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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

 

 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

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Comment by Rachael Babinchak on November 7, 2012 at 2:51pm

I think the clause is language "the seller's obligation to perform on this contract is subject to the rights of the mortgage insurer (if any) and the mortgage holder relating to the conveyance of the property".

Comment by Anna "Banana" Kruchten on November 7, 2012 at 12:06pm

Does anyone have GMAC 'purchase agreement clause'?  I don't have that in my previous files but she's asking for it.  Thanks, Anna Banana

Comment by Monica Brisson on October 23, 2012 at 1:50pm

I am new to the Forum here and would like to know if HAFA requires partial payments? Also, paragraph 5 states closing costs paid by Seller, they typically have no money so what would one put in there. Any suggestions.

Thanks.

Comment by Ellen Dittman on October 11, 2012 at 10:20am

Loan transfered from GMAC TO Green Planet Servicing LLC. I am about to see how the short sale will go from here.

Comment by Jimena Paridee on October 2, 2012 at 8:25am

Thanks everyone at least I know I can fight it.

If anyone has a sample letter with the deficiency waiver they would be willing to share I would greatly appreciate it.

Comment by Deidre St. Romain on October 2, 2012 at 8:23am

me too Elise!

 

Comment by Elise Fay on October 2, 2012 at 8:21am

I have always received a Full Release from GMAC...

 

Comment by Jimena Paridee on October 2, 2012 at 8:05am

They are asking for a cash contribution which my seller is willing to do in exchange for a full release but the negotiator is saying that GMAC is just not doing them and since I have not done a GMAC loan in forever I was just wondering if other people are getting releases so I know how hard to fight them on it.

Comment by Rachael Babinchak on October 2, 2012 at 7:42am

I got one this week with language "considered full and final satisfaction of the mortgage"....but it was a nightmare escalation to FNMA.

Comment by Jimena Paridee on October 2, 2012 at 7:30am

Has anyone gotten a GMAC approval lately with the deficiency waiver, I just received this email from the negotiator and I'm wondering how true it is...

Unfortunately I am unable to guarantee a deficiency release. See the following. At this time, GMAC Mortgage and its investors are not pursuing any deficiency judgments; however, GMAC Mortgage and its investors reserve the right to pursue a deficiency at a future date should it be deemed warranted and is allowable by both state and federal law.

 

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