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Old February 4th, 2013, 07:15 AM   #1
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Default GMAC selling mortgage

well it finally happened - GMAC sold my mortgage to greentree.

how fucked am I?

I can't even log in to make the Feb. Payment...
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Old February 4th, 2013, 07:20 AM   #2
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We had ours sold to greentree. My wife had to keep a close eye on them all the time. We went to a local credit union. The one thing that concerned me was that greentree is a collection ageny of sorts.
Get out quickly while you still can.
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Old February 4th, 2013, 07:28 AM   #3
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Were you locked in?We were told when we took our mortgage out with GMAC that it would never be sold.Thats the only reason we chose them.Also did they notify you prior to this morning?
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Old February 4th, 2013, 07:34 AM   #4
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Were you locked in?We were told when we took our mortgage out with GMAC that it would never be sold.Thats the only reason we chose them.Also did they notify you prior to this morning?
GMAC went through bankruptcy reorganization. there's no such thing as "never sold".

Supposedly we were mailed a payment coupon, but no, not otherwise notified. My first notice was when going to log in to make the electronic payment this past Friday and finding out that the loan had been "closed". (my payments have always been 1st of the month, payable through the 10th with no extra interest or penalty - I always pay them directly on the 1st with extra principal - well except for this month obviously :/ )
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Old February 4th, 2013, 07:55 AM   #5
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Yes I know they went through the bankruptcy reorganization.I understand the neversold part.Just thats what we were told initially and kind of figured something was going to happen after the bankruptcy.Was wondering how long it would take anyways.Kind of sucks we only have about 9 years left.Good luck with Greentree.
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Old February 4th, 2013, 08:14 AM   #6
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GMAC was my mortgage company too. Now we have Greentree they let me log in yesterday but when I went to go pay my feb. payment and they want to charge me $12.00 to make a payment. I'm so mad I never had to pay GMAC anything to make a payment online.
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Old February 4th, 2013, 08:41 AM   #7
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Just found out they sold mine too... and I don't have any info to pay it manually, and their server fails every time trying to pay it online.'

Edit:

Is there any way to get a damn human with this company, I did not get a payment coupon or anything from them and I need to make a payment.

Last edited by jeepfreak81; February 4th, 2013 at 08:50 AM.
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Old February 4th, 2013, 09:10 AM   #8
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BofA sold mine to Greentree last year. I was concerned at first and called several times during the changeover. They had called me asking for payment even tho I had made the payment to the old account, I had moved residences... Long story. Anyhow it turned out fine. They have been trouble free for at least 12 months.

I make all my bill payments thru my credit union. MUCH easier and more reliable than using 10 different websites, and no bother about payment charges and shit.
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Old February 4th, 2013, 09:12 AM   #9
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ClarkstonCracker and I had the same thing happen to us about the same time last year. They charge you $12 to process online payments because they use western union. Everything was fine for the first 7 months until they took out a double payment on the same day and then tried to blame me for the error. After going round and round with them, I got them to add the payment to the next month after I threatened them with a lawyer. Shortly after that I refinanced to a fixed at 3.5% (I had an arm at 2.9%). I took advantage of the harp program since my loan loan is 140% LTV Even though I had to go round and round with them, they were always pleasant and friendly lol.

I have no idea how a chop shop like Greentree, who specializes in manufactured homes and trailer financing, can be buying up so many mortgages. Me thinks this another bank scam to get people to refinance so they can get more monies.

My advice:

Refinance with another company/bank.
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Old February 4th, 2013, 09:16 AM   #10
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Oh, and FYI there is a 60 or 90 day period where there can not be any negative consequences for late payments when there is a change in mortgage servicing. If you are having trouble making a payment, don't worry, I don't think they can do anything about it.

Also, if you do go delinquent, they will start calling you to collect. Keep an eye on your caller ID, and if you do talk to a collector... Get their phone number. I don't think I was ever able to talk to anybody using their automated phone system, but I always had a direct line to their collectors.
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Old February 4th, 2013, 09:39 AM   #11
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Quote:
Originally Posted by smasheromalley View Post
Oh, and FYI there is a 60 or 90 day period where there can not be any negative consequences for late payments when there is a change in mortgage servicing. If you are having trouble making a payment, don't worry, I don't think they can do anything about it.

Also, if you do go delinquent, they will start calling you to collect. Keep an eye on your caller ID, and if you do talk to a collector... Get their phone number. I don't think I was ever able to talk to anybody using their automated phone system, but I always had a direct line to their collectors.
I was able to navigate the phone system and got a person by saying I was trying to do something different. Took awhile to figure out which ones to use to do it though.

I was told if I had automatic payments set up, I need to wait until the 18th to see if they still come out, if they don't then to pay over the phone and then setup automatic payments with them.

The lady was kind of bitchy, I definitely don't trust them.
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Old February 4th, 2013, 10:24 AM   #12
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I was able to navigate the phone system and got a person by saying I was trying to do something different. Took awhile to figure out which ones to use to do it though.

I was told if I had automatic payments set up, I need to wait until the 18th to see if they still come out, if they don't then to pay over the phone and then setup automatic payments with them.

The lady was kind of bitchy, I definitely don't trust them.
I don't trust 'em either just from what I've seen/read and the difficulty in finding a phone queue option to talk to an actual person. The only mail we haven't yet opened from GMAC is the annual interest/tax statement for income taxes, so we may have been notified of the transfer in that same mailing.

If there is no notification, or "payment coupon" as they alleged in that mail I will be writing a check to GMAC with the appropriate loan number on it, and over-nighting it to GMAC so that it gets there before the 10th.

there is no way in hell I will "take the word" of somebody over the phone.

We owe about $130k on a house that was once appraised at 215k that will now appraise in the 125k range. being that close I previously did not really want to go HARP, but will be looking into it for sure now.
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Old February 4th, 2013, 11:15 AM   #13
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Originally Posted by Sassy Beetle View Post
GMAC was my mortgage company too. Now we have Greentree they let me log in yesterday but when I went to go pay my feb. payment and they want to charge me $12.00 to make a payment. I'm so mad I never had to pay GMAC anything to make a payment online.
"they're not a bank" so they "have to use Western Union"

bullshit, I use ACH/Online checking for so damned many bills it's not funny - all while not using an actual online bill-pay service.

Brett ID# 47309 was courteous, apologetic and somewhat helpful, and did indicate that "autopay" was free, but variable payments through their own website or the phone-pay were via western union and faced the additional fee.

I've got a couple inquiries out already for refi and/or HARP.
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Old February 4th, 2013, 11:50 AM   #14
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I make all my bill payments thru my credit union. MUCH easier and more reliable than using 10 different websites, and no bother about payment charges and shit.
This. My credit union has free BillPay and you can set it up so it pays automatically every month.
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Old February 4th, 2013, 11:56 AM   #15
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If you have an escrow account for insurance and/or taxes, triple xheck to make damn sure they are getting paid.
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Old February 4th, 2013, 12:20 PM   #16
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If you have an escrow account for insurance and/or taxes, triple xheck to make damn sure they are getting paid.
with any luck, I'll have a new lender before August which is when the next insurance payout will take place. which is also prior to the September final due date for the summer property tax bill cycle.
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Old February 4th, 2013, 05:03 PM   #17
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Chase bought mine. I love it so far.
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Old February 5th, 2013, 05:59 AM   #18
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Our original lender mentioned there was a small but unlikely possibility that the mortgage could be sold. It was sold to GMAC in the first few months. Now it is going to Green Tree.

Wonder how much the paper pushers made each time it was sold. Guess their money ultimately came from all those who got screwed in the GMAC bankruptcy. Got to love our financial system.
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Old February 5th, 2013, 06:38 AM   #19
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Our original lender mentioned there was a small but unlikely possibility that the mortgage could be sold. It was sold to GMAC in the first few months. Now it is going to Green Tree.

Wonder how much the paper pushers made each time it was sold. Guess their money ultimately came from all those who got screwed in the GMAC bankruptcy. Got to love our financial system.
Unless it's in writing the bankers will screw you any and all ways possible, and then once you heal up they will do it again.
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Old February 6th, 2013, 08:56 AM   #20
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GMAC typically didn't sell mortgages, mine wasn't until they declared bankruptcy.
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