NY TIMES – GMAC Foreclosures – Suspension Might Last Until The End of the Year

Or indefinitely while the fraudsters are indicted…

Sorry, didn’t think this was going to hit until tomorrow…

Now remember, just to recap here, the links below cover the issues…

LINK – What, WHAT!!! RE: Jeffrey Stephan of GMAC – Florida Default Law Group Admits to Violation of Professional Conduct Code

UPDATED: ADDED GMAC’S URGENT LETTER TO BOTTOM OF POST From my dear friends over at the Hamlet… “Florida Default Law Group Admits to Violation(s) of Professional Conduct Code RE: Jeffrey Stephan Affidavits” Please note that Mr. Jeffrey Stephan also has answered interrogatories in many foreclosure cases.  It is unknown at this time if these will …

LINK – BREAKING!!! GMAC Freezing Foreclosures in 23 States to Take Corrective Action

UPDATED: ADDED GMAC’S URGENT LETTER RE CORRECTIVE ACTION  BELOW I wonder if this has anything to do with… LINK – Foreclosure Fraud – Titles Used by Jeffrey Stephan of GMAC ~ What, WHAT!!! RE: Jeffrey Stephan of GMAC – Florida Default Law Group Admits to Violation of Professional Conduct Code ~ LINK – Highlights From a Deposition…

LINK – I Smell Bullshit – GMAC Mortgage Statement on Speculation Related to Foreclosure Moratorium

Check out the language here. they are trying to back peddle and spin the original story from earlier today… MINNEAPOLIS, Sept. 20 /PRNewswire/ – Recent reports have stated that GMAC Mortgage instituted a moratorium on all residential foreclosures in 23 states.  This is not true.  In fact, all new residential foreclosures are continuing in the …

LINK – HERE WE GO!!! Moratorium NOW – Rep Alan Grayson Petitions the Florida Supreme Court to HALT Foreclosures

Foreclosure Fraud has Peaked… If the reports I am hearing are true, the illegal foreclosures taking place represent the largest seizure of private property ever attempted by banks and government entities. ~ This is lawlessness. CHECK THIS OUT!!!!!! September 20, 2010 Chief Justice Charles T. Canady Florida Supreme Court 500 South Duval Street Tallahassee, FL …

LINK – GMAC’s URGENT Letter to Preferred Agents RE Corrective Action in Connection With Foreclosures

Well well well… Here is the letter… Urgent: GMAC Preferred Agents Privileged & Confidential 9/17/10 Attorney/Client Privilege Dear GMAC Preferred Agents: GMAC Mortgage has determined that it may need to take corrective action in connection with some foreclosures in the following states: Connecticut Florida Hawaii Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Nebraska New Jersey …

GMAC Halts Foreclosures in 23 States for Review

Published: September 20, 2010

Some excerpts from the report…

GMAC Mortgage, one of the country’s largest and most troubled home lenders, said on Monday that it was imposing a moratorium on many of its foreclosures as it tried to ensure they were done correctly.

GMAC said the suspension might be a few weeks or might last until the end of the year.

GMAC, which has been the recipient of billions of dollars of government aid, declined to provide any details or answer questions, but its actions suggest that it is concerned about potential liability in evicting families and selling houses to which it does not have clear title.

The lender said it was also reviewing completed foreclosures where the same unnamed procedure might have been used.

Matthew Weidner, a real estate lawyer in St. Petersburg, Fla., said he interpreted the lender’s actions as saying, “We have real liability here.”

Mr. Weidner said he recently received notices from the opposing counsel in two GMAC foreclosure cases that it was withdrawing an affidavit. In both cases, the document was signed by a GMAC executive who said in a deposition last year that he had routinely signed thousands of affidavits without verifying the mortgage holder.

“The Florida rules of civil procedure are explicit,” Mr. Weidner said. “If you enter an affidavit, it must be based on personal knowledge.”

The law firm seeking to withdraw the affidavits is Florida Default Law Group, which is based in Tampa. Ronald R. Wolfe, a vice president at the firm, did not return calls. The firm is under investigation by the State of Florida, according to the attorney general’s Web site.


Oh, you can catch he NY Times article in its entirety here…

I find it somewhat strange that they always keep the comments on these reports closed. Oh well…

Just for the record GMAC, you are not alone.

Next target JP Morgan Chase…

If it makes you feel any better GMAC, the depositions on their illegal procedures are worse than yours, only in my opinion of course..

“I have personal knowledge that my staff has personal knowledge” or something like that…

I am sure that will be the headline later in the week and the “heat” will be off you…



7 Responses to “NY TIMES – GMAC Foreclosures – Suspension Might Last Until The End of the Year”
  1. After a loan mod in April 2010 Gmac never disclosed to me the fees or truth in lending how they arrived with figures.
    My home went from a 63K balance to 80k balance with 13 year payoff to 30 yr from conv loan to fannie mae loan which I did not find out until today. They then listed selling bid to begin at 95k I sent request for documents with the fed ex package and signed mod papers good thing I made a copy first I have sent emails, faxes and hundreds of phone calls requesting docs.So my equity before modification was 67k now it is 35k. after freaking out yesterday I learned they should have done an equity refinance mod which only requires 5 percent equity. Not an affordable home mod which they did.
    My pmi payment I have been requesting cancelled for years never got cancelled until 4 months after April mod and terms clearly state the term pmi insurance required as stipulation of loan. I have been paying on loan since 1993 so 17 years later when it is a stipulation they cancelled on their own. They do not follow the rules they have printed on loans. Flood insurance they started charging me 2k a year nver sent me a proof of policy. After hundreds of phone calls they have requesting a flood survey which they have to have in order to secure flood insurance they never sent they wanted me to pay for another one preventing me from getting private flood policy at less than a third of what they were charging. So again I call in Sept 2010 for survey and they tell me that I have always been in flood plane and should have always had insurance for flood. I have been through two tropical storms including Allison which flooded Houston completely and three major Hurricanes including Katrina, Ike, Rita and never did my home flood. So I said no one disclosed the home in flood plane for 14 years and now you are telling me this. Between the 35k extra equity they stole they are now disclosing a home non-disclosure of flood plane the house has 20k in huuricane damage to be fixed with no help from FEMA I told them they were not getting another dime until they disclosed where my equity went so they attempted another mod and lead me to believe until day of sale everything looked good, Then tole me they pulled from foreclosure sale all their lies it was never done they tacked on more money and they were the high bid imagine that. All computers were down day of sale and woould not be up until 24 hours after sale of foreclosures which happens once a month then I repeatly call and never disclose who I am and just review situation and was told Ms. Douglass they even knew my name you did not get paystubs here in time must be 7says before when letter from them and several verbal conversations says 1-2-11 sale is 1-4-11 it was there on 12-31-10 and confirmed again housr not in sale pulled on 12-28-10 well all was a lie attorney says they never informed them to pull house. The new loan mod was to take place 1-4-11 as scheduled and sold back to GMAC the computers I believe were never down that was then wanting me to believe they had everything inorder so i had no time to do anything. Funny how income and everyting was the same as in April but now I did not qualify.They foreclosed to cover up they mistakes they made and April and hoped I was not smart enough to follow up. They screwed with the wrong gal this time anyone wanting class action call me 281-507-7000

  2. I have sent documents of fraud, forgery and complaints. Novastar owns Streetlinks and brokers wrote the approassials at 3-4 home value. I went to AGs FTC …etc . No one has done anything. I filed fraud with Saxon and they ignored it. The local TX press said we have no reporters so no investigation into Saxon.
    I have asked AG Jerry Brown for 2 weeks to stop foreclosures in CA> . I have filed FTC FINRA and SEC complaints. I HAVE A NEWS STORY

  3. Nat-AHA says:

    This seems like really great news but will it really end the chaos? I know when I posted about this story some of our clients immediately called freaking out at the mere mention of a stay in foreclosures, but after that buzz wears off will anything be different?

  4. Alina says:

    Here’s a little factoid: GMAC and Ally are owned by Cerberus, which is a private equity firm (aka hedge fund). Cerberus also owned Aegis – another sub-prime lender.

    Cerberus = multi-headed hound guarding the gates of hell.

    hmmmmm…..interesting choice of name.

  5. Kathy Utiss says:

    Notice only one of the states is a non-judicial foreclosure state. Hawaii. The rest are all judicial…Where’s the rest of the states with the same fraud being done in the courts everywhere?

  6. And we heard it all here first…………..right on 4closureFraud.org

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