Originally Posted by boowho
Beware of GMAC for ANYTHING. I just HAD to sell a home in Colorado because the FORCED me to put flood insurance on it, even though I was not in a flood zone and they knew it. I probably could have fought it in court, but didn't want the hassle. It was just another way of raising more money for their VERY poorly run (and therefore unprofitable) company,
My mortgage payment went up so much ($200 per month) that I could no longer afford the home. I was going to just let them forclose, but luckily I found a buyer at the last second. Still I lost $75K. As far as I'm concerned GMAC is the lowest of the low, when it comes to how they treat their customers.
They simply used that trick to help offset losses from other bad management decisions. I assume they did it on thousands and thousands of mortgages. During the life of the mortgage I had never been so much as one day late on ANY payment.
Your government at work folks....... They are the ones that allow mortgage companies to get away with this crap. Once again, beware of GMAC for ANYTHING.
Just my $.02 worth.
So much of this just makes no sense.
1. For a few hundred dollars, a licensed surveyor can make a determination and give you an elevation certificate. With this doc, if you are not in a flood zone, it's a slam dunk of an appeal.
2. Even if you were in a zone, insurance is really cheap - I was paying $500 a year in Florida - that's about as bad as it gets for flooding folks! If they were charging you $200 a month, then that was a force-placed policy which is done after several letters and notifications and basically your refusal to do something.
3. So you took a $75k loss because you didn't want to pay an extra $200 a month? I call b.s. on that on it's face.
Maybe someone more knowledgable than me can comment on what was spun off when, but I think GMAC mortgage is separate from the GM finance and Chrysler auto finance units that were packaged together and sold off as Ally Bank. Ford finance I believe is still owned by Ford because they took a $9 billion in government "loans" so that Ford wouldn't go under or take a "bailout". Brilliant the way they played that so the gullible would keep buying Fords over other brands for that reason.