Illinois Department of Financial and Professional Regulation

 

NEWS
For Immediate Release:
September 29, 2010 
 
 

Mortgage Company Urged to Suspend Illinois Foreclosures

 

CHICAGO – Sept. 29, 2010 – Recent news stories have focused on discrepancies, inaccuracies and in some cases, forgery, of loan documents presented to judges determining whether a home can be foreclosed.  One company singled out for serious problems is an Illinois licensed residential mortgage company – Ally/GMAC Mortgage.  

On September 28, 2010, Brent Adams, Secretary, Financial and Professional Regulation, urged Ally/GMAC Mortgage to suspend foreclosures against Illinois homeowners until the mortgage review process can be scrutinized to ensure its fairness to struggling families.

“Home foreclosure is serious business.  It is no time to start cutting corners.  The Department intends to keep a close watch on Ally/GMAC Mortgage to ensure that its processes are fair to homeowners and in compliance with the law,” Adams said on sending the letter.

More than 100,000 Illinois families have mortgages that are being serviced by GMAC, according to its most recent report to IDFPR, including 78,500 who are making payments on their primary mortgage to GMAC/Ally. Homeowners facing foreclosure action by Ally/GMAC can call the company’s hotline at 866) 304-4682 or can file a complaint about this or any other mortgage company with the Division of Banking consumer hotline (800) 532-8785.

In another ongoing effort to stem the high number of foreclosures in Illinois, Governor Quinn’s Mortgage Relief Project will be in Crete on October 23 to help area homeowners take advantage of programs that can help them stay in their homes. The last five events, which were held in the Chicago metropolitan area, helped more than 1,350 families seeking state assistance to prevent foreclosure.

Read Secretary Adams’ letter to Ally/GMAC Mortgage.