NEW YORK - (Mealey's) GMAC-RFC Holding Co. LLC filed for
Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of
New York on May 14 despite listing more than $ 1 billion in assets (In Re:
GMAC-RFC Holding Company LLC, No. 12-12029, Chapter 11, S.D. N.Y. Bkcy.).
On the same day, Bankruptcy Judge James M. Peck authorized the joint
administration of the bankruptcy with the Chapter 11 proceeding of Residential
Capital LLC and more than 40 of ResCap's affiliates.
GMAC lists its largest creditor as Deutsche Bank Trust Co., which holds a variety
of secured notes with a combined value of $ 956,315,200.
The joint administration order combines the GMAC bankruptcy with the Chapter 11
proceedings of Residential Capital LLC, Residential Funding Co. LLC, Ditech
LLC, DOA Holding Properties LLC, DOA Properties IX LLC, EPRE LLC, Equity
Investment I LLC, ETS of Virginia Inc., ETS of Washington Inc., Executive
Trustee Services LLC, GMAC Borrower LLC, GMAC Model Home Finance I LLC, GMAC
Mortgage USA Corp., GMAC Mortgage LLC, GMAC Residential Holding Co. LLC, GMACR
Mortgage Products LLC, GMACM REO LLC, GMACRH Settlement Services LLC, HFN REO
Sub II LLC and Home Connects Lending Services LLC.
The bankruptcy judge's order also authorized the joint administration of the
GMAC Chapter 11 proceeding with the bankruptcies of Homecomings Financial LLC,
Homecomings Financial Real Estate Holdings LLC, Ladue Associates Inc., Passive
Asset Transactions LLC, Pati A LLC, Pati B LLC, Pati Real Estate Holdings LLC,
Rahi A LLC, Rahi B LLC, Rahi Real Estate Holdings LLC, Residential Consumer
Services of Alabama LLC, Residential Asset Securities Corp., RCSFJV2004 LLC,
Residential Accredit Loans Inc., Residential Asset Mortgage Products Inc.,
Residential Consumer Services of Ohio LLC, Residential Consumer Services of
Texas LLC, Residential Consumer Services LLC, Residential Funding Mortgage
Exchange LLC, Residential Funding Mortgage Securities I Inc. and Residential
Funding Mortgage Securities II Inc.
Also jointly administered with the GMAC Chapter 11 case are the bankruptcies of
Residential Funding Real Estate Holdings LLC, Residential Mortgage Real Estate
Holdings LLC, Residential Mortgage Real Estate Holdings LLC, RFC Holdings II
LLC, RFC Asset Management LLC, RFC Borrower LLC, RFC Construction Funding LLC,
RFC-GASP Servicer Advance LLC, RFC REO LLC and RFC SFJV-2002 LLC.
GMAC is represented by Larren M. Nashelsky of Morrison & Foerster in New
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could this be of effect for those who their home in forclosure by GMAC
Probably due to denying there mortgaged homeowners the chance to refinance. There more than happy to buy your mortgage but you can't refinance due to Change In Policy Thanks GMAC Mortgage
I own a home & my divorce put in a position where I had no choice but to file Chapter 11 in order to keep my children an myself in our home. Today I recieved a letter that in all honesty makes it sound like I'm going to loose my home and a page long list of new companies claiming debt against me. I'm baffled and freaking out! I've been perfect on my payments to the court (and I haven't opened any credit lines of any kind) and I'm utterly confused as to how this will all impact my life/home. Can anyone explain in laymen terms what this all mean? Thank you in advanced
Gmac is the most dishonest corp in this country today, they must be destroyed by not doing bussiness with them.Our goverment leaders are protecting them, you have to wonder how a company with so so many lawsuits can stay in bussiness.GMAC you must go away.
What does this mean for people that have their mortgage with GMAC and in good standings?
It means GMAC is “restructuring” so they don’t have to pay debt in the meantime. As for your current mortgage you still have to pay the same payments you have been. I wouldn't be too worried at this point.
GMAC are low lifes. They received at least 12 billion dollars in bail out money and now they freeze HELOC funds permanently because of re-organization. This is all a ploy to not payback the bailout money. This, at the expense of the mortgage holders.Why doesn’t the government step in now and force them to release our funds. At this point the taxpayers own this company along with GM. Where is the government now? Thanks Obama. Is there a class action I can take against these unscrupulous SOB's?