- Report: #784539
Report - Rebuttal - Arbitrate
Complaint Review: GMAC
GMACFort Washington, Pennsylvania United States of America
GMAC Ally Miscalculated Payments on 30 Yr FIXED Refi (making the loan look fantastic!). Ten months later they say we owe $4,000 to escrow AND they are increasing our payments Fort Washington, Pennsylvania
*Author of original report: Dug Up Some More Details
*Consumer Comment: If you can't get any answers from Ally
*Consumer Comment: CONTACT YOUR ATTORNEY GENERAL IMMEDIATELY........
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Ten months into the new payment plan we have received a letter from GMAC stating that our escrow is underfunded and that we must send them over $4,000.00 by the end of the month or they will raise our payments by over $500.00/month (to a payment amount MUCH higher than what we were making at the previous higher interest rate). Even if we do send them the $4,000 they will raise our rate by over $200.00/month (making our total savings over the original loan $130.00/month). It will take us forever to try and make back our $8,00 now AND we have to pay them thousands out of our own pockets.
So: we spent $8,000.00 to refinance, and consequently our loan is now $8,000.00 higher than it would have been had we stayed with our original loan. And if we do not send them $4,000.00 from our own pockets the payments will balloon ABOVE what we were paying before refinancing to a lower rate. And this is on a FIXED 30 year loan.
This has to be illegal! I think they intentionally:
- Charged us way too much for the loan so they could get fat commissions
- Placated us into playing along that by intentionally miscalculating lower payments
Just before we refinanced we had around $5,000 in escrow. How did that disappear in addition to $8,000 being added to our loan amount?
NEVER felt so deceived and ripped off in my life. Can anyone help? We have a very short timeline. The payments with the additional $520.00/month are due starting 11-01-2011, and we just got this letter from them last night.
This report was posted on Ripoff Report on 10/04/2011 10:16 AM and is a permanent record located here: http://www.ripoffreport.com/r/GMAC/Fort-Washington-Pennsylvania-19034/GMAC-Ally-Miscalculated-Payments-on-30-Yr-FIXED-Refi-making-the-loan-look-fantastic-Te-784539. 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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