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This group is for information, tips and solutions for GMAC short sales.

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Latest Activity: Apr 8, 2016

GMAC Short Sale Information

 

 Click the button to hire a Short Sale Agent Superstar in your area

To get a short sale started with GMAC  first fax the 3rd party authorization and the offer to [email protected] and then call the Liquidation set up team at 877-521-3698 ext 8743698

SHORT SALE from GMAC WEBSITE

Selling your home is one solution when there is long-term difficulty making the payments. Unfortunately, property values can decline, causing a difference between the current market value and what is owed on the loan. The investor may accept less than the total amount rather than pursuing a foreclosure. We may request a contribution be made to reduce the total loss. You must list the property for sale at the fair market value and forward any offers to us for consideration.

Please note: Acceptance of any offer will be subject to investor approval and the maximum commission the investor will honor is 5% for transactions involving two brokers, 3% for a single broker transaction. NOTE THAT IS WHAT IS POSTED ON GMAC WEBSITE, BUT WE HAVE SUPERSTAR MEMBERS WHO WERE PAID MORE!

Financial Analysis and Short Sale Submission Forms Note if you are doing your own package, you still must submit the Financial Hardship Affadavit which is part of this package.

TEL 1-800-850-4622
FAX 1-866-502-0424
Letter of Authorization FAX 1-866-501-1610 

 

GMAC Executive Escalation Team: Phone: (866) 924-8409 Fax: (866) 340-6834.

GMAC Equator instructions.pdf

 

You will need these forms to enter when you do the equator tasks

 

Arms Length Transaction Notice

Hardship Affidavit

Insurance Letter

Buyer NO Flip Affidavit

Name Affidavit

 
Here's a sample payoff from GMAC
GMAC Approval Letter.pdf

Discussion Forum

Owen Loss Draft Funds Balance Letter

Started by George Williams. Last reply by Lisa Jackson Apr 8, 2016. 3 Replies

Does anyone know where I can download Loss Draft Funds Balance Letter from Ocwen BankContinue

GMAC AS A 3RD LIENHOLDER B OF A HAVE THE FIRST AND SECOND

Started by Kelly Magreevy May 13, 2013. 0 Replies

I have a listing appt for a short sale that has two loans with B of A and the third with GMAC..anyone have any success with this combo?Continue

gmac 2nd help

Started by Mike Sher. Last reply by Pamela Walsh Jan 24, 2013. 5 Replies

I am stuck,  Indymac will only give GMAC $6000 on a $60000 note.  GMAC wants $16,0000 and the buyer will come up with the cash.  Problem is that Gmac will not change their letter to $6000 even if we…Continue

Loss Draft Funds Balance letter

Started by Brenda L Wood. Last reply by Paola Martinsen Jan 10, 2013. 4 Replies

Hi Superstars!  I am working a GMAC HAFA through Equator.  Just uploaded an offer which triggered a task asking for completion of a "Loss Draft Funds Balance letter".  The homeowner has not filed any…Continue

Comment Wall

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Comment by Vikki Lucas on May 2, 2013 at 8:29am

Got new contact info for turning in your Ocwen file that was recently service released from GMAC. Ocwen (800) 746-2936 (Your first tip off that you will need to use these contacts will be that you will have to go through the identical autoattendant verification process twice (enter loan number, last 4, etc.) loss mitigation fax 866-709-4744 [email protected]

Comment by cat on February 18, 2013 at 2:54pm

Hi Jen, Thanks for your quick response.  I am so used to working outside of Equator on FHA, just didn't really know the process.  I also used to know the 5 day response time, but since nobody at the bank seems to think that applies to them, I forgot it.  Good news is I do have a copy of the appraisal and the offer is less than the appraised amount, but much higher than the 88% that should be on the ATP.  Hopefully that will all work out.

 

Comment by Jen Hill on February 18, 2013 at 12:53pm

Hi Camille, the servicers won't even review an offer until the ATP has been issued.  It doesn't matter when you submit the offer and supporting docs to them.  As far as response once the ATP has been received, per FHA guidelines, once the servicer receives the offer and HUD, they have 5 business days to issue a response.  That being said, I have yet to find a servicer who follows this guideline.  As it suggests, it's just a "guideline" and not a rule. At day 5, I start calling to follow-up.  If you find that the negotiator is not responding, escalate to his or her manager.  If still no response, you can escalate to the HUD National Servicing Center for "lender delay" and request they open a ticket for a HUD Specialist to contact the servicer and put some pressure on them.  On another note, do you already know the FHA appraised value?  Make sure your offer comes in at or very near this amount or it will delay the servicer's response even more.  Hope this helps!

Comment by cat on February 18, 2013 at 12:46pm

GMA FHA Question - does anyone know after receiving the FHA ATP approximately how long it takes to get approval on an actual offer?  I have had the file in FHA review for 2 months and according to negotiator, should have the ATP on 2/20.  There is an offer and buyer is getting impatient and their offer hasn't even been reviewed yet.....any help would be appreciated. 

Comment by Brenda L Wood on February 5, 2013 at 7:47am

Patricia,

Ocwen won a bankruptcy bid to acquire ResCap (the parent company of GMAC) mortgage servicing in November but completion was delayed until 2/15/13.  Other players are Green Tree and Berkshire Hathaway.  Here's a complete article: http://www.bloomberg.com/news/2013-01-29/rescap-delays-closing-its-...

Comment by Mike Sher on January 24, 2013 at 11:20am

I am stuck,  Indymac will only give GMAC $6000 on a $60000 note.  GMAC wants $16,0000 and the buyer will come up with the cash.  Problem is that Gmac will not change their letter to $6000 even if the buyer wires the $9000 difference prior to closing which is what we often do with 2nds that want more then what the 1st will give.  I have tried both my Service link (indymac) and GMAC negotiator and neither will move on principal.  I just called GMAC Executive Escalation Team: Phone: (866) 924-8409 from this group and spoke to a nice lady who will try and help.  Any other ideas?

Comment by Jennifer Luna SFR on January 8, 2013 at 11:21am
Another short sale approval. This one from GMAC. I also got the foreclosure date postponed. Gosh, I think I will pat myself on the back for this one. The BPO came in $65K above offer the offer price. I seriously think the person who did the BPO (from the area) wanted the property to go into foreclosure so he could scoop it up. NOT GOING TO HAPPEN WITH THIS AGENT. SORRY! :)
Comment by Paola Martinsen on January 4, 2013 at 9:16am

To get a short sale started with GMAC t I first fax the auth and the offer [email protected] and then call the Liquidation set up team at

877-521-3698 ext 8743698

to make sure it was received and its in the process of getting assigned. Then once a negotiator is assigned they are the ones to get the file set up on Equator. Even FHA short sales are worked via Equator :) Also,GMAC will become Ocwen in the next 3 weeks. GMAC filed BK.

Comment by Dean E Eshelman, CPA, CDPE, IRES on December 29, 2012 at 4:54pm
@Pattilynn Does the homeowner have the paper copy of the tax returns for the years requested on the Form 4506? That could be the only reason the Servicer is requesting full copies of the tax returns. However, even then a transcript, Form 4506-T, will give the Servicer all the information on the tax return.
Comment by Dean E Eshelman, CPA, CDPE, IRES on December 29, 2012 at 4:47pm
@Pattilynn As I suspected the form attached to your post is a Form 4506 not a 4506-T. Sounds like your negotiator sent you the wrong Form. Here is a link to the IRS web site showing Forms 4506, 4506-T, 4506T-EZ. http://apps.irs.gov/app/picklist/list/formsPublications.html;jsessi...
 

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