GMAC promissory note, I really really need help...

So we closed in June. The seller signed a $15,000 note at COE payableto GMAC. She called on Friday, the first payment was due on 9/1/10.GMAC says the account is paid and full and thus they can't accept thepayment b/c there is NO ACCOUNT. They said maybe it was payable to thePMI company. So, she called the PMI company. They said they have norecord of them owing the money, and said in addition the note was madepayable to GMAC, not them, so they can't do anything with it.
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They did send a new note and said she could sign that one. Thankfullyshe then called me and I said I would post here for suggestions......sosuggest away!

Replies

Steve Adkins September 18, 2010 at 10:40am

First thing, get everything in writing from all parties. Have the lender send a letter to your client stating what you just said. Then contact an attorney.

If the lender still will not accept a payment, I would recommend having the client open a special bank account (maybe a trust account) and send all payments to it. If the lender has made a mistake, they will find it sooner or later and will come after your client.
- Tara Nagelhout > Steve Adkins September 18, 2010 at 10:45am
  
  Thank you Steve...good answer.

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