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September 3rd, 2008

Another One Bites the Dust

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Getting a home loan just got a little more difficult:

GMAC, the financing company, said Wednesday that it planned to eliminate about 5,000 jobs at its Residential Capital mortgage unit and close all 200 GMAC Mortgage retail offices to combat weak housing and credit markets.

The job cuts will affect about 57 percent of ResCap’s work force, leaving the unit with 3,800 employees, a GMAC spokeswoman Gina Proia said. Most of the cuts will take place this year.

GMAC said it would stop offering home loans through its Homecomings Financial broker channel. It will also evaluate strategic options for GMAC Home Services, which helps companies relocate employees, and “non-core” mortgage servicing businesses. GMAC plans to keep offering mortgages directly “where there is a secondary market to sell the loans.”

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One Response to “Another One Bites the Dust”

  1. samuel ebai Says: February 12th, 2009 at 12:34 am

    Samuel Ebai
    46 Shanley ave
    Newark NJ 07108
    973-878-2842 home
    973-626-3802 cell

    REF: VICTIM OF PREDATORY LENDING, NEED IMMEDIATE HELP.
    To Whom It May Concern;
    I’m a U.S citizen residing at the above address. I am married with two boys, 6 and 3 years old.
    Please I’m desperately in need of your help. In June 2006, I bought my first resident (the above address) for $430.00, a two family home. In December of the same year, I I did refinance with lend America; the lender did lied to me, telling me that my house had a lot of equity. He told me that my house worth $ 630.000, and I explained to him that I’m a first time home buyer and I will like to lower my monthly payment. He then asked me if I am interested in getting some money back. He asked me to describe my house, I did then he said my house is worth more than I think. He said there is a lot of equity in the house. He said take out some of that money to buy your furniture and he will lower the payment. I said that sounds good as long as my payments are low. He later made an appointment for the appraiser to appraise the house. The appraiser appraised my house for $630.00. He did the mortgage and lowers my payment, in a balloon mortgage without taxes included, while my original mortgage had everything included. I had no idea what type of mortgage he got me into, he misled me into believing that it was okay to take out $50,000. He told me he has been doing mortgages for a long time and he is out to help people like myself. A few days later he sends someone to my house so I can sign the papers. The loan was closed and he sends the $50,000 check and a lot of his business cards to pass to my friends who need help. He went ahead and did the loan for 530.000, Then he told me to call him back after six month, to lower the mortgage and include the taxes and insurance, Six months later, I called him he never picked up his phone, then I contacted the previous mortgage company, who took a look at the appraisal report and said no house in my area has ever been appraise for that amount. He also said the mortgage guy and the appraisal is fraud. I have been calling other mortgage companies and they are telling me the same thing.
    I finally spoke to someone who told me that my load is with GMAC, I tried to contact Gmac, they went ahead and did me a loan modification, from an adjustable to a 40 years fix, with the principle $ 539.000, I have been telling them that it is not fair for me to be paying for a house that doesn’t even worth $ 400.000, they told me to appraise the house in dec 2008, it worth $ 330.000, later they told me to do short refinance, I tried every lender is telling me if gmac want to help me they should redo the loan. I Called them back, what they are telling me is to get a lawyer if I really want to get out of this, I just lost my job, I went back to school I dont have money for lawyer, all am begging is some help to stay in my house with my family, a pregnant wife, a son 6 and 4, I have tried all type of help none is coming my way, I even contact the board of appraiser in Newark nj, who went after the appraiser and he gave up his license. Am behind in my payment because a staff in gmac told me that, for my problem to be looked in to I have to be behind, I need help, my wife need help my children need help. Please treat this matter with urgency, am not sleeping very very worried.
    Thank you.
    Samuel Ebai.

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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