GMAC RFC have sold my mortgage as part of a portfolio

Thrugelmir

Wutang wrote: »

Why are your payments going to shoot up?

LIBOR has been nudging upwards since February.

So may payments may not shoot up but they are starting to rise.

Something that people should be aware of. As small incremental rises add up over time.

isitpossible

My letter says that Webb resolutions can now set interest rates on my mortgage so surely this isnt what I signed up for??

Thrugelmir

isitpossible wrote: »

My letter says that Webb resolutions can now set interest rates on my mortgage so surely this isnt what I signed up for??

Read your original contract small print. Webb Resolutions can only do what your old lender could of. Nothing more.

isitpossible

Thrugelmir wrote: »

Read your original contract small print. Webb Resolutions can only do what your old lender could of. Nothing more.

Ok will go dig it out, but I was under the impression (forgive my ignorance if I was wrong) that once my fixed rate had ended I would go onto the LIBOR + the rate they offered me, until I switched??

So they could have changed that rate at any time?? so now Webb can change that rate at any time too?

Thrugelmir

isitpossible wrote: »

Ok will go dig it out, but I was under the impression (forgive my ignorance if I was wrong) that once my fixed rate had ended I would go onto the LIBOR + the rate they offered me, until I switched??

So they could have changed that rate at any time?? so now Webb can change that rate at any time too?

Most fixed term mortgages specify an interest rate once the fixed rate has ended. This often to the lenders benefit. As the borrower is drawn in by the competitive fixed rate. The lender knows that the borrower will then have to pay another product fee to switch to another mortgage.

What's your LTV ? Ideally you need to bring this down so you can remortgage with one of the larger lenders.

Steviek_2

We are with GE money. They have told us that due to their problems with the American Sub prime situation they are looking to sell their portfolio on so to encourage as many people as possible to leave they are allowing people to leave without charging the early payment penalties. We are looking to go elsewhere but finding it difficult

isitpossible

Thrugelmir wrote: »

Most fixed term mortgages specify an interest rate once the fixed rate has ended. This often to the lenders benefit. As the borrower is drawn in by the competitive fixed rate. The lender knows that the borrower will then have to pay another product fee to switch to another mortgage.

What's your LTV ? Ideally you need to bring this down so you can remortgage with one of the larger lenders.

Unfortunately we are in NE so moving lenders is impossible unless a miracle appears on the horizon.

albo2002

to answer no. 3:

https://forums.moneysavingexpert.com/discussion/2422483

chippyme

Hi All, this is my first post. I have been with GMAC for 4 years now and recently received a letter explaining that my mortgage had been passed on to Web Resolutions. I held back my payment in July for £502, pending satisfactory explanation as to what is going on, and in the interim received a letter from Web Resolutions stating that any outstanding mortgage payments due to GMAC will remain between GMAC and myself. I received no response from GMAC and this weekend received a letter from WEB saying I now owed them £718.80 for the July payment plus £72.25 admin fees? This is more than I have ever been charged for a late payment to GMAC in the whole 4 year period? They offer no explanation how the cost have been calculated. I also note from previous posts, that WEB is not regulated by the FSA. Doe GMAC not have a duty of care to its customers, in selling my mortgage which I selected with them on the basis that they were FSA regulated etc.... i.e. I did my due diligence on them as a company, surely they cant simply sell my relationship to the highest bidder, without considering thier responsibility or "duty of care" to their clients. Is there a case to answer, will the FSA or OFT Ombusmen listen? Any thoughts on how I should proceed with WEBB and their charges? Thanks for listening.

silver91

[Hi all, This is my first quote, I was wondering if someone can help me claim back my PPI from the above mortgage company. I know that they have sold most of there UK mortgages on. I did receive a phone to the house tell me that I entitled to it but that company never got back to me. I need help I would rather claim it back myself rather than pay 30% to someone else.

Thanks