Gmac Story Right Before Closing

[srene]

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.

Just please be careful with Gmac. They also are underwritters for ditech.com

Rene

[OregonLO]

ouch, I am sorry to hear about your story. Are you working with Di-tech? I hate seeing them on TV. they are a waste to the Loan Community and I feel they (and others) can hurt the reputations of loan officers in general.

[srene]

thanks, we did not go with ditech. It was with gmac directly. The situation so far has gotten better. unfortunately we did not close on time and are awaiting a future closing date.

[OregonLO]

I am glad that you didn't go with Di-tech and I sincerely hope everything works out for you. I hate to see when people aren't getting treated the proper way. Good luck!

[kandue]

I am sorry to hear about your story too; hopefully you will close on your home soon.Since you are awaiting a future closing date, are you still with Gmac?

I can think of few other names beside Ditech that seriously hurting this business.

[srene]

yes we are still with gmac at the moment. they even offered a free extension for this week. so far so good. We still dont have a closing date. hopefully by next week.
thanks again
Rene