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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
Here's a sample payoff from GMAC
GMAC Approval Letter.pdf
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
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
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
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
Attached is the 4506 T 2012 Revised form that the banks have sent me with a fee of $57 on it. My sellers noticed it and asked - Who pays for this? I said the bank, however, seeing on this blog that the bank sent a bill for a BPO caused the question about who will pay the $57 fee. Hopefully, this clears up any questions.
The IRS does charge a $57 fee if you want to receive a full copy of your Tax Return, but a transcript of it is free.
The IRS does not charge a fee for transcripts, which are presently available for the current tax year as well as the past three tax years.
If you still need an actual copy of a previously processed tax return, it will cost $57 for each tax year that you order.
http://www.irs.gov/uac/How-to-Get-Your-Prior-Year-Tax-Information-f...
@Dean ... nope its a 4506 T for 2012 so I think there are two and i will use the one you posted. The ones I have was sent from the bank with the sellers name and info already printed on it.
@Dean - yea ... 'seller' is bank. The previous 4506 T's had no fee, now a $57 fee:
8. Fee. There is a $57 fee for each return requested. Full payment must be included with your request or it will be rejected. Make your check or money order payable to “United States Treasury.” Enter your SSN or EIN and “Form 4506 request” on your check or money order.
c. Servicer shall be limited to imposing property valuation
fees (e.g., BPO) to once every 12 months, unless other
valuations are requested by the borrower to facilitate a
short sale or to support a loan modification as outlined in
paragraph IV.G.3.a, or required as part of the default or....
https://d9klfgibkcquc.cloudfront.net/Consent_Judgment_Ally-4-11-12.pdf
Send the BPO bill to GMAC to pay.
@Ludora - the GMAC 3rd Party Authorization form is the last page of their "Financial Analysis Form." Be sure the Seller completes this as part of your short sale package.
Will be working my first GMAC Short Sale...Do they have their own Authorization Form? If so, where can I access the form? Thanks in advance Superstars!
BPO's, Appraisal's and Drive By Inspections are generally charged to the Loan.
@Pattilynn - assuming it is the sellers 4506T so it is a seller expense.
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