GMAC
Information
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
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 0 Likes
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 0 Likes
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 0 Likes
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 0 Likes
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
-
Comment by Kevin - Greenville, SC on December 28, 2011 at 4:22pm
-
Mandy, Please define forgave? Did they send a Mortgage Satisfaction to the County?
-
Comment by Mandy Herring on December 28, 2011 at 4:18pm
-
gmac forgave my client's second in a modification and sent them a 1099 but they are still on the prelim and are holding up our closing anyone have any advice. [email protected].
-
Comment by Randy Randolph on December 21, 2011 at 8:42am
-
Tara, That's what I have done, still getting no help from Chase. They won't put anything in writing until GMAC does so 1st... Crazy, to say the least.
-
Comment by Tara Samney on December 21, 2011 at 8:38am
-
Randy - I suggest sending a a HUD to Chase showing the $5,000 - get them reject the $2,000 and issue approval letter based on $5,000 - then give it to the GMAC with that HUD to change. I've had this happen before- I had to go so far as to just forward emails and letters from the second to the first and vice versa
-
-
(cross posted on the Chase wall as well)
I am in a "dead man staring contest" between GMAC (the 1st) and Chase (the 2nd). Both have agreed to a $5000 payoff for Chase, but GMAC sent out the approval letter before we had the agreement and listed the payoff for Chase at $2000. GMAC will not change the letter to $5000 until Chase sends a letter rejecting the $2000 and asking for $5000. Chase will not send a letter until GMAC changes their approval to $5000.
Even though everything as been agreed to via phone and email neither Lender will take the 1st step and put it into writing. We are supposed to close 12-29-11 so we really need this done today...
Anyone have a suggestion?
-
Comment by Smitty on December 19, 2011 at 7:14am
-
Well, it worked. I got a bounce back on Michaels email but I SWEAR they go through even though it says it bounced, because the only other time I tried it, it bounced too, but I got resolution within hours. I think they just don't want the world knowing the address. BUT as a safeguard today, I emailed EIGHT other names i had from various depts on file and got one response. Anyways, we got it postponed. THANKFULLY we DON'T have an auction happening 3 days before Christmas. Thanks Kevin.
-
-
Thanks Kevin, At this point I have nothing to lose. I might as well email in.
-
-
-
Ok, anyone call in the big guns with GMAC? I've had it. I got a postponement of 30 days. Should be enough time for them to do a valuation and review and give us an answer right? NOPE 12/22 sale date coming RIGHT UP and valuation done TWO WEEKS AGO!!! anyone have GMAC president name? I've got this escalated already and someone assigned. SHE IS NOT HELPING>>GRRRR.
-
Comment by Deidre St. Romain on December 9, 2011 at 3:56am
-
Thank you Tara!!
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons
You need to be a member of GMAC to add comments!