GMAC Mortgage – Residential Capital – Files Chapter 11 – Will Sell Its Assets

Here is a letter that was sent to a debtor by GMAC announcing the chapter 11 filing.

The declaration with the First Day Motions states:  “The purpose of these Chapter 11 cases is to facilitate an orderly sale of the Debtors’ most valuable assets and an orderly wind-down of Debtors’ remaining assets. The Debtors have negotiated and entered into two separate asset purchase agreements. The first, with Nationstar Mortgage LLC as the proposed stalking horse bidder (“Nationstar”), for the sale of their mortgage loan origination and servicing businesses (the “Platform Sale”), and the second, with AFI as the proposed stalking horse bidder for the sale of their legacy portfolio consisting mainly of mortgage loans and other residual financial assets (the “Legacy Sale” and collectively with the Platform Sale, the “Asset Sales”).”

U.S. Bankruptcy Court Southern District of New York (Manhattan) Bankruptcy Petition #: 12-12020-mg

Judge Martin Glenn

Date filed:   05/14/2012

Debtor Residential Capital, LLC 1177 Avenue of the Americas New York, NY 10036 NEW YORK-NY Tax ID / EIN: 20-1770738 aka Residential Capital Corporation

represented by  Larren M. Nashelsky Morrison & Foerster LLP 1290 Avenue of the Americas New York, NY 10104 212-468-8000 Fax : 212-468-7900 Email: lnashelsky@mofo.com

U.S. Trustee United States Trustee 33 Whitehall Street 21st Floor New York, NY 10004 (212) 510-0500

5 Replies to GMAC Mortgage – Residential Capital – Files Chapter 11 – Will Sell Its Assets

  1. Virginia Munger says:

    My mortgage is with GMAC Mortgage. What happens to my monthly payment that they get? Is it still going toward my loan payoff?

  2. Brad says:

    From http://www.gmacmortgage.com/mortgage-information-about-gmac.html:

    GMAC Mortgage services my loan. Will anything change? Do I need to continue making payments?

    The restructuring of GMAC Mortgage does not change your obligations as a mortgage borrower. As such, you must continue to make your scheduled mortgage payments on time and in full to the address listed on your monthly account statement. GMAC Mortgage expects to conduct business as usual during its restructuring. For more information, please call 888-251-2914.

  3. John Bennett says:

    I have been waiting on this for years. Though the mainstream media outlets, as well as those entangled in this filing, are saying that nothing will change…I, for one, beg to differ.
    The change I see coming, just as predicted, is that your mortgages, as well as mine, will all be assumed by the rightful owners, China, Japan, UK, and other nations which currently hold us for ransom. They are recalling their debts, and they want it now. This is just the tip of the per-verbial iceberg.

    I received my GMAC letter, yesterday, which is just a bunch of general corporate double speak, intended specifically for the “enlightened” lawyers to understand, that doesn’t tell the soon to be homeless, “Hey there really isn’t anything you can do. But, you can hire one of our brethren (enlightened lawyer) and he/she will charge you an astronomical fee to pretend to fight to keep you in your house.” But, in the end, it’s theirs, no matter what, because the lawyer’s first duty is to the court (enlightened council).

    Anyway, we’re not prepared to lose our house, but que sera, sera.

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