Below is a letter from my client- the same one who asked me to post about the letter she received from GMAC regarding their Ch. 11 bankruptcy. She recently called GMAC, seeking clarification regarding her options for a loan mod or a possible short sale. Instead, she received the run-around from GMAC. Surprise. She asked me to please blog her letter, after I helped her in this situation. This is her letter, below:
Dear Mr. Gantenbein,
First of all, thank you for helping my husband and I with this ridiculous charade GMAC is trying to pull on us. I am so thankful you are a Colorado Foreclosure Defense Attorney who has the experience and knows how these banks and lenders work – and the tactics they use.
Until I had a consultation meeting with you, I always believed what these so-called professional, honest loan officers and banks told us. I guess it’s just our upbringing of believing what is told to us.
I hope you will let others know what happened to us, because I’m sure this is happening to everyone who has a GMAC loan, or for that matter – any loan whether it’s Bank of America, Citigroup, JP Morgan Chase, Ally Financial – all the lenders that were part of the $25 billion dollar settlement in February this year and all mortgage lenders. They want you to give up! And they DO NOT tell you the truth!
I documented my phone calls to GMAC in one morning alone and ended up speaking to 12 people!!! I first called GMAC at 8:30 am to ask about options available (short sale, home modification, mortgage hardships and the GMAC settlement).
Keep in mind – every time I was transferred, I had to give my loan number, my address, the last four digits of social security, my phone number and my husband’s and my name! Then, I had to explain I wanted to know what kind of options we had because we had been laid off of work. I was always very nice and polite to each person throughout the ENTIRE HOUR OF TRYING TO GET SOME ANSWERS.
The first person I spoke to was: 1) “Lou in Mexico City” – he transferred me to: 2) “Shell in the Phillippines” – she transferred me to: 3) “Johnny in Texas” – he transferred me to: 4) “Steven in Texas” – who said I could do a “Deed in Lieu”, he also told me what my house was worth for a short sale, but didn’t know anything else. He transferred me to: 5) “Fiffi in the Phillippines” who didn’t know anything –not her department. She transferred me to: 6) “Bete in the Phillippines” who didn’t know anything either. She transferred me to: 7) “Paul in Pennsylvania” who only knew refinancing. He transferred me to: 8) “Oscar in Mexico City”, who, after listening to me give all our information clearly, he said he couldn’t hear me when I asked to please speak to a manager – and hung up on me.
I called back and got 10) “Dino in the Phillippines” who said I had to speak to the Loan Servicing Dept and transferred me to: 11) “Lauren in Mexico City” who transferred me to: 12) “Sheila in Waterloo, Iowa”.
During these calls, speaking to 12 people, I was told: a) Not to pay my mortgage for 90 days to qualify b) Skip two payments before they’ll think about an option c) Make sure I don’t miss a payment else I couldn’t do a short sale d) I should refinance
The last call was the best.
I asked about options and the $25 billion settlement. We’ve made payments to GMAC every month for years. I was told “ your loan is not eligible for the settlement because GMAC doesn’t completely own your loan. Your loan is owned by a pool of investors, not GMAC.” I asked what pool, she said just a pool of investors and rattled off one name of Deutsch Bank. She told me modification was not an option, I should check with a short refinance. I was given a website address – which was just full of companies who refinance.
That one hour of TRYING to get information from GMAC was a complete waste of my time.
Mr. Gantenbein, in my one-hour meeting with you – I learned more about my loan and what OPTIONS AND WHAT’s MY BEST OPTION in 15 minutes talking to you than the past 3 months of fooling around with these EXPERTS AT STALLING, and GIVING YOU FALSE INFORMATION!
Mr. and Mrs. XXXX
I hear many similar stories from homeowners regarding their loan.
Keith A. Gantenbein, Jr. is a Colorado foreclosure defense attorney located in Denver and servicing all of Colorado. He also handles bankruptcies, mortgage negotiations, lender liability, real estate, civil litigation, contracts and landlord/tenant. If you think you will be facing foreclosure, or are in the foreclosure process, or have had a wrongful foreclosure, contact Keith Gantenbein at (303) 618-2122 for a one-hour consultation where he will discuss your situation and go over all your options with you.
This article is not intended as legal advice. The opinions of this article are solely the opinion of the author