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Please help!! Gmac contact/escalation/advice

Posted by Jenn on October 18, 2011 at 8:33am in Short Sale Discussions
I have been posting here throughout my short sale process. We have approval on our first but have to get an approval asap from gmac on the second. Our file has been with gmac for 12 days but we haven't gotten anywhere with them as of yet. I know we have a negotiator but they haven't accepted the 6,000 yet. Does anyone know how to move the process along? We have 30 days to close this deal. I am desperate for help and so stressed out. I'd really appreciate if you have any advice for me.

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Replies

  • Scott Gregory October 19, 2011 at 11:09am

    My first question is, why didn't you start the process with gmac when you started it with the first loan? You have to give them a realistic timeframe to process.

     

    12 days isn't enough to start escalating. They haven't had the file for long, and in truth, they should have had the file a long time ago. You're going to probably have to ask the first for an extension.

    • Jenn > Scott Gregory October 20, 2011 at 6:09am
      The listing agent did submit the file with the first, I should have said they have had the approval letter from the first for 12 days. I am the buyer but was hoping someone had advice on getting gmac approval quicker.
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