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This group is for information, tips and solutions for GMAC short sales.

Members: 428
Latest Activity: Apr 8, 2016

GMAC Short Sale Information

 

 Click the button to hire a Short Sale Agent Superstar in your area

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

Hardship Affidavit

Insurance Letter

Buyer NO Flip Affidavit

Name Affidavit

 
Here's a sample payoff from GMAC
GMAC Approval Letter.pdf

Discussion Forum

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Does anyone know where I can download Loss Draft Funds Balance Letter from Ocwen BankContinue

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Started by Kelly Magreevy May 13, 2013. 0 Replies

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

gmac 2nd help

Started by Mike Sher. Last reply by Pamela Walsh Jan 24, 2013. 5 Replies

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

Loss Draft Funds Balance letter

Started by Brenda L Wood. Last reply by Paola Martinsen Jan 10, 2013. 4 Replies

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

Comment Wall

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Comment by Pattilynn Guilford on December 29, 2012 at 3:47pm

4506%20T%202012%20%2457.pdf

Attached is the 4506 T 2012 Revised form that the banks have sent me with a fee of $57 on it. My sellers noticed it and asked  - Who pays for this? I said the bank, however, seeing on this blog that the bank sent a bill for a BPO caused the question about who will pay the $57 fee. Hopefully, this clears up any questions.

Comment by Kevin - Greenville, SC on December 29, 2012 at 11:06am

The IRS does charge a $57 fee if you want to receive a full copy of your Tax Return, but a transcript of it is free.

The IRS does not charge a fee for transcripts, which are presently available for the current tax year as well as the past three tax years.

If you still need an actual copy of a previously processed tax return, it will cost $57 for each tax year that you order.

http://www.irs.gov/uac/How-to-Get-Your-Prior-Year-Tax-Information-f...

Comment by Pattilynn Guilford on December 29, 2012 at 10:42am

@Dean ... nope its a 4506 T for 2012 so I think there are two and i will use the one you posted. The ones I have was sent from the bank with the sellers name and info already printed on it.

Comment by Dean E Eshelman, CPA, CDPE, IRES on December 29, 2012 at 9:23am
@Pattilynn I believe you are looking at Form 4506 which is a request for a copy of a tax return. You should be completing a 4506-T or 4506T-EZ requesting a tax transcript for y our short sale. Form 4506 is only used if the taxpayer needs a full copy of their tax retun for their records and even then fees are waived for areas of a federal disaster declaration. http://www.irs.gov/pub/irs-pdf/f4506t.pdf
Comment by Pattilynn Guilford on December 29, 2012 at 6:49am

@Dean - yea ... 'seller' is bank. The previous 4506 T's had no fee, now a $57 fee:

8. Fee. There is a $57 fee for each return requested. Full payment must be included with your request or it will be rejected. Make your check or money order payable to “United States Treasury.” Enter your SSN or EIN and “Form 4506 request” on your check or money order.

Comment by Kevin - Greenville, SC on December 28, 2012 at 11:51pm

c. Servicer shall be limited to imposing property valuation
fees (e.g., BPO) to once every 12 months, unless other
valuations are requested by the borrower to facilitate a
short sale or to support a loan modification as outlined in
paragraph IV.G.3.a, or required as part of the default or....

https://d9klfgibkcquc.cloudfront.net/Consent_Judgment_Ally-4-11-12.pdf

Comment by Celeste ODea on December 28, 2012 at 11:42pm

Send the BPO bill to GMAC to pay.  

@Ludora - the GMAC 3rd Party Authorization form is the last page of their "Financial Analysis Form."  Be sure the Seller completes this as part of your short sale package.

Comment by Ludora Cooper on December 28, 2012 at 7:51pm

Will be working my first GMAC Short Sale...Do they have their own Authorization Form? If so, where can I access the form?  Thanks in advance Superstars!

Comment by Kevin - Greenville, SC on December 28, 2012 at 12:37pm

BPO's, Appraisal's and Drive By Inspections are generally charged to the Loan.

Comment by Dean E Eshelman, CPA, CDPE, IRES on December 28, 2012 at 12:24pm

@Pattilynn - assuming it is the sellers 4506T so it is a seller expense.

 

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