Posted on: 26th Jul, 2008 01:45 pm
gmac charged off our second mortgage but we are current on our first. we received a letter stating the loan was transferred to a company but we have recently found out this company doesn't hold a bus. license or a license to service loans. is this legal for gmac to transfer the loan to a unlicensed company for servicing?
Once GMAC writes off the debt as a loss, they can sell that to a collection agencies who will continue to contact you in regards to collecting that debt. I would guess the company in question is a collection agencies.
You should contact them. Depending on your state, they may be able to start foreclosure proceedings on that 2nd.
