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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

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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 December 28, 2012 at 8:48am

and on the 2012 4506 T, there is a fee. My sellers are wondering who pays for that?

Comment by Dean E Eshelman, CPA, CDPE, IRES on December 28, 2012 at 8:44am

How can GMAC bill the Seller for something the Seller did not authorize or give permission to do? Just Stupid!!

Comment by JulieAnn DeCeunynck on December 28, 2012 at 8:31am

they are not able to give me an explanation however i have not heard back from the negotiator yet. The BPO was done a few weeks ago, the seller just recieved the bill yesterday. Still waiting for a response from our negotiator and will keep you posted!

thank you

Comment by Sara Mehrpouyan Los Angeles CDPE on December 28, 2012 at 8:30am

They will add it to the total loan balance and since it's a short sale, I don't think that it will make a difference?

Comment by Tara Samney on December 28, 2012 at 8:27am

JulieAnn,  Odd....I just had a GMAC BPO done a few weeks ago and there was no charge.  Did they give a reason?

Comment by JulieAnn DeCeunynck on December 28, 2012 at 8:12am

does anyone know when GMAC started charging sellers for the BPO? the last thing my sellers needed was another bill! Not to mention they charge double what they pay us realtors to do a BPO  =( 

thank you!

Comment by Jimena Paridee on December 12, 2012 at 11:41am

Thank you so much Jen, I will give it a try.

Comment by Jen Hill on December 12, 2012 at 11:17am

Hi Jimena, try anyone of these options with GMAC and see if they get you anywhere:

Executive Escalation Team at 1-866-924-8409, Mon – Fri from 8 am to 5 pm CT, or email [email protected]). They should respond to your request within 3-business days.
 

Send email to GMAC executives…..


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

*** Sharon is the Manager of the Executive Offices, should start with her
[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 Jimena Paridee on December 12, 2012 at 11:01am

GMAC is giving me trouble again and I need some Super Stars' advice.  GMAC is the 1st, Freddie is the investor, Green Tree the 2nd.  GMAC wants Green Tree to accept 10% of UPB and release the deficiency, Green Tree will release the lien for the 10% but not the deficiency.  GMAC is insisting it is a new investor requirement that the 2nd issues the letter releasing the deficiency before they will issue their letter.  If anyone has any ideas how to fight this or any numbers to get it escalated I would really appreciate it.  I have escalated it to Green Tree already but they won't budge, they want $15k to release the deficiency and of course GMAC won't allow any more money to be given to them.

Comment by Anna "Banana" Kruchten on November 7, 2012 at 3:09pm

Thanks Rachael I'll check that out. That seems simple enough. Sounds like their listing clause.

 

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