My house was purchased in 2000. Our oringinal appraisal was $93,000 , the mortgage company transferred the mortgage to GMAC. Our interest at escrow was 10.5%.
In late 2000, we applied for a refinance of our mortage with a local savings and loan. Only to find that our credit was exemplary but our property was not of sufficient value for refinance. Further we found that the original appraisal was fraudulent and we filed suit against them. That suit resulted in that company filing bankruptcy so we got nothing but a charge of 20,000 dollars for legal fees. This was finalized in 2004.
For the past several years we have been trying to work with our mortagage company, we have paid our payments on time and totally. At the end of 2009 we still owe 77,000 on a house that is virtually worthless.
All attempts to work with GMAC have been futile, in 2008 I received a letter from GMAC suggested they would refinance our home and reduce our interest. Based on those letters and their indication, a refinance process was underway, I was to withhold August and September house payments. I did however, pay August since a subsequent conversation with the loan offficer indicated the refinance process was going slower that he had anticipated. At no time in the numerous conversations with him did he tell me the refinance was in question.
September 2008 an appraiser whom I assume was doing comparables in the area, made a visit to our home. he was shown inside and out, the construction was explained to him as well as the many improvements done by us since we purchased the property.
Imagine our surprise when the GMAC loan officer notified us that our property was a 1970 Van d**e mobile home. We have been paying property taxes for 10 years, and our property value for 2009 is listed with Clallam County as, 65,555 dollars. This does not reflect that the property is a 1970 mobile home. The only portion remaining of the mobile is the kitchen area since the original structure burned and the previous owner essentially built a house around a small portion of the mobile. We did not know at the time of purchase that this was the base for the construction nor did the appraiser indicated this when valuing the property in 2000.
As you can see this has been a horrible experience for my family. We have been advised to simply walk away from this mess but we are honest people who only want to be treated fairly.
The only solution as we see it is for GMAC to honor their commitment to refinance the loan or sign the the title over to us through a lawsuit reflecting our pain and suffering. We are at the end of our rope. My doctor can affirm my condition do to continual deterioration from this stress.
If you have questions, I and political officials that have helped for years to no avail including the mayor of my town will readily assisted any attorney in preparation for a law suit. "I'm stuck" Thank you