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GMAC

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All about GMAC short sales.

Members: 150
Latest Activity: 12 hours ago

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 1-866-709-4744

GMAC Equator instructions.pdf

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

Discussion Forum

APPROVAL IN 7 DAYS!

Received an approval on a GMAC short sale seven days after uploading the offer into equator. Yes, they loaded the file on Equator. Hopefully the buyer will now follow through!

Started by Kate Edwards Sep 1.

APPROVAL IN 7 DAYS!

Received an approval on a GMAC short sale seven days after uploading the offer into equator. Yes, they loaded the file on Equator. Hopefully the buyer will now follow through!

Started by Kate Edwards Sep 1.

commissions and BPO 2 Replies

Has anyone been able to get more than 3% from GMAC when representing both parties to the sale? I have been trying to get a look at the BPO and they tell me it is for internal use only. I told them my…

Started by Michael Carlisle. Last reply by Brigitte Powell Aug 17.

HAFA Participation by GMAC 2nd TD

Hello All, Has anyone gotten GMAC to agree to participate in HAFA on a 2nd TD (it has recently been sent to recovery)? The GMAC rep is claiming that they do not participate in HAFA period (we have…

Started by Terry Hammill Aug 14.

Comment Wall

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Comment by Brigitte Powell on August 19, 2010 at 6:11pm: Got it, thanks.

Comment by Kent Dills on August 19, 2010 at 9:33am: Yes Brigitte, it's the contact info for my negotiator (not Chris like your's) and she was GREAT!

Comment by Brigitte Powell on August 19, 2010 at 8:31am: Yea!!! :-) hey Kent :-) may I contact you for that also? Or, do you mean your negotiator?
My assigned negotiator is Chris, and he seems really nice and informative.

Comment by Kent Dills on August 18, 2010 at 7:14pm: Sara, contact me offline and I'll give you the GMAC contact that I've closed a short sale with. kent@kentdills.com

Comment by Sara Mehrpouyan CDPE on August 18, 2010 at 6:22pm: Thank you Brigitte. Yes, HELP PLEASE. :)

Comment by Brigitte Powell on August 18, 2010 at 6:19pm: Hey you all out there :-) Sara needs help....can anyone help her? Please?

Comment by Sara Mehrpouyan CDPE on August 18, 2010 at 5:43pm: I'm going to ask again...anyone have any contacts for GMAC? I have a 2nd with recovery dept and need some help. Thanks.

Comment by Brigitte Powell on August 14, 2010 at 8:21am: Amy; My GMAC negotiator still contacts me thru Equator (GMAC would not accept a great offer and lost out on the first offer) I have since upped the Sale Price to what they wanted and of course haven't even received decent "lookers" for the last two months. Negotiator on Equator did say they are arranging for another BPO :-) so Dawn is right. :-) you have to be "invited" lol!!

Comment by Sara Mehrpouyan CDPE on August 14, 2010 at 2:58am: Wow..it's been a while since anyone posted down here--anyone have contact info for GMAC recovery department supervisor or higher ups? I really need it. Thanksss.