Closed - GMAC Mortgage d/b/a ditech Short Sale via Equator - 11 Days!
Hello All,
Well wonders never cease. We just closed a GMAC d/b/a ditech Short Sale and the approval came in 11 business days after the initiation in Equator. Here are the specifics and the approval letter is attached for your reference:
- Original Loan Amount: $207,000 (refinance in summer, 2006)
- Approved Contract Price: $47,000 (Seller paid $167,000 in summer, 2005)
- Approved GMAC Net: $40,960.47 (19.8% of original loan amount)
- Approved REALTOR Commissions: 6%
- Approved Closing Costs: Tax proration debit for 2010; Settlement Fee; Title & Lien Search; Wire & Courier; Title Insurance; Recording Fees; Doc Stamps on Deed.
- Deficiency Waiver?: "We agree to accept the proceeds generated by the . . . purchase as full and final satsifaction on the first mortgage indebtedness on the above-referenced property.
Now if they would all go like this one . . . .
Have a great weekend.
Chris Black
Attorney
Winged Foot Title, LLC
8695 College Parkway, Suite 1041
Fort Myers, Florida 33919
P: (239) 985-4142
F: (239) 425-3518
- Attachments:
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20100723110659.pdf, 185 KB
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Replies to This Discussion
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Permalink Reply by Chris Black on
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Hi Kate,
Congratulations on the new listing.
As far as I know, GMAC must initiate the file in Equator and must list you as the agent. I just checked our Equator account, and sure enough, GMAC is not listed on the drop down menu on the initiation page. You may want to give them a call back and ask that they initiate the file in Equator for you.
Good luck! Wish you were in Florida so we could help.
Chris
Kate Edwards said:Hi Chris-I just listed a short sale with one loan with GMAC, I called them yesterday to get preliminary information, they did not mention equator. I am on equator, but it only shows Bof A as an option??? Let me know if you have any advice -
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