Posted by sandi_CA on 12/15/04 5:17pm
Msg #13716

not really notary prob...just a question

Does anyone know if there is a law or rule about how long a loan company can take to produce a payoff statement? My son has been waiting since 11/18 for GMAC....is this realistic? He's facing losing his sale of his home.

Reply by Nd_WA on 12/15/04 6:16pm
Msg #13719

You mean a verification that a loan was paid-off or a request to pay-off another loan? A paid-off letter should take no more than 2 weeks from a lender, but the deed of reconveyance could takes atleast 60 days if thats what you are talking about.

Reply by BrendaTX on 12/15/04 8:11pm
Msg #13736

GMAC apparently has that reputation according to chatty borrowers that I have been running into lately.

I don't remember the details, but I have heard this before. I quickly reviewed ripoffreport.com and found at least one article that sounded like a similar situation.

http://ripoffreport.com/reports/ripoff116337.htm

Reply by kmnotary_CA on 12/16/04 12:46am
Msg #13777

Brenda,
Thanks for the link, I just finished reading pages of stories of "ripoffs."

Many times when I am notorizing docs I see bad loans, and wish I could tell the borrowers, but of course we can't. Some of the stories regarding GMAC really puts a new meaning to "Preditory Lending."

By the way, did you see the special on TV the other night on this subject, it was pretty good.

Reply by BrendaTX on 12/16/04 1:13am
Msg #13778

KM...sure thing!

Which special...what channel?

I did not see it. Share!

Maybe I can find some of it online.

Reply by Sandra Walsh on 12/16/04 11:15am
Msg #13792

Thanks for all the info....and I sure wish I'd seen that TV special, but I didn't. Don't watch much tv, as I'm usually out doing signings. Yeah!

As info...I was talking about lender pay-off statement, and my son's realtor requested same on 11/18. Finally received it yesterday...12/15!!! He will face a huge penalty, because he's sold home within first 3 years....but he had to. He suddenly was losing eyesight....and had cornea replacement surgery. Can't work for about 2 months....and at 25 yrs with wife and child, hadn't set aside enough money to weather the storm. So put house up for sale. GMAC has been terrible in this situation!!! I will NEVER do business with them in any form...ever again!

Reply by sue on 12/16/04 11:45am
Msg #13793

I'm sorry about your son's problems. Everyone should think about organ donation (as we are so thin-skinned around these boards lately please note I said THINK, not that everyone should do it). Personally, I think it's a wonderful gift to humanity and trust me, I'm not that deep of a person.

Reply by kmnotary_CA on 12/16/04 1:51pm
Msg #13795

Brenda,

I cannot remember which special it was, I think it was on PBS, and several borrowers shared their experiences with different laenders, and how they were "ripped off". There was a consumer group here in CA that has gone after certain lenders for their practices.

At the end of the show there was a "lending 101" type of presentation that stated about APR's, and what to watch out for. The next day I was talking with a Broker (I am a Real Estate agent) and told him about the program. He stated "You cannot tell them it is a bad loan.

Of course we cannot tell them, but my point is I would like to. I always tell my borrowers about various loans, and what to watch out for. I not only want people to get into a house, I want to see them be able to keep it!!!! I have already started a database of people that might lose their homes, and unfortunetly I have been right several times. I really find this disgusting, and have joined an Organization that teaches homeowners about lending practices, etc. Integrity appears to be a lost art in the lending field, and unfortunetly in Real Estate as well.

Reply by sandi_CA on 12/16/04 4:42pm
Msg #13825

There ARE all too many realtors and lenders who lack integrity and are just out for money, but luckily there are many many good people in the field, also. I can tell you're one of the good ones, and I deal with wonderful people like you each day. My own realtor is aggressive but very very ethical and honest. She's helping my son get through this mess. He's learning a lesson the hard way, but he's learning!