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Originally Posted by urbanski  yeah but a lender can pull a note anytime, no? |
Not unless the terms of that specific note were violated. His mortgage would not have contained such language. His 1st may not have even been originated with GMAC, it could have come from numerous other sources and they ended up with servicing rights. The HELOC on the other hand would most likely have come directly from a GMAC retail source. that could be why it was reviewed and frozen. Though i suspect if the HELOC contract allowed for any type of cross collateralization, they would have just taken the patment for the lease off of the line. Wells Fargo will do that if you have a bank account with them and are not paying on a car loan with them. Of course all of that is in the fine print.
Anywho....you're not going to see that language in a first mortgage ever really, they change hands too much between servicers and secondary sources that it would render it moot anyway.
To the poster. This will effect your credit and it doesnt make a lot of sense, but hey, its a free country.