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

 

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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

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Comment Wall

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Comment by Smitty on November 14, 2011 at 3:27am

Cool thank Harry.  I went to "initiate" on Equator and couldn't.  There was no option to select GMAC, but I did fax in the packet and email it and will follow up today.  OF COURSE it's a sale date of 11/22, so we literally have to hover over this file all day until we can get it seen.

Comment by Smitty on November 13, 2011 at 1:34pm

OK, so is GMAC done with Equator???

Comment by Smitty on November 13, 2011 at 1:34pm

Thanks Charita, I will be following this thing every hour for the next 5 days...I may have to hit one of the execs.  Thanks for the emails.

 

Comment by Terri White on November 12, 2011 at 8:05am

Does anyone belong to NABPOP?  If so, have you found the membership to be beneficial?

Comment by Charita Cadenhead on November 10, 2011 at 11:22am

Just a follow up on my earlier comment.   Just got off the phone with GMAC and the contract was approved.  Was told that they would accept the estimated net that I submitted on the HUD-1.

Comment by Deidre St. Romain on November 10, 2011 at 10:04am

Wendy or Bryant:  Could you put these email addresses and these escalation numbers on the top of this forum so they are readily available?   Thank you!

Comment by Jen Hill on November 10, 2011 at 9:35am

Smitty, Chase has an Escalation Dept that I've only recently discovered.  I used it to get a response from a negotiator who wasn't responsive otherwise, but they may be able to help or at least direct you.  866-658-2327 or 904-886-5900. 

Comment by Charita Cadenhead on November 10, 2011 at 9:09am

Smitty on 11/7/2011, I sent a group email to GMAC executives below because negotiators said that investors had rejected an offer that was for more than GMAC's latest estimate of value. Go figure.  I got a message back the same day from Sharon Robinson.  I got a call from GMAC on yesterday saying that investors had the file and that I should expect an answer by the end of the business day today (11/10/11).  We'll see.  Good luck.

 

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Comment by Smitty on November 10, 2011 at 8:55am

UG...homeowner just told me that house is set for foreclosure 11/22 and she is getting me full packet TOMORROW.  I've been chasing her for 30 days for paperwork.  IS there an executive office for GMAC I can call right away and get this thing escalated the minute it's faxed in?

Comment by Jen Hill on November 8, 2011 at 5:18am

Hi All, just wanted to let everyone know that GMAC also has an email to submit the SS package to.  [email protected]

Good luck!

 

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