Working on short sale with GMAC with a second to Bank of America.  The second with Bank of America is around $47000.00 and GMAC has agreed to pay $2820 which is 6% of the unpaid principal balance.  Bank of America wants approx $11000..00 because there is MI.  The seller is willing to pay approxi 6800 toward the $11000.00, but GMAC that it violated Fannie Mae guidelines of May 25, 2011.  Says that this guideline says that buyer/seller/realtor cannot pay more towards second mortgage.

I checked the Bulletin issued on May 25, 2011 and it does not say anything about the seller/buyer/realtor paying more towards the second mortgage.

 

Anyone heard of this or had this situation?

 

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Yes, that is correct and while you're right there is not a persay guideline that's what your are going to find out with Fannie Mae as well. It's $6000 or 6% UPD and that's it as I've been working through the issue as well.  Get your client to give consent for BOA and GMAC to speak to each other.
It's been covered in another discussion here.

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