Posted on: 18th Jun, 2007 04:20 am
in the process of actually closing on my first property. closing is scheduled for today 6/18 at 1pm. on friday gmac gives my wife a call saying that we no longer have our locked in rate. we have applied for the extension with three different sources at gmac at 1/8th of a point. so basically he was offering the higher current rate since he admitts that they lost the paperwork on the extension. after several phone calls back and forth, he calls us sunday evening at 9:40pm telling us that all he can do is offer us .1 point less because he himself if buying down the point. if we want the original rate we would have to purchase the remaing .5 points! it even gets better! his other solution is to take the current rate and he will pay the difference in mortgage payments for one year and we refinance??? right now we are in talks with the nys department of banking and have written a letter of intent (wife is an attorney) and sending it out to the gmac offices in new jersey.
funny how they wait to the obsolute last minute to do this. lesson learned. we did absolutely everything as a consumer were supposed to do. we made sure on several occassions about our extension and was assured by not only the assistant associate district manager, his assistant, and even his underwritter. his apology is basically sorry but it is what it is? there is absolutely nothing he can do.
just please be careful with gmac. they also are underwritters for ditech.com
rene
funny how they wait to the obsolute last minute to do this. lesson learned. we did absolutely everything as a consumer were supposed to do. we made sure on several occassions about our extension and was assured by not only the assistant associate district manager, his assistant, and even his underwritter. his apology is basically sorry but it is what it is? there is absolutely nothing he can do.
just please be careful with gmac. they also are underwritters for ditech.com
rene
Hi Renesolorzano,
Welcome to the forums.
Thanks for sharing your experience with this community. It will help others to know about the problems that may crop up when they are into the process of getting a mortgage.
In fact, sharing individual knowledge and experiences contribute a lot to making people aware of what is happening around them. And, to some extent it helps them get well-prepared before they can actually go through the same process.
Take Care
Welcome to the forums.
Thanks for sharing your experience with this community. It will help others to know about the problems that may crop up when they are into the process of getting a mortgage.
In fact, sharing individual knowledge and experiences contribute a lot to making people aware of what is happening around them. And, to some extent it helps them get well-prepared before they can actually go through the same process.
Take Care
Rene, good to have an attorney in the family. It would have helped you a lot.
"So basically he was offering the higher current rate since he admitts that THEY lost the paperwork on the extension. "
How come these people lose such things.
"His other solution is to take the current rate and he will pay the difference in mortgage payments for one year and we refinance???"
You shouldn't believe that.
"So basically he was offering the higher current rate since he admitts that THEY lost the paperwork on the extension. "
How come these people lose such things.
"His other solution is to take the current rate and he will pay the difference in mortgage payments for one year and we refinance???"
You shouldn't believe that.
thanks for the info. well this is an update. after the loan officer's manager gets a call from us. 1st he is pleasant and promises to look into it. two hours later we call again and we hear him instructing his assistant that he is in a meeting and he will get to us in a couple of hours. so a little phone call from the nys dept. of banking to his office.... our original rate was reinstated immediately with an apology? he also mentioned that his loan officer never told him anything about our case. but last night the loan officer said that he took it up the ladder and nothing couldnt be done? very interesting..... all is fixed for now. unfortunately our closing is now pushed back to next week. next chapter i guess.
That's great Rene.
You took proper legal steps and they reinstated the original rate. Everyone should learn from you on how to deal with a mortgage company when you known you have been wrongly dealt with.
Miller
You took proper legal steps and they reinstated the original rate. Everyone should learn from you on how to deal with a mortgage company when you known you have been wrongly dealt with.
Miller