Information

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

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

Comment

You need to be a member of GMAC to add comments!

Comment by Brigitte Powell on February 26, 2011 at 1:45am
John, re authorization form...is that something new you have to do now? I was just told (9 months ago :-) ...can't believe that either) to enter the info into GMAC on Equator. Where I did not see them on the drop down menu prior to that, I found that once he had emailed me to enter the info, GMAC was on the drop down menu. No form was involved. Having said that, I did send all 365 thousand pages :-)  via fax and once I verified they received it, I was told that a file had been opened and "where is the contract" was the next question. They didn't close the file once they found out I had no contract I just wanted to go on record that this was a SS and if there was any objection this was the time to do so.  Each servicer definitely has different proceedures and requirements and it is also true what was true yesterday may most likely not be true today.
Comment by Sandy Skover on February 25, 2011 at 12:29pm
I went all the way through the process with my negotiator up to getting the approval before she added the file to equator.  We did everything by email once I sent in the Auth and package to GMAC.
Comment by Wendy Rulnick on February 25, 2011 at 12:26pm
Thanks for piping in, guys.  I must have thought I used to see GMAC in the drop down!
Comment by John Edelman on February 25, 2011 at 12:15pm
Unlike B of A and others that use Equator, with GMAC the agent can not initiate the short sale in Equator.  You have to send in the authorization form to GMAC and then they will contact you and assign. After they do this, you have to accept or decline the "assignment".  I am not sure why they have to make it so difficult - but this is their process as far as all of the GMAC short sales that I have done - and I have just started another.
Comment by Brigitte Powell on February 25, 2011 at 12:07pm
GMAC is still in Equator. I have one going with  them. If you are added by them you will see them in your drop down window.....I think.
Comment by Wendy Rulnick on February 25, 2011 at 8:07am
OK, thanks, Kyle.  They used to be in the drop down menu, not anymore.
Comment by Kyle Souza on February 25, 2011 at 8:04am

you have to contact GMAC and they initiate for you and contact you in Equator.

Comment by Brian Peters Jr on February 25, 2011 at 7:51am
Equator is a waste of time, yes deals get closed but you can't replace human contact. ;)
Comment by Wendy Rulnick on February 25, 2011 at 7:49am

Kristin - GMAC is no longer initiating short sales in Equator.  We were starting a new one today! GO in there and look - try INITIATE short sale.  They are not even listed anymore!! I am serious.  I don't think my eyesight is that bad!

 

Comment by Kristin D Smith on February 25, 2011 at 7:45am
Wendy - I'm not sure I understand your comment.  I have a deal going with GMAC right now & we are using Equator.  I'm brand new to the system, so I'm a little confused??? :)
 

Members (418)

 
 
 

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************