GMAC Hail Mary!

I hate to sound like a Monday morning quarterback but........I strongly suggest to all my clients to hire an attorney especially if there is a lis pendes. I currently have a SS with G-Mac and the client has an attorney who negotiated a full release after foreclosure. I convinced the client to proceed with the SS so they can avoid the foreclosure. I made it clear to the SS dept that am approval without a full release will be unacceptable and I provided them with the court stipulation........the short of it (no pun intended) when the property is set for auction it may be very difficult to stop even if there is an attorney involved. However I had another client who was very active with his own foreclosure defense and he went to court and provided the judge with the listing agreement, sales contract and record of all my communication with the bank. He showed he was trying to do the right thing and the judge postponed the sale date. If your client can do this the judge will almost certainly postpone, especially if your client lays the blame on the incompetence of the bank. The judge may not buy it but it's worth a shot. Attorneys are much more successful in the earlier stages-when its late in the game judges tend to see it as a desperate move and they always ask why did you wait until now.

That being said you should always seek the advice of legal counsel when dealing with legal matters.

Replies

Noel Padilla September 2, 2012 at 4:17am

I hate to sound like a Monday morning quarterback but........I strongly suggest to all my clients to hire an attorney especially if there is a lis pendes. I currently have a SS with G-Mac and the client has an attorney who negotiated a full release after foreclosure. I convinced the client to proceed with the SS so they can avoid the foreclosure. I made it clear to the SS dept that am approval without a full release will be unacceptable and I provided them with the court stipulation........the short of it (no pun intended) when the property is set for auction it may be very difficult to stop even if there is an attorney involved. However I had another client who was very active with his own foreclosure defense and he went to court and provided the judge with the listing agreement, sales contract and record of all my communication with the bank. He showed he was trying to do the right thing and the judge postponed the sale date. If your client can do this the judge will almost certainly postpone, especially if your client lays the blame on the incompetence of the bank. The judge may not buy it but it's worth a shot. Attorneys are much more successful in the earlier stages-when its late in the game judges tend to see it as a desperate move and they always ask why did you wait until now.

That being said you should always seek the advice of legal counsel when dealing with legal matters.
- David Zagorsky > Noel Padilla September 2, 2012 at 8:34am
  
  Thank all you good folks for taking the time to reply over this long weekend. As usual this short sale is a long sad story. The seller distrusts attorneys having been burnt by one.
  
  I need to blitz email as many decision makers as possible who are at GMAC or the "Investor" which is Deutsche Bank (specifically Harbor View 2007, if that matters).
  
  I usually find enough names on Linked In to get a response but since they won't get back to work until the morning of the auction I need any names you have even if they were not helpful in the past.
  
  If you know football this is a Hail Mary but that's the name of our game.
Sandy Robbins September 2, 2012 at 4:14am

Hi David,

Who is the Bank?
Bryant Tutas September 2, 2012 at 1:16am

Have the seller hire an attorney ASAP.

This reply was deleted.