HELP - GMAC is going to kill this short sale!!!
I will keep this short: First lienholder - LBPS, approval letter received - allowing 6% to the second and will NOT allow anything more to the second. Second lienholder - GMAC - wants 16% Refuses to budge. Seller cannot come in with difference because first will take any overage. Offered a prom note to GMAC - they said NO! I am at a loss?! Called Fannie Mae, called the HOPE hotline - they simply said they can't force a lender to accept less than what they are owed - I don't know what else to do?!!?
Replies to This Discussion
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Permalink Reply by Cherilyn Jones on
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What happened with this?
I have same scenario GMAC is the 2nd wants $7k, first will only give $3k.
Anyone have any luck getting them to reconsider?
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Permalink Reply by Angela Gandolfo on
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Sorry Cherilyn - I don't have good news for you - this was the only short sale I was not able to complete thanks to GMAC. They just kept telling me they would close the file if we didn't come up with the 16% - which they did when we didn't...
On a side note, the seller was current with payments. If your client is not, perhaps you will have better luck? Please let me know how it turns out.
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