Comment

Comment by Maya Thomas on January 21, 2011 at 8:39am

The easiest short sale approval I ever got.  Took about 45 days from submission to closing.

Comment by Maya Thomas on January 21, 2011 at 8:39am

I did and it was as easy as pie!  It's been awhile though.

Comment by Wendy Rulnick on January 21, 2011 at 8:19am

Anyone done a GMAC for USAA Va Compromise sale?

Comment by Mary Lou Burton on January 11, 2011 at 4:19am

GREAT NEWS....SHORT SALE APPROVED    Since the negotiator would not reply to my mail or calls, I pushed the seller to contact the negotiator and after several attempts she finally picked up the phone.  The SS was approved, but, now they want more than the funds can provide.  They cut commission, have the seller bringing in thousands to closing, the buyer is picking up some fees and still there is not enough to meet their settlement amount.  Out of the couple of dozen I have done, usually, the banks end up getting a small amount over, usually a few hundred.   I used to think BOA was the worst.

 

And, like others on this site, two other deals in the last six months went great.  Terrific negotiators, responsible communications, closing without a hitch.   Just very disappointing.    

Comment by Kim Hanson on January 6, 2011 at 4:55am

Hi All,

 We have finally negotiated a short with GMAC as the Second. After a long process!!!

The Buyer's are supposed to close today but their loan wire did not come in on time.

 

GMAC is telling us that they will not extend the closing date one more day.

BOA is the first and they have no problem.

Does anyone have a clue of how we can get them to work with us?  Any experience with this?

Comment by Amy Martin on January 3, 2011 at 6:08am

Help anyone. Reaching out for a higher up in Fannie Mae to resolve our issue.

Please provide contact information for Fannie Mae. My negotiator did not do justice for us and upon submission of our Final Hud so we can fund and close, rejected that we did not follow approval. It so happen that they sent a supplemental approval outside the actual approval we have received and that supplemental came up to our knowledge whe it was time for us the send the final HUD approval. We were suppose to close on the 30th of December and received a short sale decline.

Your help will be very much appreciated.

Thanks.

Amy

Comment by Amy Martin on December 30, 2010 at 7:19am

Can I please have a phone number to escalate my file? I have to fund and close today and got decline bec due to 1 day extension, now they are asking for a promissory note. And when we said no, they declined our short sale. Please help, VP or someone up there to help us also this is a Fanie Mae loan?

Comment by Mary Lou Burton on December 20, 2010 at 2:30pm

Yes, my seller felt the right thing to do was be honest, wish more people were like them, but, unfortunately it has hurt them.  It is obvious they have a hardship, living out of state, but, GMAC doesn't see it that way. 

After arguing with a customer service person, who was new, I learned that GMAC will keep the file open for five days and that they have five days to send out a formal denial letter.  The task I was asked to complete was removed today.  I have contacted CW's supervisor(I hope) and asked for some kind of sense from this mess.   Apparently, I had five days including the week-end, on the other hand GMAC has five business days.

The last GMAC  deal I negotiated,  the seller lost $1100 in annual  income 22 years with the same employer, his wife lost three weeks pay due to foot surgery, they hadn't made a payment in 6 months, paid off enormous sums on their credit cards while waiting for approval  and they were approved based on their financial hardship.   And, I was able to get them forgiven on both their loans ......totally forgiven.  I know every mortgage is different, each with their own investor.   Another issue, the government should control. 

 

Each of us that are  parents and or social leaders in our  communities, that promoted honesty as the best path to take in life.......none of us prepared our kids to know that the rules changed depending on what side of the coin you were on.  Interesting that the owners have to be held responsible, but, not the mortgage companies.   They can't even give a persoanl reply. 

 

Comment by Robin M. Willis on December 20, 2010 at 12:16pm

I'm sorry, Mary Lou, but from my experience the only way out of this is for the seller to STOP making the payments.  It doesn't make sense for the bank to approve a short sale when they are continuing to receive the monthly payment.

Comment by Mary Lou Burton on December 20, 2010 at 12:02pm

I think I have lost my mind.  Entered required docs on Equator, waited for a reply.  Seller lost his job, almost three years ago, found employement out of state at a loss of $13000 annual.  Rented for a brief time, seller has returned seller times to repair and replace damage from tenant and HAS MADE ALL OF HIS MONTHLY PAYMENTS ON TIME.  I begain marketing the house in February for $30000 higher than received the only offer($48000) from an excellent buyer.  GMAC countered at $55000, suspect that was the BPO value by an agent 30 miles from the subject.  The buyer came back at $52000.  Three weeks later, receive "short sale denied due to the owner can afford the payments".  Then immediately asked to supply a list of 15 things on Equator, including manyof the same documents I have already supplied in the package.  I protested the $55000 counter and supported it with recent solds and availables.  I called the negotitor CW several times asking her to call, also, requested through Equator and the "task" of 15 things was removed today.  Customer service was new and no help....could not get a supervisors name or phone number.

Any ideas......  solid buyer, within three thousand of counter offer, seller lives out of state due to losing his job, took almost a 20% pay cut....  The only thing I can see is that the seller is up to date on his payment and submitted his bank statements that show he has a few thousand in the bank.  

Please, send you advice, your experience or a contact number to a supervisor. 

 

Thanks

 

The  house will never sell for the balance of the mortgage.

 

 

 

 

 

 

 

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