I've done several short sales and by far, GMAC is the hardest. They seem to not want to listen to common sense.

It took me over 6 months before BOA (1st lien holder) shares a good short sale plan under HAFA. When I brought the proposal over the GMAC as the 2nd lien holder, they "flat out" rejected the proposal, not wanting to listen.

As per the Negotiator's actual words, "We don't care how much we get because we don't want the seller to get anything. This investor (E-Trade) does not allow HAFA".

Fine. That was May 2012 and I took the file back to BOA for a traditional short sale.

Again 3 months later, I finally heard back about a proposal from BOA. The payoff to GMAC is $2000 on a $25K loan amount. The Negotiator's comment, "This is too low. I know the Investor will NOT approve this".

Fine. I went to see if my seller can find anything to sell, beg and borrow some money. She said she could try to do $1,000. Again, GMAC said it's too little.

I feel I've done my best trying to make sense of this all. It seems that GMAC negotiators have alot of authority to say what gets accepted, what not.

When I politely ask the Negotiator, when this property goes into foreclosure, no one gets ANYTHING!

I'm not sure if short sales should make sense but to me, it doesn't AT ALL. 2nd lien holders can be completely wiped out. Gone, so why don't take what little you could get, rather than to see this to go into foreclosure?

At the same time, I know I wont be able to keep this buyer too much longer. That is an honest statement and when presented to the GMAC negotiator, he said, "You know that's just a stunt the buyer is pulling so he can put pressure on you to get this file worked on faster, right?"

To that, I replied, "I have a short sale addendum that says the buyer can walk and it's within a few days". I don't know if the buyer is pulling a stunt but I know what he said on the contract.

He kept quiet.

Can anyone help me make sense of this all? I spoke to BOA to get them to up their 2nd lien payoff. They said their policy is 8%....