NCB transfer to GMAC Not valid... is that legal

[mairausch]

Original docs signed with National City Bank (NCB), since July 2006. Started process modification with NCB Feb 2009 after writing letter to the top 10 execs of company. Had a forbearance agreement with NCB, so not in default, minimal payments until August 2009 while modification was taking place. Was told by lost mitigation agent that he had the authority to do the entire process.

Receive letter stating GMAC taking over the loan servicing on June 1, 2009 from NCB. Called was assured by the lost mitigation agent that all paperwork would be transferred and agreement would be in effect.
Received loan number for payment due June, 1 on May 28th, they gave us a loan number.
Got number of a person, not just generic line for GMAC from NCB. Began leaving messages daily.
Sent lowered payment to GMAC for July 1, 2009
Sent letters to top 13 execs of GMAC asking for someone with authority to help because we were paying as agreed.

July 17, 2009 Phone call from Legal Lost Mitigation Dept at GMAC, wants all paper work again, they don't have it from NCB.... and by the way CAN YOU SEND YOUR ORIGINAL LOAN DOCS TO US! They don't have them.

July 20, 2009 received letter from GMAC Advocacy Resolution Specialist referring to letter to President of GMAC Al de Molina stating: GMAC Mortgage LLC acuired the above-referenced account from National Ciity Mortgage on June 2, 2009. At the time acquired the account was refectling dur for March 1, 2009 with unapplied funds..... etc... etc....

"Any modification or repayment negotiations in process with National City Mortgage proir to the transfer are no longer valid. You must submit information and documentation to GMAC Mortgage to review in order to determine what options, if any, may be available to you."

Is that legal? We were not behind or in default and now this?

The state of Oregon law if it is your primary residence and live in it during foreclosure you are not responsible for the loan.... (shortened version)

Jen

[Evan Bedard]

Hi mairausch welcome and thank you for joining the forum.

"Any modification or repayment negotiations in process with National City Mortgage proir to the transfer are no longer valid. You must submit information and documentation to GMAC Mortgage to review in order to determine what options, if any, may be available to you."

Is that legal? We were not behind or in default and now this?

The state of Oregon law if it is your primary residence and live in it during foreclosure you are not responsible for the loan.... (shortened version)

I'm not sure if this is legal, but from my personal experience helping homeowners with modifications is that if a loan is sold to a different servicer we would have to resubmit all information and restart the process. I'm going to copy your thread in the attorneys section as well to see if they can tell you if this action is legal?

[Paul Molinaro Esq.]

NO LEGAL ADVICE HERE - JUST GENERAL INFORMATION - ANY SIMILARITIES TO ANYONE'S ACTUAL SITUATION IS JUST ONE HECK OF A COINCIDENCE.

Loans get sold all the time... even in the middle of loan modification negotiations... and it throws a real monkey wrench into the works. Probably not illegal though, unless it was done in bad faith.

- Paul