Tuesday, September 21, 2010

GMAC Finance Halting Foreclosures **Updated*

If you are a foreclosure investor, you might want to start paying attention to what company is doing the foreclosure on any property you are interested in. We've all seen the reports about mortgage companies foreclosing on the wrong property. Apparently, this is something of an epidemic at GMAC Mortgage, as they told their employees yesterday to immediately halt all foreclosure proceedings in 23 states. They are also halting the sales of all properties they have already foreclosed on and extending the closing date by 30 days. They are allowing buyers already under contract to cancel and get their deposit back, should they want.

Update: Another story says the reason for the freeze by GMAC is that GMAC employees signed about 10,000 "affidavits and other foreclosure documents a month without verifying their accuracy." The Florida Attorney General is investigating the filing of fraudulent documents to the courts.

1 comment:

Dan Rochon said...

GMAC denies that it ever stopped foreclosures, but rather that evictions be stopped on certain properties in the 23 judicial states. In the states that a judge did not have to approve the foreclosure (such as Virginia, Maryland, and DC) there was no effect, and in all states, there was no interruption in foreclosure. You can view some properties available for sale at

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