GMAC 1st and BOFA 2ND -Short sale possibility ????

I have a short sale, whereby the first is GMAC and its loan amount is less than the second. GMAC is $59,000 and BOFA is $64,000 and Past HOA Dues is around $5,500.Home is worth $75,000. The borrowers have hardship and qualify for a short sale, however this particular situation is unusual as the first position loan amount is less than the second and GMAC does not consider this a short sale and wants to get paid in full. How would you handle this situation and be able to get HAFA and/or relocation assistance for the borrowers, who are in desperate need and get them defficiency waiver. Has anyone encountered the same situation? and if so, could you please provide your feedback. Thank you

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Permalink Reply by Bryant Tutas on July 29, 2012 at 1:03am

I would work it as any other short sale. Find a buyer then when you prepare the prelim HUD just add in $3,000 for relocation tot he borrower and be sure to make the payoff to the fist less than what's owed so it is a short sale. submit it and be prepared to push hard for what you need. That's really all you can do. It will either work or it won't.

Permalink Reply by Juan Garcia on July 29, 2012 at 2:14am
It does qualify. In this particular case only the second will be short. If they are not approving it, request a $3,000 moving incentive from seller's lender to seller.
Permalink Reply by Ali Yche on July 29, 2012 at 8:09am

Like Bryant said, the only way it will be approved if it is on the preliminary HUD1. The first is already asking to be paid in full and would not take less. I will advise all of what I was able to get for the customer and how the negotiations went.

Permalink Reply by Ali Yche on July 29, 2012 at 8:07am

Thanks Bryant for the feedback.That's normally what I do when a bank would not accept the package and approve the short sale before the offer.I just did one with Seterus and it worked. I hope this would as well.Will keep all of you posted.

 

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