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 somehow manage to get GMAC the difference ($9k) 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?
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ck your inbox
did not receive anything in my inbox. Please re send. Thanks!!
you have to accept the friend request from me first - then msg appears (i think) or just add me as friend and msg me.
Just accepted your invite..maybe it will come through in a little bit. Or you can just re send it. Thank you
Mike, We just received an Approval letter from GMAC (1st) with the following paragraph regarding their payment to BOA (2nd lien holder) Originally on all the worksheets in Equator, they were paying BOA $8,000. We receive the approval letter with this surprise change:
"As part of the Consumer Relief Program the second lien holder, Bank of America will receive $2,235.44. This represents 8% of the balance based on your latest credit bureau report of $27,94300, or a maximum of $8,500 and a minmum of $2,000."
Whats GOOD for the Goose...should be GOOD for the Gander! GMAC should have to play by the same rules they are enforcing on 2nds!
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