Complaint Review: GMAC , OCWEN, 21rst Mortgage - Internet Select State/Province
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- Author Not Confirmed
- GMAC , OCWEN, 21rst Mortgage Internet, Select State/Province USA
- Phone:
- Web: www.gmacmortgage.com
- Category: Mortgage Companies
GMAC , OCWEN, 21rst Mortgage Predatory lending and fraudulent business practices Internet Nationwide
*UPDATE EX-employee responds: Make GMAC/ Ally Accountable
*Consumer Comment: You over-extended yourself financially, missed payments and now want to blame the lender..
*Consumer Comment: Bring out the violin...
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GMAC in collaboration with shell mortgage companies using unfair business practices and predatory lending practices needs a class action law suit filed against them. In 2003 I bought a small Lake house as a second home 400sqft. For 67k (mortgage 49k), 2005 I added 1200sqft changes from 1 room cabin to 3br and 2bath home 1600 sqft. lake home. I took out second mortgage $25k to finish work on home with GMAC.
Current Zillow value 190k. 2008 I attempted to restructure to one loan and because real estate market collapse value of home was too close and GMAC refused to consolidate, I again tried to consolidate loan in 2010. I had renters in property to maintain payments. 2011 could not find renters and fell behind. GMAC sold primary mortgage to OCWEN and second to 21rst mortgage company out of Tennesee. 2012 I got another renter in property but was running behind on payments. OCWEN sent someone to property telling tenant the property was about to go into forclosure.
The tenant left without paying rent as a result. I atempted to pay but became overwhelmehand could not afford. I explained to OCWEN but they where unreasonable harrasing and continued to send bill s for maintaining vacant property, changing locks, cutting yard etc. all things my renter was doing before they where forced out. OCWEN sold the property with NO notice and no auction to another bank for I believe $49k (way under FMV) knowing there was a second mortgage and not attempting to get fair market auction value.
21rst mortgage Company was aware of what OCWEN was doing and did nothing. It seems very calculated that GMAC uses these companies to make things difficult for homeowners. I am willing and ready to participate in Class action lawsuit for unfair business practices and predatory lending practice or whatever a lawyer feels has happened. After reading other post on rip off reports, it seems pretty obvious GMAC is working very closely with OCWEN. Please let me know what I need to do to participate and punish these lenders.
This report was posted on Ripoff Report on 01/25/2014 09:14 PM and is a permanent record located here: https://www.ripoffreport.com/reports/gmac-ocwen-21rst-mortgage/internet-select-stateprovince/gmac-ocwen-21rst-mortgage-predatory-lending-and-fraudulent-business-practices-interne-1118490. 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
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#3 UPDATE EX-employee responds
Make GMAC/ Ally Accountable
AUTHOR: Pro Se Advocate - ()
SUBMITTED: Saturday, February 22, 2014
Ignore the comments. I guess some people must spend their golden years responding to random ripoff reports. GMAC received a $17.2 billion dollar bailout to avoid bankruptcy and then filed bankruptcy. Still the taxpayers have not been paid back. They are owned by the government and too big to fight alone. Ocwen is completely incompetent as their mortgage statements are inaccurate on their face. Do something to fight back because these reports don't even get on their radar thanks to search engine optimization. Sign the petition chn.ge/1iz3BwV
#2 Consumer Comment
You over-extended yourself financially, missed payments and now want to blame the lender..
AUTHOR: Ken - ()
SUBMITTED: Sunday, January 26, 2014
Did I get that about right? What would you expect the outcome of this to be with ANY lender? You appear to have had no prospects of ever bringing the loan current. The lender did what all lenders would do to protect their investment. Remember the property is theirs until paid for. Sorry for your misfortune, but there is no Ripoff here.
No, I don't work for any of those mentioned here, I'm retired.
#1 Consumer Comment
Bring out the violin...
AUTHOR: Robert - ()
SUBMITTED: Sunday, January 26, 2014
First off this is your SECOND home..let's keep that in mind shall we.
Next, you probably should look at the definition of "Preditory Lending". You went to buy a second house and ended up getting an 18K mortgage on a house valued at 67K. Now, if this was "Preditory" lending you are saying that they should not have approved you for this Mortgage and/or lied about certain things on your application to get you approved. With a LTV of around 26% your are going to be very hard pressed to have that claim succeed. Not only that but none of these banks forced you to decide to remodel and expand this house and take out a second mortgage.
No the fact is that you bought this house as an INVESTMENT property. It is NOT the fault of any of these lenders that your investment failed. Last time I checked Mortgage companies are not real estate agents. So why would they be at fault because you couldn't find a renter? Why are they all of the sudden responsible to take a "loss". Why are they at fault when you do finally find a renter the renter is a "deadbeat" and fall behind on their rent. Not only that, but instead of when these renters were told by the bank the house was going into foreclosure did they not come to you and have you reasure them everything was fine. Oh yea...they were falling behind in their rent and probably figured this was an "easy out".
When you couldn't get a renter and this house had a value of 190K according to you, why didn't you take responsiblity and try to sell it for that. By my calculation you would have come out almost doubling your money. Oh..perhaps because your estimate wasn't exactly correct and no buyers were "biting" on your price tag. Or perhaps YOU thought you could work through it.
Oh and just to point out another few things. You bought this house in 2003 from GMAC..it wasn't until 2011 when they sold it to OCWEN. If GMAC is in some huge collaboration and "sinister" plot with these other banks...don't you think they wouldn't wait almost 8 years to "spring their trap"? As for them selling it for 49K. If I calculate it out correctly THEIR interest in this property was about 43K(18K+25K), if you add in several thousand for the entire legal process..they probably broke even.
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