GMAC

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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

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Comment by Elise Fay on April 12, 2012 at 5:50am
No GMAC declined buyer/agent a commission...they said they could not represent themselves and benefit from sale
Comment by Ellen Dittman on April 12, 2012 at 4:42am

Licensed agent (although not member of our board) is requesting commission on her buyer side. Will GMAC normally pay the licensed agent who is also the buyer a commission as well. Or will they only pay commission on the listing side?

Comment by Kevin M. McNeill on March 19, 2012 at 5:17am

Does anyone have any contact info for an actual Asset Manager at GMAC or know if GMAC sells their defaulted notes? I have a situation where I want to bail out a seller that is in default with GMAC and I also have an investor that would either buy this one single note or have it pooled in with other NPN's but I can't seem to get anyone to put me in touch with an Asset Manager.

Comment by Tara Samney on March 13, 2012 at 1:29am
Isaac, I had one approved last year through wells fargo like this. It was not intentional as I took it over from someone else. Do you have an offer? They review the same. I just had to have seller sign their preforeclosure forms at approval. As long as the price is good...
Comment by Isaac Ramirez on March 12, 2012 at 7:29pm

I need some help I am working with a family who needs to short sale their home. They purchased the home using a FHA loan in 2006 and fell on hard times in addition their home has suffered some damage due to mold issues. They tried to sell the home in 2007 and 2011 and were unsuccessful they since they have moved out of the residence. They were referred over to me by a past client as I gathered documentation their hardship was obvious and they had supportive documentation to show the lender. However according to the negotiator the short sale has been denied due to the homeowner not contacting HUD first before they tried to attempt to short sale. negotiator is no help does anyone know how I can overcome this situation. My clients need help and need it fast!

Comment by Dawn Jones on February 15, 2012 at 5:12am

Thanks Michael!!!

Comment by Michael Schneider on February 15, 2012 at 5:08am

My GMAC 2nd is being handled outside of Equator, by fax.

Comment by Dawn Jones on February 15, 2012 at 3:35am

Are 2nd mortgages with GMAC still submitted via Equator? Thanks!!

Comment by Tara Samney on January 26, 2012 at 4:37pm

FYI got a recent GMAC approval and can they gave 6% for commissions...they never suggested cutting it. I had it on the initial prelim HUD and entered it as 6% as Equator.

Comment by Kevin - Greenville, SC on December 28, 2011 at 4:24pm

If they didn't, it sounds like they charged it off which does not do away with the debt.  It is just an accounting measure.

 

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