I never had a problem paying my mortgage when it was with GMAC - never a lost payment or threat of foreclosure. I received monthly statements by no later than the 15th of each month, wrote the checks and they were posted promptly: Every statement was accurate.
After Bank of America(GMAC) as well as other large financial institutions (Ally, Citibank, et al) sued by Attorneys General from 25 states in 2011, they filed Chapter 11 reorganization and dumped accounts that had either low interest rates, were close to pay off or had a late payments on record.
My mortgage payments were never late but because I had a low interest rate and owed less than $65,000 GMAC sold my acount to Green Tree Servicing LLC a subsidiary of Walter Investments Inc.:
When my mortgage collection was sold to Green Tree from GMAC in 2013, I researched them: It was alarming to discover that they had a reputation for instigating foreclosure by magically 'losing' or misappropriating customer payments then charging late fees when customers balked, so I was determined to make photocopies of every statement, check and Certified Mail tracking number, then send every mortgage payment via Certified Mail.
I also wrote to them asking them to produce a copy of the note of origin and proof of their legal ability to collect payments from me (this is for assurety in the event that a lawsuit may later be filed that I did make correct legal inquiry of the company to collect mortgage payments). They responded with a copy of the original note but declined to produce legal proof of collection claiming "security issues."I printed a log of payments directly onto their monthly statement to show them that I was keeping meticulous records of the dispersal of monies.They sent me threatening letters from the Rapid City office demanding the total payoff which is completely illegal as it violated the terms of the note, so I wrote back requesting a copy of the source from the note supporting their demand for payment - They never replied.
Now, as they have a new caprice: I have been paying extra money to the principal to pay down the loan quicker and wrote a check last month for over $1000 extra to be applied to the principal. When I received this month's statement for the October mortgage, it showed that they did not apply the extra $1000. They processed the standard mortgage and dispersed the principal and interest as a normal payment.I called Green Tree immediately and spoke with a supervisor who said that they could access the check AGAIN and pull $1000 from it. I said, "No, I will take care of it on the next payment." but I asked, "How could they post the wrong amount from a customer check?" The supervisor answered glibly, "Oh it happens all of the time." I said, "No. This is unacceptable."She then said,"Well, I'm not in payment processing."I wanted to scream, "Then what in the *** Are you doing, offering advice?!"I told her that I keep thorough legal records of every payment. She then stated that "This phone call is being recorded." I answered, "Good. I want it to be recorded."I met with my financial adviser of my bank who explained that when you write a personal check the recipient has automatic permission to process it in any manner they wish, however, the fact that Green Tree did not apply $1000 was troubling. Because Green Tree, now DITECH elects to post payments electronically, it causes real problems for the bank to retrieve monies or correct mistakes.
Strategy that will prevent Walter Investments (Green Tree, DITECH or any other subsidiary trying to take your home) from forcing you into foreclosure:For $25 you can place a Stop Payment order on Green Tree and DITECH on your checking account, then pay your mortgage each month with a cashier's check drawn from your bank.They will no longer have access to your routing number and as it is a bank check fdic they are less likely to "lose" the payment.
Keep good records:1. Make photocopies of every document that you send to Green Tree - DITECH.2. Mail payments by Certified Mail - The Post Office owns the PO Box addresses, so YES, You CAN send Certified Mail to a PO Box Address.3. Organize all payments and correspondence in chronological order so that if or when you need an attorney you have solid proof of payments and letters that will help your attorney if you have to go to court.4. If you have a retirement plan that you can borrow from and owe less than $55,000 inquire if you can borrow from your retirement and pay it back without a hefty penalty. 5. Have a copy of the original note and plan for your pay off date. If you have family members that are willing to pony up to help you pay off your mortgage, work out repayment to them and be willing to give them a bit of interest for their help: The GOAL is to EXCISE The Green Tree-DITECH leeches out of your life forever.
You can do this.
DO NOT LET THESE BULLIES INTIMIDATE YOU. You worked too hard for your home to have some low-life corporation steal it out from under you!
Think creatively how best to pay off the loan.
Do not waste your time contacting the State Attorney General's Office - they are the reason your mortgage was sold, AND they represent the government not the individual. Consumer protection is not really designed to help taxpayers its about their 'image' - I know because I worked for them. Bunch of snakes.
Refinance is a bad idea because you are not only rewriting your loan and losing your equity, BUT, you HAVE NO GUARANTEE that your new loan won't be sold back to DITECH! You're better off paying down the principal and then pay off the loan in a do-able lump sum as long as there is no penalty for early payment on your original note.
Remember: Walter Investments Inc. makes money off of bulldozing people into foreclosure. They are soul-less monsters who care nothing for people who are trying to live. They don't care if you or a family member has cancer, or ALS or if you've been laid off, or a natural disaster has put you in the hospital.
Don't let these Troglodytes take your home!
Be Strong and Fight for Your Rights!
Good Luck and all the best!