Gmac second lien, any experience with dealing with them?

To update you all, we got our letter of approval on our first!! This was a huge hurdle...now we just need approval on second lien with gmac approved. Anyone have experience dealing with them? Just want to prepare myself if this is going to be a difficult process. They are offering 6,000 to gmac. Any insight would be appreciated. Thank you!!

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Permalink Reply by Bryant Tutas on October 7, 2011 at 12:36pm
I just received an approval on a GMAC 2nd in about 10 days. They were very easy to work with. Just get them a complete package asap and be sure to include the approval from the 1st.
Permalink Reply by Jenn on October 8, 2011 at 5:35am
Thank you Bryant. This is encouraging. Did you wait til you got approval letter on the first to submit the package? We have about 40 days til our approval expires on the first so hoping we get quick results like you. We REALLY want this house!! I appreciate you answering my post :)
Permalink Reply by Bryant Tutas on October 8, 2011 at 5:52am

I always submit to both lenders at the same time. Send each a current payoff letter for the other. They will normally accept this in place of the approval. If not at least the process has been started and usually you can get a negotiator assigned.

Permalink Reply by Jenn on October 8, 2011 at 12:26pm
That where it's tough being a buyer, we are at the mercy of the listing agent. Is there anything that we can do to help the process along as a buyer?
Permalink Reply by Brandon Marchand on October 9, 2011 at 6:13am

We normally only offer 3k to the 2nd; but w/ GMAC it's always been an easy process.  Usually a couple weeks once they have a complete file.

 

Permalink Reply by Jenn on October 9, 2011 at 7:07am
Ok so it sounds like they are fairly efficient. Thank you Brandon. This is a hafa short sale. Does that tend to make the process more complicated?
Permalink Reply by Laura Rivera on October 9, 2011 at 9:21am

I had expeditious experience with GMAC. Faster approval than B of A. I had a GMAC second lien (on equator) and when the first B of A sent approval, I sent that over, along with an updated HUD1 and got approval in 2 weeks.

Permalink Reply by Jenn on October 9, 2011 at 9:50am
Thanks Laura. I really appreciate the feedback. My nerves and patience are shot to say the least. Did they update you at all along the process as your file moved to approval? Our time frame is pretty tight. So if this takes acouple weeks we will be right at the wire for our lender. This process is aging me ;)
Permalink Reply by Joe Barnwell on October 10, 2011 at 1:39am

GMAC is one of the best to work with and is usually really fast.  Hang in there!

Permalink Reply by Randi Dickman on October 10, 2011 at 2:06am

GMAC is one of the easiest banks I've worked with. I'm dealing with them now on the 2nd. I've submitted the whole package to BofA on the 1st & GMAC on the 2nd in the beginning. GMAC basically told me they'll take $4000 & call it a day. Now as usaul waiting for BofA as they definitely move in reverse.

Good luck :))

Permalink Reply by Jenn on October 10, 2011 at 3:12am
Thank you Joe and Randy! You have no idea how encouraging this is to me!!! B of a did move along at a snails pace but to be honest, I thought for sure the the first would somehow fall thru. I feel hope now where I have felt so beat down. Thank you all for sharing your insight with me :)
Permalink Reply by Joe Barnwell on October 10, 2011 at 3:13am

let us know how it all works out!

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