Information

GMAC

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

Hardship Affidavit

Insurance Letter

Buyer NO Flip Affidavit

Name Affidavit

 
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

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

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

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

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

You need to be a member of GMAC to add comments!

Comment by Jen Hill on June 11, 2012 at 11:06am

Hi Graham, nice escalation dept, eh?  Lots of help they are.  I have several emails for GMAC Executives.  I'd say blast an email out to all of them with "Foreclosure tomorrow!!!" in the title and see if anyone responds.  CC the negotiator and her Manager/Team Lead.  Whoever you've got ties with.  Hope this helps!!

[email protected] (mailto:[email protected]),
[email protected] (mailto:[email protected]),
[email protected] (mailto:[email protected]),
[email protected] (mailto:[email protected]),
[email protected] (mailto:[email protected]),
[email protected] (mailto:[email protected]),
[email protected] (mailto:[email protected]),
[email protected] (mailto:[email protected]),
[email protected] (mailto:[email protected]),
[email protected] (mailto:[email protected])

Comment by Deb Clark-Wyles on June 6, 2012 at 7:37am

I hope so.  Thanks for your input. 

Comment by Michael Schneider on June 6, 2012 at 7:30am

Anything is possible, Deb, particularly with distressed assets. I have two GMACs in process, no change or mention of change, so far.  Somehow one feels I think, that the restructuring of their debts should be well above our activities.

Comment by Deb Clark-Wyles on June 6, 2012 at 7:13am

I was just concerned that since it is a Ch. 11 they might need bankruptcy court approval to continue processing short sales since those transactions impact the assets of the company

Comment by Michael Schneider on June 6, 2012 at 7:07am

I wondered that too.  I don't really see why the ResCap BK filing should affect short-sales, positively or negatively.

Comment by Deb Clark-Wyles on June 6, 2012 at 6:38am

Does anyone konw if or how the recent GMAC Ch 11 bankrutpcy filing will effect short sales?

Comment by Deidre St. Romain on May 31, 2012 at 5:17am

Does anyone know if GMAC has a guideline of sorts for requirement to be late on payments a certain number of days before COE on a short?  Have a seller who would like to remain current as long as possible (loan adjusts in September) to lessen the negative effects on his credit.  Is it investor dependent or ???.  His loan is conventional and he is going HAFA.  Thanks.

Comment by Stan Simon on April 25, 2012 at 11:01am

Linda, the HUD has been sent and approved. I think I'm ok, but would prefer to have something in writing from GMAC that is more definitive. Thank you for your help.

Comment by Linda Blackmon on April 25, 2012 at 10:54am

Stan, I would get those papers to my title company, and let the closer do a Pre-HUD to send to them for approval. This should squash any questions if title can get a clear approval on all.

Comment by Stan Simon on April 25, 2012 at 10:27am

Hi Linda,
Thank you for responding so quickly. I'm almost certain the 1st is Fannie Mae, but I'll double check. I just took another look at the 2nd approval and it states they "are prepared to accept the offer in question as full satisfaction of the outstanding debt, and we will release the lien on the subject property once the following conditions are met."  As stated previously, the 1st states full and final satisfaction. The 2nd is a little more ambiguous.

 

Members (418)

 
 
 

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************