Information

GMAC

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

Members: 424
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

Comment

You need to be a member of GMAC to add comments!

Comment by alisa hagner on December 1, 2009 at 7:58am
I have a GMAC 2nd. Direct phone # for the recovery department 267-317-2500 fax # 866-526-5930.
Comment by Amanda Lynn Smith on November 3, 2009 at 1:41pm
Thanks so much!
Comment by Wendy Rulnick on November 3, 2009 at 1:20pm
Amanda - Yes, GMAC is tight-lipped until the negotiator contacts you. Then the processing will speed up.
Comment by Amanda Lynn Smith on November 3, 2009 at 12:33pm
Just called GMAC. They have the first on my short sale I was only told it could take 45-60 days and they were not allowed to give me the negotiators name. Is this the reponse everyone else gets?
Comment by Cathy McAlister on November 2, 2009 at 7:38am
We currently have a GMAC first on a short. Since thursday Oct 29th - there seems to be some problem with their phone system. All phone numbers we have appear to go thru and then disconnect. Anyone have a heads up on this for an alternate number? Thank you.
Comment by Wendy Rulnick on August 29, 2009 at 2:06am
I feel like I work for them:)
Comment by Stephanie Lim on August 29, 2009 at 2:02am
I think it's funny how these banks set out their "rules" to try to get agents to lower their commissions up front. I don't work for the bank, do you? ;-) We had Indymac say yesterday on one of our short sale files that they would only pay 4%. So not true.
Comment by Wendy Rulnick on August 29, 2009 at 1:57am
You know, I did,too. That is from their website. I'll change it! Thanks, Stephanie
Comment by Stephanie Lim on August 28, 2009 at 4:16pm
Just had a closing on GMAC where total commission was 6%.
 

Members (418)

 
 
 

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************