It was not a balloon mortgage. We don't have that option. We basically only have one type of mortgage but with a few different forms that it can take with regard to interest rates and terms. At the end of your term you have to renew which ends up being almost like getting a new mortgage. You have to provide documents and sign new ones for the next term. They don't just keep taking the payments until it's paid off over 25 years.

As I stated I was told by GMAC that they were getting out of the mortgage business. It had nothing to do with me or the mortgage itself. It was just done in a really poor fashion that left me in a bad position and caused me a lot of stress.

 

[punkin]

Thank you.

We have had Franklin American for the past few years. I had read horror stories and bad reviews from them but we never had any problems, in fact, I found them to be very pleasant when I called to ask questions.

They could not match the refi that this broker we went with could though, so we are switching. 3.37% with no closing (outside of our own tax amount paid to escrow.) and no, the closing cost isn't rolled into the loan.

Dawn

Is this a 30 year fixed or a fifteen year?

BTW, there's nothing wrong with GMAC in particular.

 

[Cheshire Figment]

I would ask the broker flat out why he wants you to use GMAC instead of Chase. I would specifically ask if he will receive a larger commission from GMAC>

 

[fac]

We were supposed to close with Chase but we got a call from our broker asking us to change to GMAC.

Thanks,

Dawn

Dawn,
Just curious.. How far are you from closing? will it be too late to change to another bank.

The reason I asked is that I made an offer to a short sale for my vacation home and was told if I hear from the bank, I will have to close within 30 days. I will refinance using my existing house which had been paid off. I am concerned that I will not have time to complete the refinancing, someone suggested I find a broker as they may be able to find a bank which can process faster for me. But I was burned by a broker when I bought my first house, hence I hesitated to find a broker.

 

[DawnM]

I am not abandoning anything.

Here is what happened.....and yes, it was the broker/bank's issue. They are overwhelmed with people refinancing or trying to refi now. The lock in with Chase is over the period they were supposed to close in and so they are still able to use Chase but will have to eat some of the closing if they do. With GMAC they can break even. At least, this is how I understand it from what she told me.

They wanted us twice to go to Wells Fargo and called us about it, but we can't use Wells as it is a conflict with DH's job, so there is a short list of who we can go with. Chase and GMAC are ok to use. It really makes no difference to me.

Dawn

 

[DawnM]

Hmmm...I am not sure I understand the question.

We went with a broker last time and he was awful. He charged way too much.

This time we are going with a broker agency.....it is called First Internet Bank of INdiana and came recommended by several people to me. They broker a sale/loan with the banks.

Dawn

Dawn,
Just curious.. How far are you from closing? will it be too late to change to another bank.

The reason I asked is that I made an offer to a short sale for my vacation home and was told if I hear from the bank, I will have to close within 30 days. I will refinance using my existing house which had been paid off. I am concerned that I will not have time to complete the refinancing, someone suggested I find a broker as they may be able to find a bank which can process faster for me. But I was burned by a broker when I bought my first house, hence I hesitated to find a broker.

 

[DawnM]

15 year.

Dawn

Is this a 30 year fixed or a fifteen year?

BTW, there's nothing wrong with GMAC in particular.