ED Magedson – Founder
GMAC Mortgage, LLC3451 Hammond Ave,Waterloo, Iowa 5072 Internet United States of America
We entered into a trial loan modification agreement with GMAC and when I called in to make our first payment we were told that there is a ten day grace period on the date stated in the agreement. When I called in to make the next payment that information was confirmed and we were advised to make the payment by the 3rd to be safe. I called in to make the final payment on the 3rd of August as recommended and was told that the loan modification agreement was cancelled because we were too late in making our previous payment. We had made the payment on the eighth in cash during regular working hours (mid afternoon) but because the payment was not processed until the following Monday the representative said the trial was cancelled and he denied the fact that there was a ten day grace period. When I asked to speak to a supervisor he put me on hold and then came back and confirmed that there was in fact an undisclosed policy of granting a ten day period. The discussion got into legal issues and the representative stated that if he was subpoenaed he would deny that there was such a policy. He actually stated that he would lie under oath in court. This appears to be a case of conspiracy to get additional monies out of us prior to foreclosure through any possible means rather than deal in good faith. Which seems ridiculous to me since we are not asking for any principal reduction we are only asking for the rate to be fixed at current rates and a forebearance on past due amounts.
This report was posted on Ripoff Report on 08/03/2010 11:17 AM and is a permanent record located here: http://www.ripoffreport.com/reports/gmac-mortgage-llc/internet/gmac-mortgage-llc-mortgage-loan-servicing-company-for-an-investor-aurora-internet-628570. 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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