GMAC MORTGAGE PLACED FORCED INSURANCE ON RESIDENCE WHEN WE ALREADY HAD INSURANCE AND WHEN PRIVATE INSURANCE LAPSED THEY CONTINUED TO RAISE COST OF INSURANCE TILL INSURANCE COST OVER 800.00 MONTLY. WATERLOO Iowa
GMAC MORTGAGE OF WATERLOO.IOWA HAS RIPPED US OFF. THEY PLACED FORCED INSURANCE ON OUR SECOND HOME IN KILL DEVIL HILLS N.C. IN JAN 2007 GMAC BOUGHT OUR MORTGAGE FROM NEW CENTURY AND THE PROBLEMS STARTED.
FIRST OF ALL,WE HAD TO HAVE HAZARD INSURANCE TO QUALIFY FOR OUR INITIAL LOAN WHICH WE PAID 1500.00 FOR FROM STATE FARM INSURANCE COMPANY.ON OR ABOUT JULY 2007 OUR PAYMENT WITH GMAC WAS RAISED FROM 1134.00 TO 1300.00.IN EARLY NOVEMBER 2007 GMAC NOTIFIED US OUR PAYMENT WOULD INCREASE TO 1635.00 in DECEMBER 2007.YESTERDAY FEBURARY 04. 2008 WE WERE NOTIFIED OUR PAYMENT WOULD INCREASE TO 1938.00 IN APRIL 2008.THIS IS OVER A 800.00 IN LESS THAN 12 MONTHS FOR FRORCED HAZARD INSURANCE.
THIS IS PREDATORY AND FEDERAL LAWS ARE BEING BROKEN AS WELL AS STATE LAWS.I HAVE CONTACTED OUR STATE BANKING COMISSION AS WELL AS OUR STATE SENATOR IN WASHINGTON,D.C THIS IS ROBBERY ANY WAY YOU LOOK AT IT.AS A NATION HOW IS BEING ALLOWED TO HAPPEN???
Kaulua
moyock, North Carolina
U.S.A.
1 Updates & Rebuttals
Anonymous
MESA,Arizona,
U.S.A.
LPI cancellation
#2UPDATE Employee
Sun, March 02, 2008
I work for GMAC in the insurance center. When a loan is transfered to us, or we acquire it from another lender, the insurance information is not transfered to us. We will send out three letters and then fund the insurance with money in escrow. In order to get all your money back, send in a declarations page for the dates that they placed insurance on your home. They can only charge you for the dates that you had no insurance. But by the sound of it, you had no gap in coverage. You can have your insurance agent fax in the info to 8663369021 and put your loan number on it.
Also, call in 24 hours after it has been sent to make sure we got it. OR you can call 8007664622, and have them transfer you to the insurance center. Then let one of the reps know that you have had major issues with us regarding the lender placed insurance, and you need to have it cancelled. They will give you our local fax, not the one above, then that rep will cancel it for you. Just make sure you don't get snippy with the folks in the insurance center, many won't go the extra mile if you are rude. I hope this helps!