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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
Here's a sample payoff from GMAC
GMAC Approval Letter.pdf
Started by George Williams. Last reply by Lisa Jackson Apr 8, 2016. 3 Replies 0 Likes
Does anyone know where I can download Loss Draft Funds Balance Letter from Ocwen BankContinue
Started by Kelly Magreevy May 13, 2013. 0 Replies 0 Likes
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
Started by Mike Sher. Last reply by Pamela Walsh Jan 24, 2013. 5 Replies 0 Likes
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
Started by Brenda L Wood. Last reply by Paola Martinsen Jan 10, 2013. 4 Replies 0 Likes
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
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Got new contact info for turning in your Ocwen file that was recently service released from GMAC. Ocwen (800) 746-2936 (Your first tip off that you will need to use these contacts will be that you will have to go through the identical autoattendant verification process twice (enter loan number, last 4, etc.) loss mitigation fax 866-709-4744
[email protected]
Hi Jen, Thanks for your quick response. I am so used to working outside of Equator on FHA, just didn't really know the process. I also used to know the 5 day response time, but since nobody at the bank seems to think that applies to them, I forgot it. Good news is I do have a copy of the appraisal and the offer is less than the appraised amount, but much higher than the 88% that should be on the ATP. Hopefully that will all work out.
Hi Camille, the servicers won't even review an offer until the ATP has been issued. It doesn't matter when you submit the offer and supporting docs to them. As far as response once the ATP has been received, per FHA guidelines, once the servicer receives the offer and HUD, they have 5 business days to issue a response. That being said, I have yet to find a servicer who follows this guideline. As it suggests, it's just a "guideline" and not a rule. At day 5, I start calling to follow-up. If you find that the negotiator is not responding, escalate to his or her manager. If still no response, you can escalate to the HUD National Servicing Center for "lender delay" and request they open a ticket for a HUD Specialist to contact the servicer and put some pressure on them. On another note, do you already know the FHA appraised value? Make sure your offer comes in at or very near this amount or it will delay the servicer's response even more. Hope this helps!
GMA FHA Question - does anyone know after receiving the FHA ATP approximately how long it takes to get approval on an actual offer? I have had the file in FHA review for 2 months and according to negotiator, should have the ATP on 2/20. There is an offer and buyer is getting impatient and their offer hasn't even been reviewed yet.....any help would be appreciated.
Patricia,
Ocwen won a bankruptcy bid to acquire ResCap (the parent company of GMAC) mortgage servicing in November but completion was delayed until 2/15/13. Other players are Green Tree and Berkshire Hathaway. Here's a complete article: http://www.bloomberg.com/news/2013-01-29/rescap-delays-closing-its-...
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 the buyer wires the $9000 difference prior to closing which is what we often do with 2nds that want more then what the 1st will give. I have tried both my Service link (indymac) and GMAC negotiator and neither will move on principal. I just called GMAC Executive Escalation Team: Phone: (866) 924-8409 from this group and spoke to a nice lady who will try and help. Any other ideas?
To get a short sale started with GMAC t I first fax the auth and the offer to [email protected] and then call the Liquidation set up team at
877-521-3698 ext 8743698 |
to make sure it was received and its in the process of getting assigned. Then once a negotiator is assigned they are the ones to get the file set up on Equator. Even FHA short sales are worked via Equator :) Also,GMAC will become Ocwen in the next 3 weeks. GMAC filed BK.
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