Whistleblower: Locked out by lender

  • Article by: Paul Levy , Star Tribune
  • Updated: November 19, 2011 - 4:26 PM

The family says GMAC Mortgage encouraged a sale, then made it impossible to show to prospective buyers.

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ferretvisionNov. 19, 11 4:42 PM

My heart goes out to these people, I can only imagine the heartache they are going thru with the lender. Lenders are little more than a machine and they will spit you o ut on the sidewalk and leave you there if they think its in their best interest.

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folden1Nov. 19, 11 5:30 PM

They should have stayed in the house as long as possible. GMAC wouldn't have noticed/cared.

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tracibNov. 19, 11 5:34 PM

It's so disturbing that this is becoming all too common of a story in our country. So many people only a serious illness or financial emergency away from being in the same situation. Good luck to you Anna and Bob.

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DUSTYBNov. 19, 11 6:08 PM

It's a tough thing no doubt. But, sounds like GMAC was just protecting the property. I've been in many of these houses that were gutted from the inside out. I feel sorry for these people , but it's not the end of the world for them. Hopefully there pending short sale will go through so they can begin to start over.

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Truckman182Nov. 19, 11 6:23 PM

Its called cause and effect folks. Cause and effect. Why did the lender lock them out? Well.... they stopped paying in July. The cause was they didn't pay their mortgage for whatever reason and the effect was the lender foreclosing. Not rocket science what is going to happen in that situation.

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kdawg1959Nov. 19, 11 6:58 PM

Stay in your house as long as you can! 6 month redemption period after the sheriff sale. They could have been in the house for 12-18 months saving money, paying off debt. Work the system!

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bomborNov. 19, 11 7:43 PM

Pretty much nothing that GMAC can't screw up. Not logging communications, contradictory letters? Why would a sensible person/company leave keys in an envelope outside the door?

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mudcatgrantNov. 19, 11 8:03 PM

But yet the powers that be in DC felt the need to give this company a huge taxpayer funded bailout. Just another example of too-big-to-fail being a bad concept.

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chuebenerNov. 19, 11 8:57 PM

Banks will change the locks and winterize all vacant properties in the late fall. If this family stopped making payments this was going to eventually happen. The bank needs to protect it's investment going into winter. They have now knowledge if it's being maintained.

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geekfreedomNov. 19, 11 9:32 PM

One can only hope that the day will come when these lenders get their comeuppance. Deregulation of the lending industry has caused an amateurish approach to business. Perhaps consumers will unite and, through choosing quality lenders, will drive bums like Citi and GMAC out of business. The CEOs are millionaires, but run horrid companies.

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