If my mortgage is with GMAC and it has gone bankrupt, what should I do?

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If my mortgage is with GMAC and it has gone bankrupt, what should I do?

My mortgage is taken automatically every 2 weeks from my bank. Should I stop the payments?

Asked on June 6, 2012 under Real Estate Law, New York

Answers:

Paula McGill / Paula J. McGill, Attorney at Law

Answered 8 years ago | Contributor

It appears that GMAC is in Chapter 11 (reorganization).  Unless informed otherwise, you continue to pay.  You can also confirm your status with GMAC.  You are not the only one who has this question.  As a result, there will probably be a recording at the general information telephone number noted on your monthly payment notice. 


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