I am in the middle of negotiating this short sale. The first is with GMAC, Fannie, and the 2nd is with USAA. The good news is that the seller was well aware going into this, that USAA was definately going to negotiate 1/2 the debt owed. USAA wants to settle at 50% and release the lien before closing. They want the HUD to show "0" to USAA from GMAC. I have a call into the negotiator at GMAC to see if they will accept this. GMAC has said that there cannot be a closing outside of closing. Any suggestions?
Thanks
Diane McKinney
Remax Select Professionals
Palm Coast, Florida
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Replies
Diane - The seller has the funds to settle with USAA whether or not there is a closing? Why can't he do that whenever he wants, unrelated to the sale of the house? It wouldn't be another closing.