GMAC RFC - closing down mortgage operations in UK?

[Pathway]

Hi

 

GMAC RFC announced on 29 Sept 2008 that all their sales force are to be made redundant by the end of the year! - and not currently writing any new business in UK.

 

Anyone had a GMAC mortgage which has been sold to another lender? - and what your experience was of the transfer?

 

GMAC had sold a tranche of mortages to Bradford & Bingley - and we know what happened to them!

[OLIVE.FAMILY]

I think you may find that most sub prime lenders are not taking on new business at the mo. Mainly because they deal with the "high risk" customers they can no longertake thatchance as they are becoming even highre risk.

I am with KMC who Bradford were suposedly buying loads of mortagages from but I believe it fell through. I dont think it wouold change an awful lot as you will be just going to anouther sub prime lender. Tyhey are always changing comapnies regardless of the recession , sorry credit crunch

 

olives xx

[Guest flubdub]

we were with GMAC, but they sold it to MAS number 5. They seem quite good. This was about 18 months ago though.

[liz01]

we were with GMAC, but they sold it to MAS number 5. They seem quite good. This was about 18 months ago though.

WE WERE WITH GMAC AND WAS THEN SOLD TO MORTGAE EXPRESS WHO ARE PART OF BRADFORD AND BINGLEY! NOT SURE WHAT WILL HAPPEN NOW THOUGH, p.s. just a grip!! THEY HAVE NOT PASSED ON AS YET THE INTEREST RATE CUT FORM LAST WEEK, SO UNFAIR.

[OLIVE.FAMILY]

. just a grip!! THEY HAVE NOT PASSED ON AS YET THE INTEREST RATE CUT FORM LAST WEEK, SO UNFAIR.

 

If they are anyting like my comapny they most propably wont either.

 

olives xx

[liz01]

If they are anyting like my comapny they most propably wont either.

 

olives xx

HI JUST HAD LETTER MORTGAGE EXPRESS HAVE PASSED ON THE RATE CUT!!

[zander]

Hi

 

GMAC RFC announced on 29 Sept 2008 that all their sales force are to be made redundant by the end of the year! - and not currently writing any new business in UK.

 

Anyone had a GMAC mortgage which has been sold to another lender? - and what your experience was of the transfer?

 

GMAC had sold a tranche of mortages to Bradford & Bingley - and we know what happened to them!

 

GMAC-RFC is changing its strategy in order to work through difficult market conditions and is currently in transition to form an international asset management company, responsible for managing over 16bn of mortgage assets. They will lend in the future but this won't happen in the short to medium term.

[vickson]

Gmac was better than the idiots I am with now, never thought I would say that,

I know they are reading this.

[astreix]

we were with GMAC, but they sold it to MAS number 5. They seem quite good. This was about 18 months ago though.

 

MAS number 5, is a company owned by Platform Homeloans which is a 100% owned subsidiary of Britannia building society. Most probably WMS would be servicing your mortgage.

[Bona]

on the News today General Motors are likley to go down in Jan GMAc VERY VUNERABLE are off loading assetts to try to survive

WHAT HAPPENS TO ALL OF THERE |MORTGAGE HOLDER OR THOSE TO WHOMW THWY OWE MONEY

[Millbrookblue]

My Gmac Fixed rate finishes next july . Anybody got any idea what is likely to happen then ? The paperwork says I'll go onto a high rate (Libor + 3%) unless I renew with a different deal or move my mortgage, but as I'm at 90% now and property values still dropping I'm unlikely to be able to transfer elsewhere .

[Fossell]

i too am with GMAC. theyve always been reasonable even though ive ben to court with em!!

i need to read my terms with em but they havent sold mine on yet and passed on the last .5% rate cut. im hopin theyll do the same with the 1.5% one!!

god knows i need it.

 

when they do sell the debts are the terms the same with these new companies??? or can they change (for the worse)??

[johnny131070]

I am also with GMAC and it runs out on 30th Nov . Payments are currently £1059 but will go to £1289. This was before the rate cut. Are they likely to pass this on? My broker says that there are no alternatives at the present. Anybody got any advice?

[Fossell]

im also stuck on there variable rate. theres no way i'll get another mortgage deal off anyone for years. but they seem to be passing on the cuts.

[Perdita]

Im with them too - based on Libor and only reviewed 3 monthly, when i called to see if the rate would be dropping i was told it would be reviewed the first week in december - fingers still crossed

[sillygirl1]

No 2 company trying to make me bankrupt going under, I had my main mortgage with GMAC, and secured loan with London & Scottish who are now in administration - the news gets better and better!

 

I suppose I could do the 'moral' stance and offer 1p in £1 or £1 per £100 but they took my house and both owe me in fees and charges - so I will settle for no collections activity on their behalf as full and final...

[Fossell]

Im with them too - based on Libor and only reviewed 3 monthly, when i called to see if the rate would be dropping i was told it would be reviewed the first week in december - fingers still crossed

 

 

Im not sure it is based on Libor. All my rate cuts have been passed on without waiting 3 months. Tends to be a month or 2 later.

[Perdita]

Still not heard anything as to whether they intend to pass on the rate cut - its disgusting if they dont - I wonder if enough of us complain it might make them listen

[Fossell]

they have passed all the last 3 on to me. in full.

[Perdita]

I take it all back - I just got home from work to a letter saying it is reduced by nearly £200 from January :D

[everlast111]

Hi folks, I have a mortgage with GMAC currently and im finding it hard to keep up repayments at the moment. Im 2 months in arrears.

 

Ive been reading various articles about GMAC recently however and it seems a possibility that they might file for bankruptcy themselves!

 

Could someone please tell me what happens to everyones mortgages if this happens to GMAC ?

 

Many Thanks

[sillygirl1]

The mortgage will probably have already been 'sold' onto another company and be serviced by a third party, at least my research into this suggests - I may be wrong but nearly all GMACs mortgages were SVP types dressed up as 'sub-prime special deals' and nearly all got transferred to another company after the initial 'deal' period finished - sometimes before.

[everlast111]

The mortgage will probably have already been 'sold' onto another company and be serviced by a third party, at least my research into this suggests - I may be wrong but nearly all GMACs mortgages were SVP types dressed up as 'sub-prime special deals' and nearly all got transferred to another company after the initial 'deal' period finished - sometimes before.

 

Thanks for your reply.

 

My mortgage is only 2 years old and I have not been informed of any change in ownership of my mortgage at anytime.

 

Is that normal or does that mean GMAC have not sold my mortgage on ?

 

And if they do still have it and they go into liquidation does anyone know what happens then?

Do the liquidators sell the assets ie mortgages in blocks to the highest bidder? or do they keep it in GMAC or holding company until the fixed rate period ends, has anything like this happened before.

 

Many thanks in advance if anyone replys

[Bona]

I had mine for 10 years and it was never sold on

[bennyowen]

Ive been reading various articles about GMAC recently however and it seems a possibility that they might file for bankruptcy themselves!

 

GMAC has been suffering the credit crunch for sometime. Last year, they withdrew a number of already approved mortgage offers causing applicants problems. If the current situation continues, the company could go into administration.

 

I understand GMAC has made a large number of its mortgage workforce redundant effective 31st December 2008.