I have a listing with 2 liens (Nationstar ($78K & GMAC $30K). Since I knew the offer was coming in, I called Nationstar & GMAC to give them an update. Nationstar is set foreclosure date on 1/1/2013. They have informed me that since sales price covers the their lien they will not do a short sale. GMAC wants to look at the contract before making a decision. All they want from me is the contract & listing agreement & HUD statement. Which I will do on Monday. How likely will they accept the short sale? Any advice what else I need to do to push this short sale thru?
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Taz,
With the 1st getting paid off in full how much is the 2nd getting as a payoff? Depending on the release they are getting will determine whether they approve the short sale on their end or not.
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