“The restructuring of ResCap and GMAC Mortgage does not change your obligations as a mortgage borrower,” the letter reads. “As such, you must continue to make your scheduled mortgage payments on time and in full.”
Last week Ally Financial, the parent company of ResCap/GMAC, threw its mortgage division into Chapter 11 bankruptcy protection.
As part of the filing Ally unveiled ResCap’s sale to Nationstar, a publicly traded nonbank. (As a technical matter, the transaction is an asset sale, not a franchise sale.)
Other bidders are still involved in ResCap’s pursuit, but for the time being Nationstar is considered the leading bidder.