GMAC
Information
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
-
Comment by alisa hagner on October 1, 2012 at 8:01am
-
Anyone have any luck in a GMAC SS that was refi'd in October 2011? I think HAFA is going to be denied? Seller has had no luck in refinancing the 2nd after a year of trying.
alisa in denver
-
Comment by Kevin - Greenville, SC on September 25, 2012 at 11:36am
-
Not what I meant, but I would assume they already know that.
-
Comment by Dean E Eshelman, CPA, CDPE, IRES on September 25, 2012 at 11:35am
-
@kevin Yes, they look and see you are behind and start foreclosure.
-
-
@Pattilynn Federal Consumer Protection Agency.
-
-
Beware of advising your client to and/or sending in a QWR on behalf of your client. Just saying.
-
Comment by Pattilynn Guilford on September 25, 2012 at 10:24am
-
@dean - what is FCPA? and contact info pls :)
-
-
@Cceleste I believe they have 20 days to acknowledge receipt of QWR and 45 days to respond. However, I have found the response is limited and some don 't respond at all. To be officially received it must be sent to the correct correspondence address or they will say you mailing did not count. Be sure to send certified return receipt and if they do not fully respond file a respa complaint with FCPA.
-
Comment by Celeste ODea on September 25, 2012 at 6:49am
-
Send in a QWR (Qualified Written Request) letter. I believe lender has to respond, by law, within 60 days., .Google it and you will get a sample. Send Return-Receipt-Requested and Certified.
-
Comment by Carmine R Biello Jr on September 24, 2012 at 10:33am
-
Alan,
Tell GMAC as a matter of law, they must disclose the investor to the Seller. They do not necessarily have to tell you but... if the Seller calls and verifies their information, they must disclose this information. Have the seller call in on a three-way call with you. They do not have to give “detailed contact information" like phone number, but they must disclose who the investor is.
Best of Luck!
Carmine
-
Comment by Alan Nguyen on September 24, 2012 at 6:21am
-
Escalated to Executive office, they said it's investor guideline and they didn't give out investor's information.
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons
You need to be a member of GMAC to add comments!