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
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Comment by Brigitte Powell on September 8, 2010 at 1:52am
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Hi all, need to vent: GMAC had a new BPO done, the agent NEVER stepped foot in my listing. She does not live or market in our area. She had another agent go in and take pictures. I had hoped the second BPO would come in more realistic and according to the negotiator (Chris) it came back close to what the other one was. It has now been on the market for 9 months with one offer that GMAC investors rejected. they are now sticking to their demand for 340,000. I sent my negotiator and his supervisor an email in Equator asking that am challenging this BPO on the grounds that the agent never set foot into the place.....do I have a case?
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Got it, thanks.
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Comment by Kent Dills on August 19, 2010 at 2:33am
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Yes Brigitte, it's the contact info for my negotiator (not Chris like your's) and she was GREAT!
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Yea!!! :-) hey Kent :-) may I contact you for that also? Or, do you mean your negotiator?
My assigned negotiator is Chris, and he seems really nice and informative.
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Sara, contact me offline and I'll give you the GMAC contact that I've closed a short sale with. [email protected]
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Comment by Sara Mehrpouyan Los Angeles CDPE on August 18, 2010 at 11:22am
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Thank you Brigitte. Yes, HELP PLEASE. :)
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Hey you all out there :-) Sara needs help....can anyone help her? Please?
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I'm going to ask again...anyone have any contacts for GMAC? I have a 2nd with recovery dept and need some help. Thanks.
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Amy; My GMAC negotiator still contacts me thru Equator (GMAC would not accept a great offer and lost out on the first offer) I have since upped the Sale Price to what they wanted and of course haven't even received decent "lookers" for the last two months. Negotiator on Equator did say they are arranging for another BPO :-) so Dawn is right. :-) you have to be "invited" lol!!
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Wow..it's been a while since anyone posted down here--anyone have contact info for GMAC recovery department supervisor or higher ups? I really need it. Thanksss.
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