Skip to comments.Residential Capital Going Bankrupt (Vanity)
Posted on 10/03/2012 7:10:27 AM PDT by MacMattico
I just received a letter from Residential Capital, parent company of my mortgage company (GMACMortgage) that says for several months they have been persueing Chapter 11 bankruptcy. This letter said they were informing motgagees in case they "had a claim" and then just went on with a bunch of spin how everything is fine.
Smart FRiends, is everything fine? I don't have any mortgage issues so I don't see how it can really effect me, maybe I'm just naive. Is this just old news I was unaware of? Yes, I know there's been a mortgage crisis but is Residential Capital a big player and is this big news? Will this mean more mortgage bailouts?
I had my mortgage with Countrywide when they went under. I made my last few payments to Bank of America. I paid it off ASAP. Who knows what the corrupt psychopaths in the banking industry are capable of.
So you will end up with a different mortgage company that presumably will be held to the conditions of your loan, i.e. they will have to charge you the same interest rate, allow you to pay off early (or not) if those are your current terms.
You just need to keep track of this and make sure they don't screw you over on purpose or by accident.
This self admitted amateur thinks you have nothing to worry about...but I surely could be wrong.
just yesterday i had a letter from GMAC offering to radically drop my interest rate
seemed odd to get such an offer
any thoughts on what is happening to GMAC ??
I knew GMAC was in trouble in 2008 when they suddenly shuffled off my loan to a subsidiary company. You’ll probably end up paying your loan to someone else.
I’ve never been happy with GMAC. They bought my original loan in some bundle deal, and then just about every month for the last 3 years claimed I paid late and had a late charge. Then I’d fight with them and they’d remove it. My mortgage is on time, not in any Government program, and will be paid off in 6 years a few years before I reach 50. They better not mess this up!
I had no idea GMAC Mortgage had financial issues, but then again the first two letters are GM.
Several of the mortgages I’ve had we’re sold to different mortgage holders at some point. Other than getting a new book of payment tickets, I never noticed a difference. Don’t worry about it.
Given that I think you'd be very wise to check your credit score with all three credit agencies.It seems distinctly possible that there are problems with your ratings thanks to their stupidity.
Make VERY sure you keep a hard copy record of every payment, especially on mortgages that are moved from one mortgage company to another. You will pay off your mortgage and get told you have not made all the payments. If you do not have complete records you could end up paying twice for many of the payments.
This happened to my parents and several others I have know. My parents got lucky in that even though their records were not complete, they did have the cancelled checks for the disputed payments.