Beware of phishing schemes and bank scams – GMAC’s clients hit hard

by Dan Havey on August 23, 2011

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Michael: Welcome back to the Velocity of Money, this is Michael J Barnes and you are listening to KFNX 1100 AM Arizona’s news talk leader, don’t forget you can still listen online at www.1100KFNX.com*
As promised just before the break, I told you to listen in if you know anyone who has a GMAC Mortgage this is one of those too good to be true things. Here’s the thing, I have no issues what so ever with GMAC, that’s not what I am saying what I am saying is there is a campaign if sorts that is going around.

A client of ours received a letter, we did a second mortgage for this person a few years ago, they received a letter from GMAC, it looked like GMAC, it sounded like GMAC and it said, that we are willing to forgive your second mortgage, of 200 and x thousand dollars in lieu of a one time payment payable within the next 30 days, of say 20 thousand dollars.

I do not recall the exact amount or what it was. There is a phone number on there it says loss mitigation department on it a person assigned to this case. They called the phone number, they answered the phone as if you were calling into the loss mitigation department and verified if you just send us this amount they will release the lien. Well it is completely false. It is absolutely not true.

These people are not going to seek you out on their own now whether it be GMAC today we have actually seen that one there may be other ones out there. Folks, if you are getting stuff like this you need to verify it and you need to verify it by sources other than the information on the letter that you have received. If you get an email that says your bank account whatever has been tapped into you need to check chances are it is some kind of a phishing scam and this is no different.

We have gone back to identity theft through the mail and if you have been a party to this you need to verify and check into it and you need to contact the authorities immediately for more information if you need help with this sort of situation you are welcome to give us a call at 1-888-MOD-INFO that’s 1-888-663-4636 or go online to the modificationhotline.com.

Brett: It is pretty amazing that that kind of thing still exists, and with the announcement by Paulson today that the fact is they are no longer willing to buy bad mortgages off the books of the banks. When you come across a phishing scam such as this one there is not a bank out there, I don’t care what kind of trouble they are in that is going to take $0.10 on the dollar to forgive a loan

Michael: In a situation where things are going well you are right in a situation where things are going well and the status quo they are going to be pursued by an attorney that is entirely different they are not just going to volunteer up and give you the money, it’s not going to happen.

Brett: Absolutely not and that’s where we get back into what a loan modification is who it benefits and how it works and so forth you are starting to see these wheels in motion amongst all of these banks. One of those wheels is certainly not we’ll forgive 200,000 in debt if you write us a check for $20, 000.

Michael: and when we have talked about this Brett you and I have had many conversations in regard to what does it take? can a person do this on their own, we will get to that a little later but the answer is Yes a consumer can actually do it on their own up until very recently with the new announcements made from some of these major servicers and investors, up until then a person trying to do it on their own would take days upon days and hours and hours of on the phone not getting calls back trying to find time during the day whilst working to get this done and in many cases they are going to get a temporary fix.

The loss mitigation for the bank that you have your mortgage with their job is not to mitigate your loss it’s to mitigate their loss. They are out to protect the bank, that’s why we use the national network of attorney’s that we do to that are specialists that have done thousands of these loan modifications that go to bat for you.

By the way folks, they are not going through the loss mitigation door that you would have to go through they are going right to the legal department they are going to threaten suit if necessary they are going to do discovery work they are going to find out if there was anything that was misrepresented either by the bank or the broker and take that angle
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