Our Mortgage sold to GMAC Mortgage of Iowa
We just got a notice from our current mortgage company that our loan
has been transferred (sold, whatever) to GMAC Mortgage of Iowa. So, my
question is, does anyone have their mortgage with GMAC of Iowa? Is so, any
comments (good or bad) would be appreciated.
The only concern I have right now is that our house insurance is due the end
of next month, and since we have an escrow/impound account, I'm hoping that
the new mortgage company will get all of our paperwork together and pay our
insurance on time.
Our bank was sold and they sold our mortgage. It was then sold again
within a year. We've since moved. We were notified both times within
two weeks of when a mortgage payment was due. It was a mess. We had had
automatic withdrawal which the bank stopped all on it's own but they
didn't even give us an address or account number for the payment due in
seven days. They times and phone numbers they gave us for the new
company were wrong. This was six months before taxes and insurance were
due but the records were not transferred. We of course were paying into
escrow but the payments were not made. We lived in a fairly small town
and the city and insurance company notified us. I called the new
mortgage company and they took care of it. The second transfer went more
smoothly. But this third company charged to give pay off information!
Our initial mortgage could be paid at the branch bank down the street.
We didn't like any of the sale of the mortgages. When we got the new
house with new mortgage we chose a company unlikely on their
representation to sell our mortgage. It isn't local but they have been
pleasant. According to an article in the Washington Post last spring
much of what I've described is illegal. According to this article you
have to have a month's notice by registred mail and etc. I don't know.
I pay by Checkfree and short notice is a real hassle. And no account number!