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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 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.
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.
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.
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.
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