GMAC Mortgage

Pros: Nothing what so ever ........
Cons: horrible customer service - incompetent employees - no management access

I currently hold a mortgage with GMAC and have never been late on any payments until now......a couple weeks ago I noticed that my insurance policy hadn't been paid with  my escrow deposit. So, when I went online to check my escrow account I noticed that two payments totaling $2600.00 had been deducted for my home insurance. To this day nobody seems to know where my money went- my home insurance is still unpaid for and I'm out $2600.00 ...and nobody from GMAC is offering an answer or resolution. Every time I call, they can't transfer me to a superviosr because they are either  out or in a meeting ...worst company to deal ...EVER!!!!!!!

Pros: none
Cons: Terrible customer service agents

We got a call that our November mortgage payment check had bounced. This was toward the end of December. They applied our December payment to the November payment and added double late fees. While on the phone I went online to check our account. The check had cleared! When I explained this to the GMAC caller he said I should check with the bank and call back. I called the bank and they said there was no problem with the check, that it had cleared in early November. After calling back to GMAC, and it takes forever to get through, it was clear that the agent, a different one than the first, did not know what to do and hung up. That pattern continued for about two hours. Finally an agent gave me a fax number to send my "dispute" information to. Our loan was sold to these people. Do not pick them to deal with if your credit rating is important to you.

Pros: Responsive, willing to work with us. Tolerant of unusual circumstances. Suggested remedies.
Cons: Call until you reach workout plan rep or you may not get best information

Hi,
I'm surprised by the negative comments here. We went into default our mortgage serviced with OCWEN, and then in the middle of working out a payment plan via a forbearance agreement, went into foreclosure anyway and then OCWEN sold our loan to GMAC. I was freaked out because OCWEN was holding our deposit for the workout plan, plus two payments in escrow. To GMAC, it looked as if we hadn't made a payment for 4 months. I explained everything to them, and they put a hold on the forclosure so we'd have time to straighten everything out. It took OCWEN forever to get the funds to GMAC, but GMAC was patient and allowed for the delays.
Once they rec'd the funds from OCWEN, they put us on a payment plan, and after 3 months, rewrote our loan at a much lower rate, saving us over 2K per month. I think GMAC is just great. It probably helped that I documented everything and sent copies of everything following each conversation. Be honest and courteous and do what you say you're going to do.

Pros: Can't think of a single thing.
Cons: Horrible customer service, long time to get money, nobody cares

I used GMAC for a construction loan, and that was a huge mistake. They lost paperwork, did now know what was needed, were often rude, and had no concept of customer service. Their method of doing construction loan takes more time than "real" banks, and as a result I had to take out two extensions, which were very costly. I tried telling them that I was not happy with their service, even emailed and called the person in charge, but got no results. The company is "restructuring" and they really don't seem to care about construction loans for individuals.

There are plenty of banks out there who have excellent customer service, who truly understand the value of their customers. GMAC hasn't learned that yet. RUN away from them!

Pros: There is absolutely nothing positive I can say about any involvement with GMAC Mortgage Corporation.
Cons: Terrible organization;, no customer service, bullies, violation of the Real Estate Settlement Practices Act

GMAC Mortgage "bought" the servicing of my loan. I was informed by my previous lender to no longer make my payments to them but to pay them to GMAC after July 1, 2006. GMAC refused my payments for July, August and September so I made them to the previous lender, which would then forward them to GMAC. September 19, 2006 GMAC started demanding the July, August and September payments,fees, costs, legal costs and expenses and offered me a great deal on a new credit card. I filed a Debt Dispute Letter with GMAC Mortgage, within 3 days, outlining the errors were theirs and ststing I would appreciate them verifying with the previous lender all of the payments had been made in a timely manner. The previous lender verified the payments had all been made and forwarded to GMAC in a timely manner. GMAC agreed in the middle of October and forgave any fees and costs, then reporting all the payments late to the credit bureaus in December trashing my credit rating and causing me to need to hire an attorney.

Pros: Nothing
Cons: They will try to cheat you!

Had a six month CD. When it matured they said I did not tell them to deposit my money and rolled the cd over. I called to tell them, dumb me I should have never not gotten it in writting. Now either I wait six more months or pay a 90 day (ie 50%) interest penalty.

Pros: I cannot think of any!
Cons: Bad Service, do not return calls. Please look for another lender!

Terrible service. GMAC Misapplied 2 payments, after struggling to get them to rectify that mistake they reported my account past due 120 days. They will not remove it, also charged me late fee's & other fees (1400.00)

Pros: Great experience
Cons: Can't think of any.

I have not had a problem with GMAC. It should be noted that I dealt with them through Ditech.com I have had three Mortgages through them with no delays. If I have had any complaint it has been that When I took cash out it took my bank (Washington Mutual) 27 days to clear it. All three times with GMAC I have had an appraisal, correctly applied escrows, received and sent all paperwork and have closed . From start to finish nothing more than 17 days. Except my banks ability to clear the check. After reading some of the other comments....I don't know what to say. It worked for me.

Pros: NONE
Cons: Plan on sleepless nights

If for some crazy reason you are even thinking of taking out a loan with GMAC DON'T!!! They use Homecomings for a servicing company and you WILL lose your home. They have perfected the art of foreclosure. We owned a home for 10 years without a single issue. Refinanced with GMAC and ended up losing our house within 2 years. They are incompetent, rude and above all, ruthless. Search the web and you will see. The Better Business Bureau gives them an unsatisfactory marking and there are countless stories of their lies and deceit. I wish anyone with a loan with them good luck, but I would not count on it.

Pros: There is absolutely nothing positive I can say about these people
Cons: Predatory, deceptive and fraudulent practices

Your GMAC loan will be serviced by Homecomings Financial and you will be foreclosed within 2 years. Homecomings is the most deceptive, predatory, unconscionable and blatantly fraudulent company I have ever had the misfortune of dealing with and I'm obviously not alone. They deliberately forced my account into delinquency by reversing payments, posting timely payments late, applying payments retroactively to cover those they'd posted late and charging me hundreds of dollars in late fees for their dubious accounting methods. They won't answer any questions about their charges, send you anything you request and nothing you tell them, mail them or fax them will ever be documented or even received. They have one objective- TO TAKE YOUR HOME and they will stop at nothing until they've put you on the street. Please heed this warning and find another lender.