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GMAC

This group is for information, tips and solutions for GMAC short sales.

Members: 424
Latest Activity: Apr 8, 2016

GMAC Short Sale Information

 

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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

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Comment by Pattilynn Guilford on July 17, 2012 at 6:29am

It means they will want 15%. Recovery is a collection agency for the bank.

Comment by Loreena Yeo on July 17, 2012 at 6:27am

I have GMAC as 2nd lien holder. I recently received this response, after wanting to submit the 3rd offer (both prior walked),

"The file will moving to the recovery dept in 12 days. I wouldnt have enough time to review for you in this dept. This investor has a mandatory charge off when loans are 240 days past due. Even if I'm working short sale, they will request the file be closed and moved to recovery dept. Keep your docs and submit after the charge off happens. Allow atleast 14 days to make sure loan is in their system."

What does "CHARGE OFF" means and how does it affect my transaction?

Comment by Michael Hayley on June 27, 2012 at 8:12am

refuse to reduce commission. Say "my broker will not allow it"? "I never reduce my commission and I cannot start now". 

Comment by Greg Johnson on June 27, 2012 at 8:10am

Can anyone tell me what is the best plan of attack when the Bank(GMAC) wants to reduce your commission when you know the investor will allow it? The investor is Fannie.

Comment by Michael Schneider on June 25, 2012 at 6:20am

Just  a name change for the Bank, I think, which was a different entity from GMAC Mortgage.   GMAC Bank, NA was tainted, I think.

Comment by Ron Margolis, RA on June 25, 2012 at 6:12am

I've had the same experience. GMAC activates it. Although now that they are Ally bank, perhaps things will change. Anybody know?

Comment by Michael Schneider on June 25, 2012 at 5:42am

GMAC initiates, presumably after qualifying the sellers.  You call them first, at least, that is what I've done.  FHAs handled in EQ, also.

Comment by Ellen Dittman on June 25, 2012 at 5:08am

Just went to initiate short sale in Equator for GMAC as lienholder. There is no GMAC option now, did they stop using Equator??

Comment by Sharona Byrnes on June 15, 2012 at 2:03pm

I have a GMAC 2nd in a short sale situation - client got a letter from the bankruptcy court treating him like a possible creditor. No word yet that it will affect the short sale - going to continue as usual until someone says otherwise.

Comment by Jen Hill on June 11, 2012 at 11:08am

Also, if you can, find out who the investor is and try to contact them as well.  Remind GMAC that they have a fiduciary responsibility to their investor!!  :)

 

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