GMAC = Liars

[red6count]

Okay we are in the process of refi-ing the house. But we are just doing the 1st and keeping the second. Long story, but that is how is works. Except the liars at GMAC are gumming up the works. They have the second and have to do a piece of paperwork to allow my refi to go through. First, they lost the first app. However Starting on the 9th of

Comments

[hunrvogt]

We are currently working on construction loan paperwork with F&M Bank. So far they seem good. WWe'll see how it ends up. We started off trying to do a re-fi so I totally understand your frustration.

[red6count]

F&M?

[hunrvogt]

Farmers and merchants bank. I can't figure out how to copy the URL on this phone but the website should come up on google. They are national and all over the valley. Not sure if youhave them in the bay area or not.

[red6count]

I have had good experiences with Bank of the West, but GMAC has been just awful

[aastg]

Is it the Subordination Agreement that's holding things up?

When you're refinancing a first but not the second, the payoff of the first in the refinance automatically moves the second to the 1st lien position because it's a prior lien. SO, a Subordination Agreement is needed in order to keep your second behind your new first.

This is a fairly subtle concept for most Loan Drones, and you can bet that GMAC has failed to hire, train and organize sufficient staff to handle the refi crush that always happens near year-end when rates are low. I've had experience with GMAC, and they suck. (That's a professional opinion.)

On the other side, this time of year is tough because a lot of staff will be taking vacation time right now, and that creates a certain amount of chaos.

You may consider withdrawing your application, if you can and there are not excessive non-refundable fees. You may threaten them with that, but make sure you say that to a supervisor, not a Drone.