Comments on: GMAC Mortgage Dumps Tens of Thousands of Home Equity Loans: Sells to Abysmal ‘Specialized Loan Servicing’

By: Scott

Scott — Mon, 20 Sep 2010 16:49:04 +0000

I went on line to confirm my payment was posted and was unable to access the account unless I verified all my personal data. I then called them and was told they would not speak with me about the account until I told them who my first mortgage was with and if I was current or not! I refused to give that information and the minimum wage worker refused to transfer me to a supervisor. Where is the customer service? I have never had any company treat me with so much disrespect! Clearly this idiots do not understand the homeowner is the reason they are in business!

By: Karen Pettit

Karen Pettit — Mon, 28 Jun 2010 01:45:05 +0000

I have been documenting my experience as a 52 year old Slidell, Louisiana woman who is disabled and trying to acquire assistance with housing with an eviction looming from GMAC Mortgage.

My husband and I taped an interview with “Action Reporter” Bill Capo, from WWL-TV Channel 4 (New Orleans). On Thursday, June 16th, 2010, this feature aired on the 10:00 p.m. news. This whole interview took about 3 hours to complete. I was able to tell my story in its entirety to Mr. Capo and he was ready with all the right questions. Of course, it was edited and much of our lengthy interview was omitted due to the constrictions of television. The edited result can be viewed on line at the WWL-TV web site under “Action Reports”.

Our foreclosure took place on April 28, 2010, right after we celebrated our 8th wedding anniversary. Now we await the forthcoming eviction notice from GMAC Morgage…any day now.

I began my research after the sheriff came to our door in January of this year with a foreclosure notice from our mortgage company, GMAC. Since then, my efforts are continuing to learn about my options as a disabled individual and trying to find programs that could save our home. We knew there were programs out there, and we trusted GMAC to submit us to any programs that may assist us in keeping our home.

We provided our income information to them as soon as the foreclosure process began. The sale of our home was set for April 28th, 2010. On the 27th, GMAC informed us they needed more information. My husband scrambled around to fulfill their request, faxed 9 pages to GMAC, and then called to confirm that GMAC had received the information.

The next day, we were told that we were “denied” by everyone and we lost our home. I was a little suspicious, as they certainly didn’t have enough time (literally overnight) to submit us anywhere. I have repeatedly asked for the documentation of who they submitted us to and why we were denied, to no avail. One day, I got Mary on the phone from GMAC. She informed us that we were never submitted to anyone…so there was no denial! Conveniently, she did state that they had received the paperwork they requested, but it was dated the 29th–the day after the foreclosure! We knew that we provided this on the 27th.

The funny thing is, Mr. Capo spoke with the attorney representing our mortgage company, GMAC. She confirmed that our home had been foreclosed on and we will soon be evicted. Mr. Capo asked what will happen to our home, will it be put up for sale? Her answer shocked him–our home is becoming a HUD home! He has suggested to all parties involved that we be allowed to stay put and has now reached out to HUD about this situation. We’ll see…

This email was sent to everyone in my address book, asking for my story to be forwarded to everyone they know. And it was sent to any federal, state and local government offices, and every organization that I could find that deals with advocacy, disability issues, and consumer affairs. I also contacted our local media, as well as newspapers, magazines, talk shows and news programs nationally.

At the age of 52 and disabled, I am facing homelessness. Thanks, GMAC.

By: Lee

Lee — Sat, 17 Apr 2010 20:06:22 +0000

SLS is a joke and a scam!!! I would be glad to join up with a group of others with same issues and go after them!

By: Rob Love

Rob Love — Sat, 10 Apr 2010 00:27:14 +0000

Hi Kids, i’ve HAD it with weasels like GMAC Mortgage as well as Internet animosity. Here.. for all to see and please feel free to contact me regarding a class action lawsuit, enjoy:::

=======

Dear GMAC Sirs;

Last week i paid a bill on my GMAC 120k HELOC.

To back up several years and clarify I paid a 120k second off (in full) less than 6 months after getting my loan in 2006 and began to utilize it about 5 months ago.

You did NOT send me a statement in early March so i did not make the $60 payment on 20k.

I received the statement last week (dated 3-31 & NOT even in pink– plus NO late notices).. However, i did notice that according to statement that i did not make a payment in early March BECAUSE YOU DIDN’T SEND ME A BILL!

So as usual and not particularly alarmed, i paid the $60 PLUS another $240 in principle (as i have for the past several months) with a highlighted note that says: “YOU DIDN’T SEND ME A BILL LAST MONTH”.

Then last night at 11 PM, i got a VERY rude collection call and TODAY i got a letter saying that you were suspending my line of credit.

I have an 800 average credit score and pay GMAC 1.2 to 1.5 times what i owe you every month on my primary loan.

CLEARLY, you are looking to END ALL OF YOUR HELOCS and my bet is that you didn’t send out a statement last month in order to accomplish this ever-so-noble task.

I believe that this is (OR SHOULD BE) illegal.

TODAY i called 1.800.850.4622 (caller ID = COLLS CALL) and your runaround (while asking for a “collections supervisor”) was EPIC.

An hour on the phone repeating my loan number and particulars and transferred at least 12 times (dropped three of those) back and forth to the “wrong division” and BACK AGAIN.

I got close, and your system (or an individual) dropped me.

Then i tried 1.800.766.4622 and spent ANOTHER half hour on the phone only to be put on terminal HOLD.

Sirs, i believe this to be a scam that i do NOT at ALL appreciate it as a man of integrity.

If you were looking to screw your HELOC customers over.. you found the WRONG one in this particular case.

I ask YOU to find integrity at the earliest possible convenience.

PLEASE RESPOND BECAUSE MY AVENUES (on the Internet and via MANY more traditional means)… ARE ENDLESS. YOUR

***I WOULD LIKE MY CREDIT LINE RESTORED AND ANY DEROGATORY CREDIT BUREAU ISSUANCES REMOVED IMMEDIATELY!!

Sincerely,

Rob Love

Boise ID 83703
Cell: 1.208.283.2142
Office: 208.938.1044
rlove63@cableone.net

By: Rob

Rob — Sat, 10 Apr 2010 00:04:36 +0000

Jen,

i tried to email original poster at the top (unsuccessfully since i don’t do twitter or any-o-that weird stuff but suffice to say that I AM PISSED.

Everyone please feel free to email me personally with any info you have on a class action lawsuit.. below is what i just sent to these nimrods who’s emails can be found here!!

Thanks, rlove63@cableone.net

http://forum.ml-implode.com/viewtopic.php?p=221474

====

Dear GMAC Sirs;

Last week i paid a bill on my GMAC 120k HELOC.

To back up several years and clarify I paid a 120k second off (in full) less than 6 months after getting my loan in 2006 and began to utilize it about 5 months ago.

You did NOT send me a statement in early March so i did not make the $60 payment on 20k.

Then last night at 11 PM, i got a VERY rude collection call and TODAY i got a letter saying that you were suspending my line of credit.

I have an 800 average credit score and pay GMAC 1.2 to 1.5 times what i owe you every month on my primary loan.

CLEARLY, you are looking to END ALL OF YOUR HELOCS and my bet is that you didn’t send out a statement last month in order to accomplish this ever-so-noble task.

I believe that this is (OR SHOULD BE) illegal.

TODAY i called 1.800.850.4622 (caller ID = COLLS CALL) and your runaround (while asking for a “collections supervisor”) was EPIC.

An hour on the phone repeating my loan number and particulars and transferred at least 12 times (dropped three of those) back and forth to the “wrong division” and BACK AGAIN.

I got close, and your system (or an individual) dropped me.

Then i tried 1.800.766.4622 and spent ANOTHER half hour on the phone only to be put on terminal HOLD.

Sirs, i believe this to be a scam that i do NOT at ALL appreciate it as a man of integrity.

If you were looking to screw your HELOC customers over.. you found the WRONG one in this particular case.

I ask YOU to find YOUR integrity at the earliest possible convenience.

PLEASE RESPOND BECAUSE MY AVENUES (on the Internet and via MANY more traditional means)… ARE ENDLESS.

***I WOULD LIKE MY CREDIT LINE RESTORED AND ANY DEROGATORY CREDIT BUREAU ISSUANCES REMOVED IMMEDIATELY!!

By: Ron

Ron — Wed, 24 Mar 2010 23:04:52 +0000

Kevin – they cannot raise your interest rate on a mortgage loan. There must be some sort of misunderstanding or the person who told you they were raising your rate is an idiot. If your rate increased, it is a result of market conditions and not SLS.

By: Mike

Mike — Wed, 03 Mar 2010 22:58:36 +0000

This company is ruthless and you will probably not get it resolved by phone. Send all communications to them in writing via certified mail. You need to keep a well documented trail of your communications. You might want to utilze the Better Business Bureau to help you resolve this. Belive it or not, they are very good about recommending other agencies for assistance when Specialized Loan Servicing does not correct the situation. Also the paper trail will allow you to seek financial recourse from them if you end up in court. Good Luck.

By: phil

phil — Wed, 03 Mar 2010 22:41:59 +0000

They are not allowed to penalize you for past due amounts within the first 60 days after the transfer. You should request a new copy of the transfer notification. They also should refund you the electronic payment fee — they waive it routinely for folks making payments within a certain window of time, and should be able to grant you a one time refund under the circumstances.

It is also a violation of law to change the terms from your original loan. They cannot add a penalty for early payoff to a loan that never had one to begin with. I would review your original loan agreement, grab theirs and contact them and demand a specific explanation of why they think they have the right to change the terms of a loan agreement.

Anyone in this situation should review this website and act on the recommendations:

http://www.ftc.gov/bcp/edu/pubs/consumer/homes/rea10.shtm

By: Lisa

Lisa — Wed, 03 Mar 2010 17:15:30 +0000

I did not receive any notification that my loan had been sold. I logged on to pay my mortgage and couldn’t access my account. I sent a check in snail mail. The next month I called and was told to contact SLS. They have never sent me any documentation of my loan being transferred/sold. I was forced to make an immediate payment thru Western Union for a fee. I still have never even received a statement from these loan sharks. There phone skills are rude. I noticed that my GMAC (Ditech) loan did NOT have a penalty for early payoff and SLS has added one to my account.
What a rip off.

By: Mike

Mike — Tue, 09 Feb 2010 15:10:17 +0000

Specialized Loan Servicing is not an American Company. They were bought by Shinsei Bank of Tokyo back in 2008. As a taxpayer who bailed out GM, this is not sitting well with me. They take our money not once, but twice and now are sending it overseas! What loyality and patriotism GM has! I will be contacting my Congressional representative and expressing my feelings. I encourage everyone else to do the same.