Anyone have management/escalation contacts with GMAC for someone who knows the FHA short sale process? Homeowner has an ATP, contract submitted at day 70 which nets 87% of FMV. Not only did the negotiator take more than 5 days to respond, the 90051 was returned with a rejected, and then a counter to full market value. When I questioned this, the response was that all offers have to be countered at FMV. That is a direct violation of acceptable terms as listed on Mortgagee Letter 2008-43. This couid quite possible cost us the contract and could lead the homeowner into foreclosure as our 120 days will be here before you know it.
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It is standard procedure for the servicer to counter back at the full appraised price - but they will accept the required net per the tier you are in as regards the the PFS program.
My recommendation is to just respond back that the offer submitted is the buyer's best and final. It should be approved.
@Suzanne - To be on the safe side, you should contact HUD right away. Remember, you need 3rd Party Authorization from your seller to talk to HUD on their behalf. It will take HUD 24 hrs to image it. Explain your situation and they will investigate it. Their phone number is 877-622-8525; Fax: 918-236-3274, and refer to the Case Number on the ATP when sending in your fax. Follow up in 24 hours. Good luck!
Yes, I would try that option first. If it doesn't work, you cam always call HUD.
You're probably better off appealing to FHA and let them know the violation. You need FHA case number from GMAC, submit borrower auth, give it a day, and call back for a level 2 rep.
For GMAC contacts, private message me: [email protected]
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