GMAC Mortgage Did not honor it's end of the "good faith agreement" hiding behind the Truth in Lending Act Internet
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!!
1 Updates & Rebuttals
MovingForward
Wellington,Florida,
United States of America
I don't understand your complaint...
#2Consumer Comment
Tue, 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)