I purchased my home in December, 2000, and financed through GMAC Mortgage. At closing, they had all incorrect info on the forms! They had a different rate, and different amount than what I was supposed to mortgage.
We had to close a week later because they needed time to correct the problem. When we appeared at the new closing, the mortgage info was right. However, we were also getting a home equity loan for $5,000.00 at the time. In all the confusion, they forgot about it. We waited at the Title Co. for them to get this corrected and fax paperwork. When it arrived, we learned that the loan was for $22,100.00!!!!!! I was instructed to just sign it and pay the difference back the next day to GMAC. They promised to credit the amount back and not charge me the full interest. Instead, I was charged the full interest, and it took months to credit it back.
I thought that GMAC was being cooperative, even though they screwed up. However, approximately 2 years later, I was speaking to our mortgage consultant again, that worked for GMAC. He suggested a Refinance. We reviewed the paperwork, and spoke with him several times. In the end, we decided against it due to costs. He left the company a short time later and went somewhere else. We continued to follow up with him at his new employers about refi options.
However, a couple months after that we received notice of closing from GMAC. When we inquired about it, we were told that we agreed to refi and a closing date was sent. I spoke to the new agent, and explained that we never signed anything or requested a refi. In the end, he blamed the previous consultant, which we new was false. He also said paperwork existed, but could not find it when we requested to view it. He threatened us with a negative reporting on our credit history and monetary charges if we did not close. He even suggested this might be a criminal matter. A manager intervened, at my request, and the closing never occurred. The whole thing was canceled with no repercussions to us.
In the mean time, I paid my Home Equity line off, and requested a payoff statement. I sent in writing a request to close the account, as well as speaking to an agent over the phone. Everything seemed to run smooth. I had received a payoff statement and closed the account. They even sent confirmation, and told me it wouldn't report on my history for 60-90 days.
It is now 6 months later, and we are refinancing with another company. During a credit search, we learned this account is still open! GMAC claims they do not have any paperwork on this case. It's Friday and the closing is on Monday!
This whole thing affects yet another closing because of GMAC. I'll probably be paying extra costs and everything will be delayed. I will never use GMAC again or purchase any more GM cars!!! I can't trust them with my money.
Andrea
Waukegan, Illinois
U.S.A.