Crooked Mortgage Companies

[LANTIRN]

Or just idiots, I really don't know which.

So my mortgage is through GMAC, and for the past several years I have been paying my mortgage payment in full on the required date; I have never missed a payment or even been late. Well when I log into my mortgage account, GMAC has ON THEIR WEBSITE different payment options (IE weekly payments, every two weeks, twice a month, etc). These options divided up your payment and add some to it, so you end up paying one extra payment a year which did not seem like a bad idea. I signed up for the Bi Monthly plan with automatic debit to my checking account; half on the 1st and half on the 15th. Payments are made when they are supposed to be, but last month on the 15th I get a call from GMAC telling me they are going to charge me late fees for not paying my payment in full on the 1st, even though it was their fucking plan I signed up for. They then proceed to tell me that they don't offer that plan any more and I am wrong and I owe them money. Well I go to their website and the plan is still fucking offered when I log in. I call them back and get a rep with two brain cells and she looks at my account and tells me everything is fine and I am signed up for the bi monthly plan. Everything gets paid and added to my account like it should and then the same damn thing happens again today, a month after they told me it was fine. GMAC is ran by a bunch of fucking morons. I guess after this payment posts I will go back in and take myself out of that plan and go back to one monthly payment since they obviously don't allow the bi monthly payments that they offer.

End rant.

[347Mike]

Sounds like my experience with Capitol One but I owed one penny on a car I paid off 4 months prior....

[94form2000z]

Just make your 1 or 2 extra payments directly to principal. I don't ever sign up for those, and always found it funny that they want to charge me to do them as well.

[Rick Modena]

They are as crooked as a barrel of snakes!

[Armedtrigger01]

Had a bank call me 2 years after I traded a truck in and tell me I didn't pay my last payment even though I had the contract at home stamped paid in full. I told the lady to fax me the copy of the contract that they send in the mail to prove it and she called me back to tell me it was an error. I wonder how many people they sucker into paying one more payment.

[LANTIRN]

Just make your 1 or 2 extra payments directly to principal. I don't ever sign up for those, and always found it funny that they want to charge me to do them as well.

True; supposedly there are no extra fees for this but I highly doubt that is true.

And while we are on the subject of mortgage companies, why in the hell isn't it illegal for a mortgage company to sell your mortgage to someone else? I signed the fucking contract with company XXX, not company yyy.

[95ragtop]

I have a mortgage through Sun Trust and just pay an extra 100 per month toward principal, works out the same as a bi-monthly.

[Saleen781]

True; supposedly there are no extra fees for this but I highly doubt that is true.

And while we are on the subject of mortgage companies, why in the hell isn't it illegal for a mortgage company to sell your mortgage to someone else? I signed the fucking contract with company XXX, not company yyy.

That contract states that your mtg could be sold to another investor. GMAC has had issues over the past year and is selling servicing portfolios to other buyers. All investors do this, Wells, Citi, Chase, B of A, GMAC/Ally, etc.

[BlackGT]

So my mortgage is through GMAC

Well thar's yer probem, right thar!

[GeorgeG.]

If it's ever sold to Ocwen...get refinanced ASAP! That company sucks! If you ever need to call customer service, expect to speak to someone overseas. Normally I wouldn't have a problem with that (sort of) but when they have no authority to make any kind of decisions, it does nothing but waste my time.

I dug enough to find the number to the VP in the states and was able to flow down the channel from there....still a PITA

[VaderTT]

Shit! All the big ones are like that, try telling a senior citizen that the DSI loan they've been paying on for the last 30 years is now technically a 60 year mortgage due to paying 1 or 2 days after the due date but still within the grace period and that the principal hasn't been paid down at all. Or that, since a borrower has reached their maturity date (but was unaware) that the last 12 payments were being kept and applied to interest because they had not been sent by certified funds.

Mortgage companies are in the business of making money and they fuck people to do it.

[94form2000z]

If it's ever sold to Ocwen...get refinanced ASAP! That company sucks! If you ever need to call customer service, expect to speak to someone overseas. Normally I wouldn't have a problem with that (sort of) but when they have no authority to make any kind of decisions, it does nothing but waste my time.

For real man. My rental is with them and luckily I have only had to interface with them once over the phone. Luckily I am setup with automated payments and have not had an issue with that yet.

[cherishpeter]

Doing all these procedures through agent is an good option as I did. But appoint an good mortgage agent.

[Forever_frost]

Shit! All the big ones are like that, try telling a senior citizen that the DSI loan they've been paying on for the last 30 years is now technically a 60 year mortgage due to paying 1 or 2 days after the due date but still within the grace period and that the principal hasn't been paid down at all. Or that, since a borrower has reached their maturity date (but was unaware) that the last 12 payments were being kept and applied to interest because they had not been sent by certified funds.

Mortgage companies are in the business of making money and they fuck people to do it.

Would you explain this? I'm kind of stupid and I think I'd like to hear about this

[SVT Lurch]

Or just idiots, I really don't know which.

That's been my experience. The people answering the phone typically don't know much about the process. The more "fancy" options you put on your account (bi-monthly payments, additional escrow, etc.) the more likely they are to screw it up.

I have a mortgage through Sun Trust and just pay an extra 100 per month toward principal, works out the same as a bi-monthly.

While the math doesn't always work out to one additional payment, people I have spoken with have better luck (less headaches) than the bi-monthly option.

True; supposedly there are no extra fees for this but I highly doubt that is true.

And while we are on the subject of mortgage companies, why in the hell isn't it illegal for a mortgage company to sell your mortgage to someone else? I signed the fucking contract with company XXX, not company yyy.

Because the money is made when the loans are sold in most cases. Banks pay a fee to the originator to buy the loan. They assume they will make more in interest over the life of the loan than the fee cost them initially. BY them paying that fee, it prevents you from having to pay it up front as an origination charge, but still allows you to get a lower rate than you would if the bank was just going to shelve the loan.