GMAC
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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
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Comment by Tara Samney on December 8, 2011 at 3:31pm
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Dierdre - You need to initialize it by sending in the package to GMAC. GMAC sets you up on Equator after that. I'm working one now like that.
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Comment by Deidre St. Romain on December 8, 2011 at 12:02pm
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Is GMAC on Equator or not? I can't find it in the drop down box of lenders on Equator...
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Comment by Michael Schneider on December 6, 2011 at 7:15am
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@Smitty Agreed with everything you say. But, there is still another rational alternative for a homeowner, whose objective is to stay in the house until forced out. Namely, defend the foreclosure.
They may choose this over a short sale, as the short sale requires them to vacate sooner.
In this scenario, you are helping with their defense, inadvertently and without compensation.
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Comment by Smitty on December 6, 2011 at 6:52am
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Michael, I have no problem with a homeowner filing bankruptcy. I've worked 5 bankruptcy/short sales. I don't understand WHY a homeowner would chose foreclosure over a shorts sale which is essentially what the homeowner is saying. She flatly stated if they don't release the deficiency she'll let it foreclose and to be honest, I'll work to get that language removed but we all know it's not gauranteed. I'd still take an approval letter with deficiency rights retained and CHANCE it rather than go through foreclosure. PLUS a homeowner can file bankruptcy AFTER the short sale in case the lender ever DOES decide to pursue. I've never see a lender pursue after a short sale.
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@Kevin/Smitty Foreclosure Defense, I think. Meaning, homeowner follows strategy of staying in the house and defending against the foreclosure. It may be a rational choice for some homeowners, particularly if they can and will file BK.
We may not like the choice, but it is an option they can choose.
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EXACTLY!
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Comment by Kevin - Greenville, SC on December 6, 2011 at 6:12am
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Not sure how letting it go the Foreclosure would 'stick it to the bank' especially if you're in a recourse state.
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Comment by Kevin Van Eck on December 6, 2011 at 6:00am
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Smitty - I had two GMAC approvals in November, both with waivers. Like you say, investor-specific, but that's the latest from this end with GMAC
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Is GMAC issuing approvals with deficiency rights reserved these days? I have a seller who is hell bent that if they issue hers with the rights reserved that she'll let it go to foreclosure to "stick it to the bank" Gotta love it right? I know it's investor specific, but what has everyone encountered lately?
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Wendy - You may want to update the GMAC fax number on the site. They told me today it was (866) 709-4744, and the number matches what is on their financial worksheet package.
Thanks!
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