Most popular

Does GMAC mortgage still exist?

Does GMAC mortgage still exist?

GMAC is an acronym for General Motors Acceptance Corporation, which came into existence in 1919. Despite the change in name of the bank-holding company headquartered in Detroit, Michigan, its home mortgage division, GMAC Mortgage LLC, continues to be known by its original name even now.

What is GMAC mortgage?

GMAC Mortgage is the current incarnation of GMAC-RFC which was one of the nation’s largest mortgage companies. Originally a part of General Motors — GMAC stands for General Motors Acceptance Corporation — GMAC is now owned by Ally Financial.

Who took GMAC loans?

Ally Financial
The soon-to-be-former GMAC became a bank holding company, later renamed Ally Financial, when GMAC accepted a U.S. government bailout in late 2008. Under Ally, ResCap eventually filed for bankruptcy protection in 2012. In December 2013, GM finally sold its last remaining 8.5 percent stake in Ally.

What to do if GMAC is your lender?

My Mortgage Company Filed Bankruptcy (Or, What to do if GMAC is your lender) Sometime during the third or fourth week in May, 1.2 million homeowners went to their mailbox and pulled out a notice that their mortgage company, GMAC Mortgage (“GMAC”), filed for Chapter 11 bankruptcy protection.

Why did GMAC want to foreclose on my house?

GMAC, one of the nation’s largest mortgage servicers, faced a quandary last summer. It wanted to foreclose on a New York City homeowner but lacked the crucial paperwork needed to seize the property. GMAC has a standard solution to such problems, which arise frequently in the post-bubble economy.

Who is the parent company of GMAC Mortgage?

GMAC, whose parent company renamed itself last year as Ally Financial, was at the center of what became known as the robo-signing scandal. The uproar began last fall after revelations that mortgage servicing employees had produced flawed documents to speed foreclosures.

Can a GMAC line of credit be extended?

Homeowners with a Home Equity Line of Credit (“HELOC”) received yet another letter from the court. According to that notice, GMAC will no longer extend any credit for its HELOC accounts.