- Report: #491349
Complaint Review: GMAC MORTGAGE - Waterloo Iowa
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GMAC MORTGAGE
P. O. Box 205 Waterloo, 50704-0205 Iowa, United States of America
Phone:
8663463640
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GMAC MORTGAGE Stole my home equity loan and then lied when I called for help. Waterloo, Iowa
I have a CMG HOA loan. It is a 30 year adjustable with the first 10 years as interest only due. The interest rate is attached to the 1 month LIBOR. This is a home equity loan with a checking account attached to it.
I had 100K available credit in my loan. GMAC took it away claiming values of homes are dropping. (duh). They took it away without any notice. I am in the middle of remodeling - which is why we got the loan.
This was not a cheap loan. I bought my points down to .75 plus the 1 month LIBOR equals my monthly rate x my loan amount. In the last year, the LIBOR has been .33%. Exactly, the lowest ever. My interest rate has been about 1.04%.
We received a letter from GMAC Mortage saying that we can dispute it and request a reinstate the monies. The letter further states an appraisal is required plus copies of our latest pay stubs. The appraisal must be done by their two companies.
I called GMAC and asked what ratio of loan to appraised value was required? They didn't understand. I said my loan was for $500K. What did my house have to be appraised at to reinstate my loan. They didn't know and said to just get the appraisal done and they would make their decision.
I again said well, I know my house value has dropped, but before I fork out $525 dollars using their appraisers, what was guide lines. Again, ???? they said just turn in the items asked for and they would make their decision.
The appraisal comes in at $822K. I send it in. They want more current pay stubs - I send that in. A form letter comes back to us saying "denied" due to low appraisal.
I call again. The rep looks up our file and said it was denied because the value of our home dropped. H E L L O... what the hell did I ask in the first place. Why didn't they tell me it had to be valued at the same if not higher original appraised amount when I first opened my loan. What the hell! Why did I bother.
I understand all of these loans with our low interest rates were raped by GMAC Mortgage. I want to be included in any lawsuite filed against them for doing this.
Our credit score is 700. My loan is at $402K - I want my 100K back. How am I going to pay the construction company. My loan would be only 60% of their appraised value.
GMAC Mortgage is a bunch of cheaters. I should let Obama know so he doesn't give them any help.
