Complaint Review: GMAC MORTGAGE & DITECH - LOUISVILLE Kentucky
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- Author Confirmed
- GMAC MORTGAGE & DITECH GMAC MORTGAGE 6716 GRADE LANE, BUILDING 9, SUITE 910 LOUISVILLE, Kentucky U.S.A.
- Phone: 800-700-9261
- Web:
- Category: Mortgage Companies
GMAC MORTGAGE & DITECH PURPOSELY DEFLATED MY HOUSE VALUE AND ALLOWED FOR A LOCK-IN-RATE TO EXPIRE LOUISVILLE Kentucky
*UPDATE Employee: 3rd party appraisals
*Consumer Suggestion: Appraisals
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In July of 2008, I had a appraisal done on my home for $410,000 by Gmac/ Ditech. In December of 2008, I had another appraisal done for $415,000 by another lender.
This was before I had some home improvements done on my home. Later that same month of December 2008, Gmac came out again to do another appraisal. However this time Gmac appraised my home at $350,000. Even with documentation , which Gmac requested, showing that the houses sold in my area that were equal or compatible to my home, sold for $435,000, $429,510, and $424,000. With the improvements I made on my home put my house at $425,000.
Furthermore, I have been a customer of Gmac for about ten years, and all I wanted to do was to refinance my home to either lower my monthly payments and use that savings to do more improvements, or to take out the needed cash out of the home to pay for the improvements directly.
IN ADDITION;
While the documentation I sent was being examined by Gmac appraisal department, Gmac allowed the lock in rate of 4.375 to expire.
This would force me to pay higher closing costs and to pay PMI INSURANCE, which ends up costing me more than I pay now with Gmac. ALL because Gmac/Ditech refuses to honor that documuments I sent them
Finally,You would think that Gmac would try to keep their good costomers happy and know that the improvements that are being made only increase value over time, not decrease.
Mike
BRENTWOOD, New York
U.S.A.
This report was posted on Ripoff Report on 02/01/2009 02:04 PM and is a permanent record located here: https://www.ripoffreport.com/reports/gmac-mortgage-ditech/louisville-kentucky-40213-1407/gmac-mortgage-ditech-purposely-deflated-my-house-value-and-allowed-for-a-lock-in-rate-to-418861. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#2 UPDATE Employee
3rd party appraisals
AUTHOR: Rr - (U.S.A.)
SUBMITTED: Wednesday, April 29, 2009
I understand the frustration that arises out of a low appraisal. But some things need to be clarified. Lenders like Ditech and GMAC are facilitators. They are a lifeline for homeowners to access money for mortgages and only make a profit if a loan closes. There is no benefit to a lender that has to cancel a loan because of a low appraisal. In fact, it costs the lender money as they pay for everything up front - INCLUDING the appraisal and all the processing that is involved in this particluar case.
The appraiser that is hired by the bank is a LOCAL appraiser who should be experienced and familiar with the home and surrounding area. The appraiser is an independent 3rd party who usually lives within the local community. In no way are they coerced by the bank to bring in a low appraisal. The lender does have to trust the appraisers opinion of value, however, and support the appraisal they are provided if the data is reasonable and accurate. Otherwise - what's the point of an independent, 3rd party opinion of value?
It would have been helpful if this complaint included the fact that GMAC/Ditech paid for the appraisal up front on behalf of this homeowner and did not require the homeowner to reimburse them for the cost of the appraisal, credit report, rate lock, title work, and processing that was done. Most lenders at the very least make you pay for the appraisal up front. This homeowner got to walk away from the loan, go to another lender, and not have to pay a single dollar to GMAC. All costs were absorbed by the lender.
This is the difference between a reputable lender and well.....the other ones. The other ones make you pay the appraiser at the door and when the value comes in low - - - -"sorry, but I'll send you a copy of your appraisal if you like".
#1 Consumer Suggestion
Appraisals
AUTHOR: Kendra - (U.S.A.)
SUBMITTED: Monday, February 02, 2009
Appraisal issues are huge these days. There are fewer comps to use for the appraisals and due to the mess in the market, lenders are more cautious than ever as far as values go. Try using someone more local for the refi that perhaps that has more knowledge about the area that your home is in.
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