This bombshell just hit the wires….EFFECTIVE IMMEDIATELY GMAC HAS SUSPENDED ALL FORECLOSURES IN 23 STATES!
By Denise Pellegrini – Sep 20, 2010 9:43 AM ET
Ally Financial Inc.’s GMAC Mortgage unit told brokers and agents to halt evictions tied to foreclosures on homeowners in 23 states including Florida, Connecticut and New York.
GMAC Mortgage may “need to take corrective action in connection with some foreclosures” in the affected states, according to a two-page memo dated Sept. 17 marked “urgent.” Ally Financial spokesman James Olecki confirmed the contents of the memo. Brokers were told to immediately stop evictions, cash- for-key transactions and lockouts, according to the document, addressed to GMAC preferred agents.
The lender will also suspend sales of properties on which it has already taken possession. The letter tells brokers to notify buyers that the company will extend closing dates by 30 days. Buyers will be able to cancel their agreement to purchase and get their deposit back, according to the letter.
Following is a table of the affected states.
Connecticut Florida Hawaii Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Nebraska New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Pennsylvania South Carolina South Dakota Vermont Wisconsin
Image credit: The office complex of GMAC Mortgage, located in Fort Washington, Pennsylvania. Photographer: Bradley C. Bower/Bloomberg
- JEFFREY STEPHAN: MANY CORPORATE HATS From Lynn Szymoniak Jeffrey Stephan, who actually works for GMAC...
- HOMEOWNERS’ REBELLION: COULD 62 MILLION HOMES BE FORECLOSURE-PROOF? Ellen Brown, August 18th, 2010 WEBofDEBT Over 62 million mortgages...
- WHISTLE BLOWER | Report On Fraudulent & Forged Assignments Of Mortgages & Deeds In U.S. Foreclosures Pew family trusts which I am a beneficiary and/or remainderman...
- MAESTRO PLEASE…AND THE WINNER OF THE “MOST JOB TITLES” CONTEST IS… JOHN KENNERTY, a/k/a HERMAN JOHN KENNERTY JOHN KENNERTY a/k/a Herman...
- FLORIDA DEFAULT LAW GROUP FALSE STATEMENTS by Lynn Szymoniak, ESQ. False Statements Florida Default Law Group Jeffrey Stephans Action Date:...