Ripoff Report Needs Your Help!
X  |  CLOSE
Report: #671289

Complaint Review: GMAC Mortgage - Internet

  • Submitted:
  • Updated:
  • Reported By: Dana — Duluth Minnesota United States of America
  • Author Not Confirmed What's this?
  • Why?
  • GMAC Mortgage Internet United States of America

GMAC Mortgage Did not honor it's end of the "good faith agreement" hiding behind the Truth in Lending Act Internet

*Consumer Comment: I don't understand your complaint...

Show customers why they should trust your business over your competitors...

Is this
Report about YOU
listed on other sites?
Those sites steal
Ripoff Report's
content.
We can get those
removed for you!
Find out more here.
How to fix
Ripoff Report
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Be warned people!! companies like GMAC Mortgage Do not honor their end of good faith agreements when a person files bankruptcy.


   I reaffirmed my agreement with GMAC Mortgage and agreed to honor my end of the reaffirmation. GMAC Mortgage is not, has not, and will not honor their end. They froze the available equity Forever and are hiding behind "The Truth in Lending Act/ Regulation Z, what this does is allow companies like GMAC to rip off consumers!! and this is all perfectly legal, thank the Federal Reserve for that one folks.


    I am now obligated to pay the balance of over $8,000 dollars without EVER accessing funds. I have to "give" them these monies, just GIVE! I have written every single person in power that i can think to contact and they all pass the buck. The lawyer I hired was not at all helpful and certainly not educated regarding this law. when I started calling about the "why"  she stopped replying...to bad for me, she got her money.


    I am having dreams about picketing in front of the White House to bring attention to these unethical, and immoral business practices. I have tried getting GMAC to work with me, but why would they, it's free money!! I want to start a petition but I don't know how to go about that. I cannot believe that I am the only person in the US who is going through this. I will continue the fight.


    Beware of this company they are crooked and do not care about their customers, the ones who never signed a loan agreement to begin with but rather the loan has been sold, again and again without the home owners input, knowledge or feedback. I am begging people to reach out, strength in numbers, if we don't Act then nothing will change and hard working Americans who want to keep their homes or equity are being robbed!!

This report was posted on Ripoff Report on 12/14/2010 07:44 AM and is a permanent record located here: https://www.ripoffreport.com/reports/gmac-mortgage/internet/gmac-mortgage-did-not-honor-its-end-of-the-good-faith-agreement-hiding-behind-the-trut-671289. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Updates & Rebuttals

REBUTTALS & REPLIES:
0Author
1Consumer
0Employee/Owner

#1 Consumer Comment

I don't understand your complaint...

AUTHOR: MovingForward - (United States of America)

POSTED: Tuesday, December 14, 2010

You reaffirmed a mortgage with GMAC in your bankruptcy which means you are obligated to repay the loan under the terms specified in your reaffirmation agreement. GMAC does not have any control over the equity in your home.

What do you mean that they "froze the available equity forever and are hiding behind the Truth in Lending Act..."? I am also confused about your statement of "I am now obligated to pay the balance of over $8,000 dollars without ever accessing funds. I have to 'give' them thee monies, just GIVE!"

You agreed to repay GMAC when you signed the reaffirmation. IF you did not wish to continue to pay on the loan, then you could have easily surrendered the property in your BK and not been responsible for repayment at all. If you are upside down in the value of your home, then there is no equity to be frozen. If you have excess value over the loan amount, then GMAC has no right to any of that equity unless you default on the reaffirmation agreement.

If you have an outstanding equity line with an $8,000 balance (HELOC) and they have frozen access to the credit line, you can pay off the loan in accordance with the agreement and get a mortgage satisfaction. Once that happens you are free to obtain another HELOC with any lender that will issue one and use it as you had prior to filing BK.

Many, many lines were frozen across the US over the past four years - even if you have perfect credit and no repayment issues. Not just GMAC lines. I am not defending GMAC, I just don't understand the complaint yet. (NOTE: I do not work for GMAC nor any lender)

 

Respond to this report!
What's this?
Featured Reports

Advertisers above have met our
strict standards for business conduct.

X
What do hackers,
questionable attorneys and
fake court orders have in common?
...Dishonest Reputation Management Investigates Reputation Repair
Free speech rights compromised

WATCH News
Segment Now