GMAC Mortgage is Rejecting My Full Payment. What Do I Do? – Michael

“Dear Andy,

I have a mortgage with GMAC. I scheduled to have a full payment electronically withdrawn from my checking acct this thursaday, aug 4, 2011, with the assistance of a GMAC representative via a phone call to GMAC. They accepted the payment and gave me a confirmation number. This payment was set up on july, 30, 2011.

GMAC called me and said that I have to make one and one half payment instead of one payment. They said they reject the original single payment. I have enough money to make one full payment ($2500) but not ($3750). What can I do? They made hint os starting foreclosure proceedings. Help! Thank you, Mike

Mike”

Michael,

This is common with GMAC. When you fall behind it’s up to them what they will and will not accept as a payment. I’ve never heard of them asking for a half portion of a payment though. They will typically ask for multiples of the payment amount (2 payments, 3 payments, etc). It may be the collections department that informed you that they need the additional half payment and you may find that they do in fact take the payment on Thursday. If they do, make sure that you call them within a couple days to ensure that the payment was applied to your account properly.

If you find that they don’t take the payment and they are truly insisting on one and a half payments from you, you may want to ask them about establishing a repayment plan. This is a plan that allows you to make your regular mortgage payment, plus an additional amount each month to pay down the arrears. Depending on how far behind you are, you may be able to make a deal that’s easier than the full one and a half payment they are asking for.

The best way to avoid having GMAC enter your loan into active foreclosure is to maintain regular monthly payments. Even if you owe for past months, as long as you continue to pay at least a full payment every month, they will not normally push to fast track your loan into foreclosure.

Good luck and please keep us posted on your progress in the comment section below.

Best Regards,

Andy is a licensed real estate broker in Massachusetts and is the founder of Northeast Properties in Norton, Massachusetts. His brokerage is designed to help homeowners in today’s difficult real estate market, specializing in short sales. Andy speaks with Massachusetts homeowners every day, helping them to address their questions or issues with short sale or loan modification. He enjoys helping consumers arrive at the correct solution to their problem, and believes that the only way to correctly do that is by presenting them with all of their options in an un-biased manner.

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