GMAC RFC have sold my mortgage as part of a portfolio

brownieblade

Hello everyone, first time post here so thanks for having me aboard and i hope that you can give me some help and advice.

This is what my situation is. This morning i have recieved a letter from GMAC-RFC advising me and my wife that our mortgage has been transferred from GMAC-RFC to a company called Webb Resolutions Limited. I was initally very concerned as it is not a company that i have heard of before, and the name of the company sounded to me that they are a private company who specialise in the liquidisation of mortgages where the person or people have fallen behind in arrears or are unlikely to be able to afford the mortgage.

As we are currently up to date with our mortgage and all our other financial obligations i couldn't see any valid reason for this move on behalf of GMAC-RFC, so i decided to called GMAC-RFC regarding this matter and they was very sketchy and inconclusive about why this had been done, and i also called Webb Resolutuons who were very inconclusive as well, so therefore i decided to do a bit of my own research on the internet and have got a bit of handle of why this has been done, and what the pro's and con's are, but i'm not paticularly experienced in the financial department (to the extent that the household budgets are done by the wife).

I'm going to put up my questions on here in the hope that someone reads them, and gives some credible answers to the questions that i have as it would be a great help to myself, and hopefully to many others that could potentially be getting the same of sort of thing happening to their mortgages.

This is our background. Both my wife and myself are in full time employment. She earns a basic £22k a year, and i earn a basic of £22k a year but enhanced by overtime and other payments up to £30k. We bought a house in June 2007 for £118k with a £113 mortgage with GMAC RFC. At the time of purchase i had a poor credit history due to some missed payments in the past (which is why the wife manages the money), and this is why we went to GMAC-RFC who approved our mortgage. Since 2007 we have paid our mortgage on time and kept to all our financial obligations and paid everything on time.

So my first questions is......

1, Why has our mortgage been transferred from GMAC-RFC to Webb Financial Solutions?

2, Now that our mortgage has been transferred from GMAC-RFC to Webb Financial Solutions, what does this mean in real-terms for our mortgage and financial situation?

3, What are the potential benefits to us regarding this transfer?

4, What are the potential downfalls to us regarding this transfer?

5, How will it change our mortgage payments, we are currently on LIBOR plus 1% (i think, will check the records when the wife gets in from work)?

Thrugelmir

brownieblade wrote: »

So my first questions is......

1, Why has our mortgage been transferred from GMAC-RFC to Webb Financial Solutions?

2, Now that our mortgage has been transferred from GMAC-RFC to Webb Financial Solutions, what does this mean in real-terms for our mortgage and financial situation?

3, What are the potential benefits to us regarding this transfer?

4, What are the potential downfalls to us regarding this transfer?

5, How will it change our mortgage payments, we are currently on LIBOR plus 1% (i think, will check the records when the wife gets in from work)?

1. GMAC are part of General Motors (known in the UK as Vauxhall). GMAC wish to exit the UK residential mortgage market.

2. No change, other than who you pay your monthly mortgage payments to.

3. None. The alternative is that GMAC called have called your loan in rather than selling it on.

4. None. The terms and conditions of your mortgage remain unchanged.

5. See 4. above.

dawnstringer5

brownieblade wrote: »

Hello everyone, first time post here so thanks for having me aboard and i hope that you can give me some help and advice.

This is what my situation is. This morning i have recieved a letter from GMAC-RFC advising me and my wife that our mortgage has been transferred from GMAC-RFC to a company called Webb Resolutions Limited. I was initally very concerned as it is not a company that i have heard of before, and the name of the company sounded to me that they are a private company who specialise in the liquidisation of mortgages where the person or people have fallen behind in arrears or are unlikely to be able to afford the mortgage.

As we are currently up to date with our mortgage and all our other financial obligations i couldn't see any valid reason for this move on behalf of GMAC-RFC, so i decided to called GMAC-RFC regarding this matter and they was very sketchy and inconclusive about why this had been done, and i also called Webb Resolutuons who were very inconclusive as well, so therefore i decided to do a bit of my own research on the internet and have got a bit of handle of why this has been done, and what the pro's and con's are, but i'm not paticularly experienced in the financial department (to the extent that the household budgets are done by the wife).

I'm going to put up my questions on here in the hope that someone reads them, and gives some credible answers to the questions that i have as it would be a great help to myself, and hopefully to many others that could potentially be getting the same of sort of thing happening to their mortgages.

This is our background. Both my wife and myself are in full time employment. She earns a basic £22k a year, and i earn a basic of £22k a year but enhanced by overtime and other payments up to £30k. We bought a house in June 2007 for £118k with a £113 mortgage with GMAC RFC. At the time of purchase i had a poor credit history due to some missed payments in the past (which is why the wife manages the money), and this is why we went to GMAC-RFC who approved our mortgage. Since 2007 we have paid our mortgage on time and kept to all our financial obligations and paid everything on time.

So my first questions is......

1, Why has our mortgage been transferred from GMAC-RFC to Webb Financial Solutions?

2, Now that our mortgage has been transferred from GMAC-RFC to Webb Financial Solutions, what does this mean in real-terms for our mortgage and financial situation?

3, What are the potential benefits to us regarding this transfer?

4, What are the potential downfalls to us regarding this transfer?

5, How will it change our mortgage payments, we are currently on LIBOR plus 1% (i think, will check the records when the wife gets in from work)?[/QUOT

dawnstringer5

same happened to me toady only had the mortgage 3 year and no missed paymentss and they sold it to web solutions, letter arrived this morning, can they do this with no prior notice, the letter is dated the same day as transfer

_Andy_

dawnstringer5 wrote: »

same happened to me toady only had the mortgage 3 year and no missed paymentss and they sold it to web solutions, letter arrived this morning, can they do this with no prior notice, the letter is dated the same day as transfer

Yes they can do this.
Why does it bother you though?

Thrugelmir

dawnstringer5 wrote: »

same happened to me toady only had the mortgage 3 year and no missed paymentss and they sold it to web solutions, letter arrived this morning, can they do this with no prior notice, the letter is dated the same day as transfer

Yes, they can sell the debt onto to whoever they like.

It dosn't affect you at all on a day to day basis.

MarkyMarkD

Almost all UK mortgages are transferable to a new lender, without notice to you and without your consent.

The exception will be some building society mortgages where they haven't bothered to include such terms because they don't intend to do so.

As others have said, it doesn't affect your contract, and shouldn't be a problem if you pay your mortgage on time each month. But the new lender may have a different approach to arrears or default than the original lender.

webwahm

Me too...letter dated 30th, transfer happened 30th and got it today.

I was worried because I thought 'Webb Resolutions'? What have I done? So came on here, and seems all above board.

Just worried now that my payments are going to shoot up - I'm on variable rate now so my mortgage is only £199 a month!!! Down from £500. What's this 'LIBOR' people are talking about on here?

Wutang_2

Why are your payments going to shoot up?

Have you read any of the information on this thread?

And more importantly, if you have a mortgage that reverts to a libor based rate - have you not thought to find out what it means? Was this not explained to you at the start of the mortgage?

Wutang_2

webwahm wrote: »

Me too...letter dated 30th, transfer happened 30th and got it today.

I was worried because I thought 'Webb Resolutions'? What have I done? So came on here, and seems all above board.

Just worried now that my payments are going to shoot up - I'm on variable rate now so my mortgage is only £199 a month!!! Down from £500. What's this 'LIBOR' people are talking about on here?

Why are your payments going to shoot up?

Have you read any of the information on this thread?

And more importantly, if you have a mortgage that reverts a libor based rate - have you not thought to find out what it means? Was this not explained to you at the start of the mortgage?

webwahm

Wutang wrote: »

Why are your payments going to shoot up?

Have you read any of the information on this thread?

And more importantly, if you have a mortgage that reverts a libor based rate - have you not thought to find out what it means? Was this not explained to you at the start of the mortgage?

I was stood there having just got the letter, baby in one arm, typing in the other! Excuse me for thinking I could add a 'me too, isn't it a shock that they tell you after the event and the name is worrying'.

I do not KNOW if my payment will go up. I do not know why they suddenly transferred me without warning. It made me think I'd done something wrong.

I do not KNOW what 'revert to libor' means - that's why I asked, to find out what it means!!! Now that I do not have a baby in my arms, I will go off and Google it.

Sorry for bothering.