GMAC Mortgage Insurance

GMAC Mortgage Insurance Claims Dept. GMAC Mortgage GMAC withholding insurance claim check! My house is rotting! Internet

13th of Nov, 2010 by User322745

Our house had a flood in August of 2010. Our insurance adjuster came out, and wrote us a check for $11,420.00 to cover the cost of the repairs. The check was made out to my husband, myself, and GMAC Mortgage, who is our mortgage lender. I was told to call GMAC about getting them to endorse the check. I called them, and they stated they would deposit the money in their account, and disperse the money in thirds to a general contractor. My husband owns a Water Restoration Company, but is NOT a general contractor. He subcontracts a lot of his work, and we wanted his company to do the work. After 2 months of fighting with GMAC over this, they finally agreed to release the funds. An additional $1300.00 was also sent to them, for the work our Restoration company did to dry the structure.

I got a call last Tuesday stating that the check had been approved by management to be sent to us, and it would be FedEx'd by Friday. My husband and I were ecstatic that we could FINALLY get our home fixed. Friday comes around, and I get a call from 480-000-0000. When I answered it, it was GMAC's Insurance company stating that the check went through another approval process and was denied because when they originally approved it, our house appraised for $187,500.00, and when they reviewed it, our house only appraised for $160,000.00 and we did not have enough equity in our home to cover the amount of the repairs. Now they are back to their tricks of saying we need a general contractor and they are going to disperse the money at their discretion, and have an inspector come out and monitor the repairs. Has this happened to anyone else? I have HAD it with GMAC and want to fight them on this all the way.

Track this Report 3 Comments | Post a Comment

Comments

4968 days ago by Countrylt

the exact same thing is happening to me and my family regarding repairs to our house.

4903 days ago by Judgeos1

I am having the same issues with trying to get the funds to fix my mother's house due to fire damage but cannot get the money from GMAC. Her insurance company is not going to be able to pay loss of use benefits any longer and so my 71 year old mother will be homeless at that time. Are you aware of any legal that can be taken?

4815 days ago by Dcoward

Me and My husband are having the same problems with GMAC now. Please if anyone has any answers please let us know how to deal with them.