GMAC Mortgage Halts Foreclosure Actions In 23 States

Posted by Orb Staff on September 20, 2010 No Comments
Categories : Mortgage Servicing

The GMAC Mortgage unit of Ally Financial Inc. has informed brokers and agents to halt foreclosure proceedings in 23 states.

According to an internal memo obtained by Bloomberg News, brokers were told to halt evictions, cash-for-key transactions and lockouts. The company also stated that it will suspend sales on the properties it has already foreclosed upon. Furthermore, GMAC Mortgage instructed brokers to notify buyers that it is extending the closing date on all of its sales by 30 days, and that buyers will be able to use this time to cancel their purchase agreements and retrieve their deposits.

The states covered by GMAC Mortgage's decision are Connecticut, Florida, Hawaii,
Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Vermont and Wisconsin.

SOURCE: Bloomberg News

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