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Posted by Frank 5 years ago In:

Frank
Frank Asked:

GMAC not honoring legal aggrement

Hi David.

I refinanced the mortgage on my Hawaii home in February 2007 with SBMC through LEI in California.  It was subsequently bought by GMAC.  The mortgage contained a soft-prepay, whereby there was NO prepayment penalty if I eventually sold in an arms-length transaction (the buyer was not a relative or business associate).  I even have a signed addendum to that effect as part of my closing documents package.  I am now selling my home in an arms-length deal to a couple in New York, and GMAC is stating that they do not feel they have to honor the no-prepayment addendumand want a $19K pre-pay penalty tacked on.  I and my title company have made over 30 calls to GMAC over the past two months to clear this up, but all we seem to get is incompetance, stone-walling and buck-passing.  I have contacted a real estate attorney who insists that GMAC has no legal leg to stand on in refusing to honor by pre-payment addendum and would be subject to paying triple damages and my attorney fees should I bring this matter to court.  What is your recommendation for my next step?

Thank you.

Frank

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Featured Answer From WalletPop

David Reed
David Reed Answered:

Sheesh, I dunno.  You're already doing what I would suggest.  Where is the copy of your original note/terms.  It would seem to me that simply faxing/attaching a copy of your soft prepay agreement would work.  Maybe the agreement during the sale wasn't part of the original sale from SBMC to GMAC.  I'd call the mortgage broker who sent you to SBMC and raise some holy hell, that's what I'd do.

Or try finding a local GMAC lender or a good mortgage broker that uses GMAC and ask if they can help.  Since you're selling, are you also buying?  If so, you need a mortgage, right?

David Reed is <a href="" rel="nofollow" cl="http://walletpop.com" class="comlink">WalletPop</a> 's Mortgage Expert
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Frank
Frank Answered:

Thanks David.  I've already done everything you mentioned, including faxing a copy of my addendum THREE times to three different supervisors who all swore they would give it their full attention then were never heard from again.  There was a time when GMAC stood for integrity, but like GM cars thay have morphed into inefficient, unreliable junk.

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David Reed
David Reed Answered:

Give me the emails of the three different supervisors and your loan number. Privately via my website.

David Reed is <a href="" rel="nofollow" cl="http://walletpop.com" class="comlink">WalletPop</a> 's Mortgage Expert
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