- Report: #661847
Report - Rebuttal - Arbitrate
Complaint Review: GMAC Mortgage Insurance Claims Dept.
GMAC Mortgage Insurance Claims Dept.Internet United States of America
GMAC Mortgage Insurance Claims Dept. GMAC Mortgage GMAC withholding insurance claim check! My house is rotting! Internet
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Our house had a flood in August of 2010. Our insurance adjuster came out, and wrote us a check for $11,420.00 to cover the cost of the repairs. The check was made out to my husband, myself, and GMAC Mortgage, who is our mortgage lender. I was told to call GMAC about getting them to endorse the check. I called them, and they stated they would deposit the money in their account, and disperse the money in thirds to a general contractor. My husband owns a Water Restoration Company, but is NOT a general contractor. He subcontracts a lot of his work, and we wanted his company to do the work. After 2 months of fighting with GMAC over this, they finally agreed to release the funds. An additional $1300.00 was also sent to them, for the work our Restoration company did to dry the structure.
I got a call last Tuesday stating that the check had been approved by management to be sent to us, and it would be FedEx'd by Friday. My husband and I were ecstatic that we could FINALLY get our home fixed. Friday comes around, and I get a call from 480-000-0000. When I answered it, it was GMAC's Insurance company stating that the check went through another approval process and was denied because when they originally approved it, our house appraised for $187,500.00, and when they reviewed it, our house only appraised for $160,000.00 and we did not have enough equity in our home to cover the amount of the repairs. Now they are back to their tricks of saying we need a general contractor and they are going to disperse the money at their discretion, and have an inspector come out and monitor the repairs. Has this happened to anyone else? I have HAD it with GMAC and want to fight them on this all the way.
This report was posted on Ripoff Report on 11/14/2010 01:59 PM and is a permanent record located here: http://www.ripoffreport.com/r/GMAC-Mortgage-Insurance-Claims-Dept/internet/GMAC-Mortgage-Insurance-Claims-Dept-GMAC-Mortgage-GMAC-withholding-insurance-claim-check-661847. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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