HELP!! - GMAC requires 2nd LIEN APPROVAL before they review???

Hi everyone,

This is my first file with GMAC that has a 2nd lien attached, GMAC is the 1st mortgage, and CALHFA is the 2nd lien holder, I have uploaded all the docs they require, and they are keeping back the file in Equator stating that they need the 2nd lien approval letter prior for the 1st mortgage to review, because that is what FANNIE MAE required???     The problem I am having is that the 2nd lien holder is a grant by Keep Your Home California, it is an assistant program that the owners applied for, and their department stated that they don't issue lien approval letters, I am now stuck with the file, since the first won't go ahead and review the file, and the 2nd lien will take any amoun the first will offer, because they are a grant company.   I really need help.  Much appreciated.

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Anna,


       Sometimes this scenario happens when processing short sales. We would go ahead and escalate with the 1st and the 2nd. We work with CALHFA often and we have had approval letters issued from them before. Also, it may be possible to get GMAC to move forward without the 2nd lien approval with the proper communication and strategy. Possibly going to the investor would be another option. These situations many times can be resolved.

Feel free to reach out to me anytime as my door is always open.


[email protected]

www.ishortsalenow.com

310-564-6389

No, the first was conventional loan.

Hi, I think everyone is confuse, this is not your standard CALHFA loan, this is a payment assistant program for home buyers that is unemployed, once they accepted the grant, the grant becomes a lien, and we don't deal with CALHFA directly, we deal with Keep Your Home California, and they are not 1st lien holders, only 2nd lien, it is a silence deed of trust.   And I have emailed them, they say the only paper they issue is a pay off demand, and no lien approval letters.  My concerns is why is the 1st asking for a 2nd lien release, when we don't even know how much is the amount that the 1st is willing to pay the 2nd?   Asking the 2nd lien for approval even with standard 2nd liens, they won't issue it without a 1st lien approve, so I am really stuck with this, anyone has any experience dealing with Keep Your Home California?  Not CALHFA.

I'm not in CA, but all of my recent GMAC short sales have required 2nd lien approval before they submitted for final approval themselves. I've gotten around this request by submitting an email from the 2nd lienholder stating that they would accept whatever amount was offered & would issue approval after the 1st. Ask the negotiator at GMAC if they would accept an email from KYHC due to the grant situation. Never hurts to ask. :) 

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