GMAC Foreclosure Help

[LossMitigation]

Housing crash has slowed our construction company (remodels and additions). On 8/27/07 worked payment plan with GMAC received confirmation from them. Next day received call saying arrangement had been canceled and needed more money I asked for written confirmation in regards to the arrangement being canceled and asked how this happened. GMAC refused to provide us with a reason, I asked that the CS department speak to a supervisor in regards to providing me something in writing before I authorized another payment plan because the payment confirmation stated it could take a few days for the funds to be removed from my account.

I expressed that I had given them all of the available funds in my account the day before and I was afraid that 2 payments would come out of my account and that would cause more problems. I did not hear back from CS and 14 days later they foreclosed. Yesterday I was told by GMAC I had to re-qualify for my loan, or pay the demand

Business is slowly picking up and we are selling all other assets in order to only have to deal with our house payment, If we need to file BK due to having 2 leased vehicles that the dealership will not buy back than we are willing to do so, My husband and son built our home and we have over $200,000. in equity we will do whatever it takes to keep our home.

[PMM]

I feel your pain, I am a contractor as well and our mortgage is with GMAC. They have got to be the most miss managed company on the face of the planet.

[LossMitigation]

You haven't seen anything like these guys. I heard an instance where they said they will stop foreclosure 48 hours before sale. They wait until last minute to prevent bankruptcy and foreclose. This info comes from a pretty reliable source.