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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