Collarspace Discussion Forums


Home  Login  Search 

GMAC is the new devil


View related threads: (in this forum | in all forums)

Logged in as: Guest
 
All Forums >> [Casual Banter] >> Off the Grid >> GMAC is the new devil Page: [1]
Login
Message << Older Topic   Newer Topic >>
GMAC is the new devil - 8/10/2009 9:37:19 AM   
LadyHibiscus


Posts: 27124
Joined: 8/15/2005
From: Island Of Misfit Toys
Status: offline 		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.

_____________________________

[page 23 girl]
Profile   Post #: 1
RE: GMAC is the new devil - 8/10/2009 9:53:52 AM   
Dominatist


Posts: 87
Joined: 7/18/2007
Status: offline
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.

(in reply to LadyHibiscus)
Profile   Post #: 2
RE: GMAC is the new devil - 8/10/2009 9:56:31 AM   
LadyHibiscus


Posts: 27124
Joined: 8/15/2005
From: Island Of Misfit Toys
Status: offline 		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!

_____________________________

[page 23 girl]



(in reply to Dominatist)
Profile   Post #: 3
RE: GMAC is the new devil - 8/10/2009 10:11:39 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		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.

(in reply to LadyHibiscus)
Profile   Post #: 4
RE: GMAC is the new devil - 8/10/2009 10:57:22 AM   
LaTigresse


Posts: 26123
Joined: 1/15/2006
Status: offline
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?


_____________________________

My twisted, self deprecating, sense of humour, finds alot to laugh about, in your lack of one!

Just because you are well educated, articulate, and can use big, fancy words, properly........does not mean you are right!

(in reply to LadyHibiscus)
Profile   Post #: 5
RE: GMAC is the new devil - 8/10/2009 11:00:49 AM   
Arpig


Posts: 9930
Joined: 1/3/2006
From: Increasingly further from reality
Status: offline
quote:

What is a heloc?
Home Equity Line of Credit. Its OK, I had to Google it myself. 

_____________________________

Big man! Pig Man!
Ha Ha...Charade you are!

Why do they leave out the letter b on "Garage Sale" signs?

CM's #1 All-Time Also-Ran


(in reply to LaTigresse)
Profile   Post #: 6
RE: GMAC is the new devil - 8/10/2009 11:04:29 AM   
LaTigresse


Posts: 26123
Joined: 1/15/2006
Status: offline
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.


_____________________________

My twisted, self deprecating, sense of humour, finds alot to laugh about, in your lack of one!

Just because you are well educated, articulate, and can use big, fancy words, properly........does not mean you are right!

(in reply to Arpig)
Profile   Post #: 7
RE: GMAC is the new devil - 8/10/2009 11:25:23 AM   
BeingChewsie


Posts: 1633
Joined: 10/27/2005
Status: offline 		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.


_____________________________

"In fact, it is my contention that most women are accepting of way less than optimal circumstance constantly, and are lucky to be 'snagged' by the right man, if ever. But it is more by happy accident than by their design. "
~Ron and Hup

(in reply to LadyHibiscus)
Profile   Post #: 8
RE: GMAC is the new devil - 8/10/2009 12:08:59 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		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.

(in reply to BeingChewsie)
Profile   Post #: 9
RE: GMAC is the new devil - 8/10/2009 12:11:28 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline
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.



(in reply to LaTigresse)
Profile   Post #: 10
RE: GMAC is the new devil - 8/10/2009 12:35:38 PM   
LaTigresse


Posts: 26123
Joined: 1/15/2006
Status: offline 		No value sinking here. But then we didn't have the big increases in value that many other properties had either.

_____________________________

My twisted, self deprecating, sense of humour, finds alot to laugh about, in your lack of one!

Just because you are well educated, articulate, and can use big, fancy words, properly........does not mean you are right!

(in reply to pahunkboy)
Profile   Post #: 11
RE: GMAC is the new devil - 8/10/2009 2:05:45 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		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.

(in reply to LaTigresse)
Profile   Post #: 12
RE: GMAC is the new devil - 8/10/2009 4:21:20 PM   
LadyHibiscus


Posts: 27124
Joined: 8/15/2005
From: Island Of Misfit Toys
Status: offline 		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.

_____________________________

[page 23 girl]



(in reply to pahunkboy)
Profile   Post #: 13
RE: GMAC is the new devil - 8/10/2009 6:13:15 PM   
DarkSteven


Posts: 28072
Joined: 5/2/2008
Status: offline 		The finance companies no longer need customers.  They can get a bailout if their business turns sour now.

_____________________________

"You women....

The small-breasted ones want larger breasts. The large-breasted ones want smaller ones. The straight-haired ones curl their hair, and the curly-haired ones straighten theirs...

Quit fretting. We men love you."

(in reply to LadyHibiscus)
Profile   Post #: 14
RE: GMAC is the new devil - 8/10/2009 7:11:25 PM   
LookieNoNookie


Posts: 12216
Joined: 8/9/2008
Status: offline
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.

< Message edited by LookieNoNookie -- 8/10/2009 7:51:33 PM >

(in reply to LadyHibiscus)
Profile   Post #: 15
RE: GMAC is the new devil - 8/10/2009 7:51:48 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline
quote:

ORIGINAL: DarkSteven

The finance companies no longer need customers.  They can get a bailout if their business turns sour now.


You said it.

(in reply to DarkSteven)
Profile   Post #: 16
RE: GMAC is the new devil - 8/11/2009 1:09:31 AM   
Termyn8or


Posts: 18681
Joined: 11/12/2005
Status: offline 		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

(in reply to pahunkboy)
Profile   Post #: 17
RE: GMAC is the new devil - 8/11/2009 9:07:59 AM   
LadyHibiscus


Posts: 27124
Joined: 8/15/2005
From: Island Of Misfit Toys
Status: offline
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!

_____________________________

[page 23 girl]



(in reply to LookieNoNookie)
Profile   Post #: 18
RE: GMAC is the new devil - 8/11/2009 9:24:31 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline
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.

(in reply to LadyHibiscus)
Profile   Post #: 19
RE: GMAC is the new devil - 8/11/2009 10:17:17 AM   
elegantcdgoddess


Posts: 47
Joined: 7/28/2007
Status: offline 		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.

(in reply to pahunkboy)
Profile   Post #: 20
Page:   [1]
All Forums >> [Casual Banter] >> Off the Grid >> GMAC is the new devil Page: [1]
Jump to:





New Messages No New Messages
Hot Topic w/ New Messages Hot Topic w/o New Messages
Locked w/ New Messages Locked w/o New Messages
 Post New Thread
 Reply to Message
 Post New Poll
 Submit Vote
 Delete My Own Post
 Delete My Own Thread
 Rate Posts




Collarchat.com © 2025
Terms of Service Privacy Policy Spam Policy

0.219