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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 Pamela Lester on June 6, 2011 at 7:58am
Once a short sale deal has been charged off, we have had 0 luck getting the loan re-instated for consideration.
Comment by Amy Martin on June 6, 2011 at 7:21am

I have a 2nd lien with GMAC which was previously approved and requested for time extension and got declined and file went to Recovery or has been charged off.

Recovery said that they are requiring 30% of amount owed $84,950 which is impossible. Our previous approval was only $6K and we have no problem with that. Do you have anyone that I can call to help over there? Our investor is Wells Fargo. Any help will be highly appreciated. Have approval from 1st already.

Comment by Kevin - Greenville, SC on June 6, 2011 at 6:15am
@Pam - counter in equator @ 6% and be willing to fight for it.  I did and got it (have on all of mine).
Comment by Pamela Lester on June 6, 2011 at 6:06am

I have completed many, many short sales.  I just submitted a GMAC short sale package directly to GMAC.  I was shortly thereafter contact by a 3rd-party negotiator from REDC.  There is only a 1st Mortgage and it is not a FNMA/Freddie Mac loan.  After contact with the negotiator from REDC, Equator showed my commission was cut to 5% and the 3rd party negotiator was to receive

$2500.  I have not had a bank reduce my commission to 5% on a short sale in two years.  I guess they don't understand that Realtors have a long memory and when this market turns around, GMAC's name will be probably not be on our minds when giving out potential lender names!  Has anyone dealt with REDC?  I too was able to get Wells Fargo to raise my commission two years ago back to 6% when they tried to cut it to 5%, but have not submitted a short sale to GMAC.  Most of my short sales are BOA and Wells Fargo which are great to work with.

Comment by Kent Dills on May 22, 2011 at 7:41am
Congrats!  Way to go!  ;-)
Comment by Terry Parrish on May 22, 2011 at 6:49am
I just wanted to give GMAC a thumbs up!  Today is Sunday - their Negotiator sent me an approval for a short sale -  BRAVO!  All went very smooth.  Used GMAC forms on their web site, submitted all they requested from Seller, received approval in less then 30 days.  The Negotiator was very prompt in returning calls and emails, communication was excellent!  Thank you GMAC.  We saved another home from foreclosure in Mesa, AZ!
Comment by Angela Pitre Reddy on April 7, 2011 at 2:21am

So far GMAC hasn't been so bad to work with. I received an approval from them about 30 days ago and needed an extension (same net) for 2 weeks. I emailed negotiator and supervisor through Equator system and got my extension letter next day and it only took 30 days to get approval once I received an offer.

Comment by Michael Schneider on March 9, 2011 at 6:11am

A GMAC Message:

I have a Deutsche Bank file, serviced by GMAC, where the Investor is just being plain stupid, sending the borrower into the CT foreclosure mediation process, thereby finding to only way to lose an additional $35,000.  So, I'm expecting eventually someone will wake-up and ask why.

So, I get a message on my new iPhone from GMAC "You have a new message in Equator". Wow, I think, they are going to do the sensible thing.  Great.

Wrong.  I log into Equator to read my message and here is my message:

You have received a message with information for your review. Please follow the link below to login and review your message. http://www.equator.com

You just can't make this stuff up.

 

Comment by Bryant Tutas on February 26, 2011 at 2:56am
Brigette. What you received was probably notification that NAR finally took a position on the new FTC MARS rule that went into full affect recently. It has a HUGE affect on how we must disclose to the public about our services if we handle short sales and/or loan mods. Here's an article I wrote that may help-
Comment by Brigitte Powell on February 26, 2011 at 1:48am
By the way, has anyone heard of "new rules" pertaining to SS? I still have not accessed Natl Assoc of REALTORS in order to find out what those rules might be. Just got an email and the link to NAR yesterday regarding this.
 

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