Is my GMAC Mortgage agreement still legal now its been transferred to Mortgage Express?

2 Responses to “Is my GMAC Mortgage agreement still legal now its been transferred to Mortgage Express?”

1. SmartA$$ says:

   September 15, 2010 at 12:51 pm

   1) yes, the new holder of the loan is legally bound to the original loan terms.

   2) Ask for written documentation of how your rate and payment were computed. If you can’t get a reasonable explanation, you may need to hire a lawyer.

   3) yes, MX can charge whatever rate is specified in the original loan agreement regardless of who owns the company.
2. I Buy And Sell Houses says:

   September 15, 2010 at 1:04 pm

   You ask:
   1) Are Mortgage Express Legally bound to stick to my GMAC agreement, and
   ANSWER: Yes

   2) If they are, how do I get them to enforce it?
   ANSWER: Round up your copies of the mortgage documents. Send via certified mail to Mortgage Express. And contact a real estate lawyer.

   3) How can MX still continue to charge this high rate when they are supposedly 100% wholly owned by the Government, with Darling calling daily for all interest rate cuts to be passed onto the borrower immediately?
   ANSWER: You’re bound by the agreement with GMAC.

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