This bombshell just hit the wires….EFFECTIVE IMMEDIATELY GMAC HAS SUSPENDED ALL FORECLOSURES IN 23 STATES!
HMMMM could this have something to do with this?? Key word JEFFREY STEPHAN
Ally’s GMAC Mortgage Halts Home 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.
Continue Reading…. BLOOMBERG
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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
To contact the reporter on this story: Denise Pellegrini in New York at dpellegrini@bloomberg.net.
Image credit: The office complex of GMAC Mortgage, located in Fort Washington, Pennsylvania. Photographer: Bradley C. Bower/Bloomberg
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