Although I have sold numerous short sales this is my first with GMAC. One lender only. My concern is the possibilty of a deficiency judgment for my seller. Has anyone closed with them recently in Florida?
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Wendy, it is Fannie Mae.
Dani - First, what is the loan type? If it's FHA/HUD, Ginnie Mae or VA, there won't be a deficiency judgment. Nor would there be for HAFA. If it doesn't fall into those categories, start by asking for waiver of deficiency. Alert your seller that they may have to contribute cash or promissory note to make that happen.