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Jharrison199 · 11-23-2008, 05:12 PM

I sent in a request for help to GMAC about 50 days ago. After many phone calls and them telling me I was denied on the last call they said I would get a letter in the mail on why I was denied. It has been about 2 weeks since then and no letter of explanation. Yesterday I received a notice from GMAC that my mortgage has been sold to Midland effective Dec 2nd. My first mortgage is through GMAC and my second is through Homecomings. I have not received any notice on change in my second mortgage but now how do I proceed? I was going to send in a QWR on Monday to see where it might get me but now I'm not sure how to proceed. Do I now have to start this process all over with the new company Midland? Any advise is much appreciated. Just a little background is my first mortgage with GMAC (Soon to be Midland) balance is $90,000 at 6.75% and my second mortgage with Homecomings balance is $34,000 at 12.75%. I have lost about 1/3 of my income and have been using credit cards to get by and have come to a point where this can't continue as my credit cards are almost maxed out. I just had one lower my limit on me last week to make matters worse. I guess my hope is to at least get the rate on the second mortgage down but the best outcome would be if they would reduce the principal due which I know is about impossible. I think we could make ends meet if they reduce the rate and I work with my credit card companies to do the same. Thanks for your help.

11-23-2008, 05:12 PM	#1 (permalink)
Jharrison199 Junior Member Join Date: Sep 2008 Posts: 1 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	My GMAC mortgage sold to Midland I sent in a request for help to GMAC about 50 days ago. After many phone calls and them telling me I was denied on the last call they said I would get a letter in the mail on why I was denied. It has been about 2 weeks since then and no letter of explanation. Yesterday I received a notice from GMAC that my mortgage has been sold to Midland effective Dec 2nd. My first mortgage is through GMAC and my second is through Homecomings. I have not received any notice on change in my second mortgage but now how do I proceed? I was going to send in a QWR on Monday to see where it might get me but now I'm not sure how to proceed. Do I now have to start this process all over with the new company Midland? Any advise is much appreciated. Just a little background is my first mortgage with GMAC (Soon to be Midland) balance is $90,000 at 6.75% and my second mortgage with Homecomings balance is $34,000 at 12.75%. I have lost about 1/3 of my income and have been using credit cards to get by and have come to a point where this can't continue as my credit cards are almost maxed out. I just had one lower my limit on me last week to make matters worse. I guess my hope is to at least get the rate on the second mortgage down but the best outcome would be if they would reduce the principal due which I know is about impossible. I think we could make ends meet if they reduce the rate and I work with my credit card companies to do the same. Thanks for your help.