GMAC Mortgage may “need to take corrective action in connection with some foreclosures” in the affected states, according to a two-page memo dated Sept. 17 and obtained by Bloomberg News. Ally Financial spokesman James Olecki confirmed the contents of the memo. Brokers were told to stop evictions, cash-for-key transactions and lockouts, regardless of occupant type, with immediate effect, according to the document, addressed to GMAC preferred agents.
What’s that, GMAC?
You weren’t foreclosing on property that wasn’t actually owned by you, were you?
You weren’t selling property you didn’t actually have clean title to, were you?
The company will also suspend sales of properties on which it has already foreclosed. The letter tells brokers to notify buyers that the company will extend the closing date on all sales by 30 days. Buyers will be able to cancel their agreement to purchase and get their deposit back, according to the letter.
30 days is a long time. I wonder what the problem might be that would force an extension on the closing of all REO sales by 30 days?
And more importantly, if you have bought a foreclosure from GMAC/Ally, did you actually get a marketable title in the transaction?
One wonders if the game is afoot….
Updated: 4closurefraud.org has emailed me and indicated that this may be related to the story they ran over there on the 14th…… 18,000 affidavits per month eh?