GMAC is the new devil

GMAC is the new devil (Full Version)

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LadyHibiscus -> GMAC is the new devil (8/10/2009 9:37:19 AM)
So, a piece of what looks like junk mail comes to the house from GMAC. It says that our HELOC is OVER, DONE and WILL NOT BE HONOURED in the future. Because housing values have gone down. Ummm... they haven't gone down THAT much!! And yes, we are in the middle of a remodel, thanks, with half of the price of new windows out there. What does GMAC say? Oh, we will have to deal with THEIR appraisers, INSIDE AND OUT, provide income information, etc etc. Who cares that you have paid regularly WAY more than the minimum. Who cares that your property tax assessment says you have plenty of value in the place. Mom is livid. I am livid. This is why so many companies only do business on the phone now. Because there would be body bags otherwise.

Dominatist -> RE: GMAC is the new devil (8/10/2009 9:53:52 AM)
quote: ORIGINAL: LadyHibiscus So, a piece of what looks like junk mail comes to the house from GMAC. It says that our HELOC is OVER, DONE and WILL NOT BE HONOURED in the future. Because housing values have gone down. Ummm... they haven't gone down THAT much!! And yes, we are in the middle of a remodel, thanks, with half of the price of new windows out there. What does GMAC say? Oh, we will have to deal with THEIR appraisers, INSIDE AND OUT, provide income information, etc etc. Who cares that you have paid regularly WAY more than the minimum. Who cares that your property tax assessment says you have plenty of value in the place. Mom is livid. I am livid. This is why so many companies only do business on the phone now. Because there would be body bags otherwise. Don't know about most but I am thinking I am not alone. I only have a vague idea what you are posting about...debt.

LadyHibiscus -> RE: GMAC is the new devil (8/10/2009 9:56:31 AM)
Yes. Of a 250K HELOC, 220K is wide open. We are NOT talking big bucks here. There was NO forward notice, nothing. Imagine if we had written a check and it had bounced!

pahunkboy -> RE: GMAC is the new devil (8/10/2009 10:11:39 AM)
They are all doing it. Basically if you have unused credit anywhere- do not expect it. GE also as it turns out became a finance company. The neighbor was all worried that she would lose her house. I said yes but you made your payments right? Yup. She did. No worries. The thing is do you view a credit line as an asset? If so- that world is changing.

LaTigresse -> RE: GMAC is the new devil (8/10/2009 10:57:22 AM)
quote: ORIGINAL: LadyHibiscus Yes. Of a 250K HELOC, 220K is wide open. We are NOT talking big bucks here. There was NO forward notice, nothing. Imagine if we had written a check and it had bounced! What is a heloc?

Arpig -> RE: GMAC is the new devil (8/10/2009 11:00:49 AM)
quote: What is a heloc? Home Equity Line of Credit. Its OK, I had to Google it myself. [:)]

LaTigresse -> RE: GMAC is the new devil (8/10/2009 11:04:29 AM)
quote: ORIGINAL: Arpig quote: What is a heloc? Home Equity Line of Credit. Its OK, I had to Google it myself. [:)] Ah haaaaaaa! Thank you! And damn, my whole farmette isn't worth $250K. Doubt I will be borrowing any money against it anyway. I am trying to pay off the place not increase my debt.

BeingChewsie -> RE: GMAC is the new devil (8/10/2009 11:25:23 AM)
I'm sorry we went through that last year with several HELOCs being turned off. We did have luck with a few of our smaller rental properties when we had them re-appraised in getting HELOCs with another bank. Try a smaller local bank, that is who we have the best luck with. Housing prices have gone down quite a bit depending on where you are located. It is the LTV ratio they are looking at. They are rightfully concerned that if you get close to their magic LTV number or if you end up upside down they will be getting the keys mailed back to them as is happening all over the US. I don't know what you owe on the house but you can certainly try a re-appraisal and asking for a lower amount on the HELOC and making sure they know it is for home improvements. Try some of the smaller local banks, many of them didn't get involved in the sub-prime debacle so they are OK financially. Good luck. quote: ORIGINAL: LadyHibiscus So, a piece of what looks like junk mail comes to the house from GMAC. It says that our HELOC is OVER, DONE and WILL NOT BE HONOURED in the future. Because housing values have gone down. Ummm... they haven't gone down THAT much!! And yes, we are in the middle of a remodel, thanks, with half of the price of new windows out there. What does GMAC say? Oh, we will have to deal with THEIR appraisers, INSIDE AND OUT, provide income information, etc etc. Who cares that you have paid regularly WAY more than the minimum. Who cares that your property tax assessment says you have plenty of value in the place. Mom is livid. I am livid. This is why so many companies only do business on the phone now. Because there would be body bags otherwise.

pahunkboy -> RE: GMAC is the new devil (8/10/2009 12:08:59 PM)
I post on some other boards.... and I hear credit lines slashed left and right. But - in worse ways- small business that the line is a float to make payroll. A 220K HELOC is pretty high. usually they are 25k-50k. Just think- the bail out money was supposed to fix the mess- and we are 24 trillion into it. We take a bump soon. As we close the year out 9-30-09 the numbers will be dismal- so expect some trouble around that time.

pahunkboy -> RE: GMAC is the new devil (8/10/2009 12:11:28 PM)
quote: ORIGINAL: LaTigresse quote: ORIGINAL: Arpig quote: What is a heloc? Home Equity Line of Credit. Its OK, I had to Google it myself. [:)] Ah haaaaaaa! Thank you! And damn, my whole farmette isn't worth $250K. Doubt I will be borrowing any money against it anyway. I am trying to pay off the place not increase my debt. Do whatever you must do to protect ownership of your farm. In later years- farmland will be prime. It might sink abit in value for now- but dont be fooled. That wheat disease could wipe out 1/2 the global wheat crop in 5 years. Protect your farm. It is a great asset.

LaTigresse -> RE: GMAC is the new devil (8/10/2009 12:35:38 PM)
No value sinking here. But then we didn't have the big increases in value that many other properties had either.

pahunkboy -> RE: GMAC is the new devil (8/10/2009 2:05:45 PM)
To some extent that is true of my area as well. In general the locals for a long time were not the type to go into credit of any type. Many had money in the bank but you would never know it because they were not flashy at all. I don't know if that is still true- I tend to doubt it. But the change was pretty rapid. I am all over the net and I seen a house where they sold the note to more then one holder. Meaning- the amount due on it was several times the amount of the real debt. Anyhow- I am glad you are covered LAT.

LadyHibiscus -> RE: GMAC is the new devil (8/10/2009 4:21:20 PM)
Exactly, we have no use at all for a massive HELOC, and they gave it to us based on property values. Right now, we have used to pay for a roof and a furnace, new carpet to replace the 26 yr old stuff... real extravagances!! We couldn't even get them to move it down to 75K, or some sensible amount! MADDENING!! All we want to do is spread the payments for the freakin windows over a year instead of yanking the cash out of savings. Sheesh.

DarkSteven -> RE: GMAC is the new devil (8/10/2009 6:13:15 PM)
The finance companies no longer need customers. They can get a bailout if their business turns sour now.

LookieNoNookie -> RE: GMAC is the new devil (8/10/2009 7:11:25 PM)
quote: ORIGINAL: LadyHibiscus Yes. Of a 250K HELOC, 220K is wide open. We are NOT talking big bucks here. There was NO forward notice, nothing. Imagine if we had written a check and it had bounced! Hon....as rotten as it is...it's happening everywhere....no offense meant....but people with 720's are getting sent to the slaughterhouse. It's a new game. My LOC got written down from 1.3 million to 200 thousand.....and my credit rating is over 780....and I own 2.7 mill in RE....paid for. It's a new world.

pahunkboy -> RE: GMAC is the new devil (8/10/2009 7:51:48 PM)
quote: ORIGINAL: DarkSteven The finance companies no longer need customers. They can get a bailout if their business turns sour now. You said it.

Termyn8or -> RE: GMAC is the new devil (8/11/2009 1:09:31 AM)
I noticed two threads, I think on this board where people said that they had their credit line rolled back. Yes they were good payers and had excellent credit, but the bank said THEY did not have the money to loan. Maybe their welfare check hasn't arrived yet. T

LadyHibiscus -> RE: GMAC is the new devil (8/11/2009 9:07:59 AM)
quote: ORIGINAL: LookieNoNookie quote: ORIGINAL: LadyHibiscus Yes. Of a 250K HELOC, 220K is wide open. We are NOT talking big bucks here. There was NO forward notice, nothing. Imagine if we had written a check and it had bounced! Hon....as rotten as it is...it's happening everywhere....no offense meant....but people with 720's are getting sent to the slaughterhouse. It's a new game. My LOC got written down from 1.3 million to 200 thousand.....and my credit rating is over 780....and I own 2.7 mill in RE....paid for. It's a new world. Ain't that the truth! Amazing that a credit card company has to let you know in advance when they are raising an interest rate, but a mortgage company can pull a fast one AND backdate it! Thank heavens we've never used the house to collateralize anything but home improvements!

pahunkboy -> RE: GMAC is the new devil (8/11/2009 9:24:31 AM)
quote: ORIGINAL: LadyHibiscus quote: ORIGINAL: LookieNoNookie quote: ORIGINAL: LadyHibiscus Yes. Of a 250K HELOC, 220K is wide open. We are NOT talking big bucks here. There was NO forward notice, nothing. Imagine if we had written a check and it had bounced! Hon....as rotten as it is...it's happening everywhere....no offense meant....but people with 720's are getting sent to the slaughterhouse. It's a new game. My LOC got written down from 1.3 million to 200 thousand.....and my credit rating is over 780....and I own 2.7 mill in RE....paid for. It's a new world. Ain't that the truth! Amazing that a credit card company has to let you know in advance when they are raising an interest rate, but a mortgage company can pull a fast one AND backdate it! Thank heavens we've never used the house to collateralize anything but home improvements! "back date it" Gee- Wall Street seems to do that alot.

elegantcdgoddess -> RE: GMAC is the new devil (8/11/2009 10:17:17 AM)
bit off here, but 220K of home equity line of credit? I should thank them for stopping it, if they didnt you will be in just digging your hole deeper. Trust me, wait, when you have the money, do the remodel. How can you be mad at them? you didnt have money to start with, it is credit, the choose to give you one.

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