@medicgrrl wrote:
Which department are you talking to at GMAC? They do understand that this property is no longer in your name, correct? I'm surprised they haven't called the note due and payable to the second mortgage company due to the clause that states the loan becomes due if the property transfers title. I would contact the title company or escrow company. They may be able to refer you to an attorney or they may be able to better explain the legalities of it all. Did the second mortgage company actually go thru the foreclosure process with you? It seems that if they brought the first current before the foreclosure was finalized then the property was never actually forclosed.
medicgrrl and others, there could be a perfectly good reason that GMAC isn't calling the note due, the home could be upside down and a portion of their mortgage could be unsecured... therefore if the 2nd mortgage lender is willing to make the payments, at least they have that going for them. GMAC isn't exactly super strong these days, I'm sure they'll take what they can get. Then the motivation for the 2nd mortgage is even greater, because if the 1st is partially underwater then the 2nd mortgage lender is definitey 100% screwed out of seeing a single penny - so they are probably trying to figure out a way to at least limit their losses by generating some rental income. All is very fishy, but I'd definitely seek out a foreclosure attorney (they are a specific type of real estate attorney).
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