GMAC Mortgage went to extraordinary lengths to help keep Rosemary Williams, who was evicted on Friday after a foreclosure, in her home, according to the company. Among the steps taken: offering to lease the house back to Williams for $850 per month, multiple loan-modification offers that would have reduced her monthly payment by up to 30 percent and an offer to sell the house back to her for less than half of what was owed on the mortgage.
When none of those offers were accepted, GMAC took steps to have Williams removed from the property. The company gave her a check for $5,000 to help with relocation costs.
“GMAC Mortgage sincerely sympathizes with Rosemary Williams and the financial difficulties she is facing,” said Jeannine Bruin, executive director of GMAC Mortgage Communications, in a statement. “Friday’s actions were very difficult, and a regrettable end to 18 months of seeking a solution with Ms. Williams, with local non-profits and with the mortgage investor to keep her in the home on Clinton Avenue. Unfortunately, Ms. Williams was chronically unable to meet her payment commitments under the adjustable rate mortgage she originated with BNC Mortgage, Inc.
Here’s the entire statement from Bruin:
GMAC Mortgage sincerely sympathizes with Rosemary Williams and the financial difficulties she is facing. Friday’s actions were very difficult, and a regrettable end to 18 months of seeking a solution with Ms. Williams, with local non-profits and with the mortgage investor to keep her in the home on Clinton Avenue.
Unfortunately, Ms. Williams was chronically unable to meet her payment commitments under the adjustable rate mortgage she originated with BNC Mortgage, Inc.
Since December 2007, we have repeatedly extended options to Ms. Williams to reach an affordable, reasonable payment solution, while balancing our contractual obligations to the mortgage servicer and mortgage investor, Aurora Services and Lehman Brothers Holdings, respectively.
Our efforts included:
o Multiple loan modification offers to reduce her monthly payment by 30% and fix her interest rate.
o Two offers to purchase the property for as low as 48% of her unpaid mortgage balance.
o Two offers to lease the property for $850 per month, a 60% reduction in her monthly payment. One offer included a purchase option at 48% of her unpaid mortgage balance.
o Three offers of cash relocation assistance of $5,000, including a check payable to Rosemary Williams that was given to her Friday.
o Two rounds of negotiations with local non-profits to reach a purchase and lease agreement on Ms. Williams’ behalf.As custodian of the property at 3138 Clinton Avenue, we were concerned about the breach of security and its potential impact on public safety and the integrity of the property. At our request, local authorities are enforcing the writ of eviction served on August 7 and removing all trespassers from the property, both now and in the future.
We stand by our actions knowing that we have consistently acted in good faith to find a solution for Ms. Williams, and have repeatedly tried to ensure that she has funding sufficient to secure temporary housing.













11 Comments »
Pingback posted September 14, 2009 @ 8:40 pm
[...] Go here to see the original: Minnesota Independent: Ne… [...]
Comment posted September 14, 2009 @ 10:16 pm
I am the minister in this picture. You do not have my permission to use my picture. Please remove it immediately from this very biased article. Your time would have better been spent covering the way the police abused their power during the eviction resulting in pepper spraying supporters, refusing medical attention to someone with severe asthama and kicking those committing civil disobedience.
Comment posted September 15, 2009 @ 8:12 am
Rev. McGrail:
This blog post is a follow-up to our Friday story about Ms. Williams, which addresses the events you describe (here’s the full list of our stories about Williams, dating back to March). As for the photo, it stays: you were at a public protest and clearly posed for our reporter.
Comment posted September 15, 2009 @ 9:12 am
Thanks, Paul,
This is really interesting. I’ll be curious to hear how her attorneys respond. The devil is in the details — for example, on the first point, a 30% reduction from the increased ARM payment may just not have been feasible for a person who has lost her job — but it definitely adds some texture to these stories.
As for Rev. McGrail’s complaints, it’s hilarious that she mugged for the photo only to complain when it was featured in an article that didn’t ape her beliefs.
Comment posted September 16, 2009 @ 5:19 pm
Thanks for this article. Finally seeing some truth come out in this situation, now the last bit of the puzzle would be the amount of equity (cash) she pulled out during the refinance.
Pingback posted September 17, 2009 @ 12:08 pm
[...] GMAC Mortgage details efforts to help Rosemary Williams By Paul Demko 9/14/09 5:43 PM Original Article: http://minnesotaindependent.com/44799/gmac-mortgage-details-efforts-to-help-rosemary-williams [...]
Comment posted September 18, 2009 @ 12:57 pm
Paul you should be ashamed of this piece, which makes no mention of GMAC’s culpability in the situation as a predatory lender using ARM’s to hike up mortgage payments to an unaffordable level. Their offer to let her lease the house is absurd. They need to negotiate with her in good faith to allow her to keep her home.
Comment posted September 18, 2009 @ 3:45 pm
Good article.
Comment posted September 22, 2009 @ 5:30 pm
Nick, your comment is so typical of the times…. – and getting verrrrry old. I’m so sick of seeing everyone jump on the “Bad Lender” band wagon. Maybe individuals, and their family members should make more of an investment into their aging parents and family members who’s judgement might be impaired. 90% of the people who took out risky loans, ARM’s, 100% financing knew all damn well they couldn’t afford the arrangement long term, but were banking on equity building so they could take it out. Why don’t you look back to the Clinton administration. That’s when sbprime reared it’s ugly head, yes, a democrat started this mayhem. The crash of the market and Wall street were planned. It’s all part of a plan to pull the financial rug out from under Americans, cause them to be dependent on the new saviour… our Government. That along with an ethnic President are all you need to cause people to agree with Socialism.
Comment posted September 30, 2009 @ 1:16 pm
Paul,
If I had posed for your reporter then why didn’t you use my name?
Answer: Because you didn’t have my permission.
Your comment is disrespectful at best. If I had been interviewed I would have told your reporter my name and the coalition that I belong to- the MN Clergy and Laity Against Foreclosures and Evictions and our position.
Rev. McGrail
Comment posted September 30, 2009 @ 2:53 pm
Loren,
At a public event, you’re fair game for a news photographer or reporter. It’s your choice whether you pose for those aiming cameras your way. That said, I’ve removed the photo, at your request.
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