Yay GMAC - not
GMAC just canceled my equity line, citing
"...home values in many areas of the country are falling. Due to these declines we have re-assessed your home equity.... ....using an automated method.
This value no longer supports the full amount of your line of credit; therefore, it is necessary to suspend your remaining credit line availability effective immediately."
Which in not actually the whole truth.
1) They may call it a "suspension" but the line has been effectively closed. Oh the interest rate is still variable because it is only "suspended". But there is no way to reactivate the line of credit. I need to re-apply with a full paid appraisal from one of their authorized appraisers. Which is BS because I didn't have to submit an appraisal when I first applied for the line of credit with the original bank.
2) I find it terribly suspicious that they "suspend" my line of credit on the day my primary mortgage goes from fixed to variable.
3) They do NOT hold the primary. So if I were to default there is a good chance they would not get paid.
I am annoyed, but not surprised. It is crap like this in the past the makes me HATE GMAC.
*shrug* I will gladly participate in the class action law suite that I am sure will soon follow.
*grrr* IF my loan was so bad then why the hell did GMAC buy my loan in the first place? I liked green point. At least they managed to apply my payments correctly.
I will work to pay off the credit line ASAP so the get as little interest as possible. *mutter grumble*
In the mean time I need to get a new equity line. :(
"...home values in many areas of the country are falling. Due to these declines we have re-assessed your home equity.... ....using an automated method.
This value no longer supports the full amount of your line of credit; therefore, it is necessary to suspend your remaining credit line availability effective immediately."
Which in not actually the whole truth.
1) They may call it a "suspension" but the line has been effectively closed. Oh the interest rate is still variable because it is only "suspended". But there is no way to reactivate the line of credit. I need to re-apply with a full paid appraisal from one of their authorized appraisers. Which is BS because I didn't have to submit an appraisal when I first applied for the line of credit with the original bank.
2) I find it terribly suspicious that they "suspend" my line of credit on the day my primary mortgage goes from fixed to variable.
3) They do NOT hold the primary. So if I were to default there is a good chance they would not get paid.
I am annoyed, but not surprised. It is crap like this in the past the makes me HATE GMAC.
*shrug* I will gladly participate in the class action law suite that I am sure will soon follow.
*grrr* IF my loan was so bad then why the hell did GMAC buy my loan in the first place? I liked green point. At least they managed to apply my payments correctly.
I will work to pay off the credit line ASAP so the get as little interest as possible. *mutter grumble*
In the mean time I need to get a new equity line. :(