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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
Here's a sample payoff from GMAC
GMAC Approval Letter.pdf
Started by George Williams. Last reply by Lisa Jackson Apr 8, 2016. 3 Replies 0 Likes
Does anyone know where I can download Loss Draft Funds Balance Letter from Ocwen BankContinue
Started by Kelly Magreevy May 13, 2013. 0 Replies 0 Likes
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
Started by Mike Sher. Last reply by Pamela Walsh Jan 24, 2013. 5 Replies 0 Likes
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
Started by Brenda L Wood. Last reply by Paola Martinsen Jan 10, 2013. 4 Replies 0 Likes
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
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".
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
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.
Loan transfered from GMAC TO Green Planet Servicing LLC. I am about to see how the short sale will go from here.
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.
me too Elise!
I have always received a Full Release from GMAC...
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.
I got one this week with language "considered full and final satisfaction of the mortgage"....but it was a nightmare escalation to FNMA.
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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