GMAC
Information
This group is for information, tips and solutions for GMAC short sales.
Members: 424
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
Here's a sample payoff from GMAC
GMAC Approval Letter.pdf
Discussion Forum
Owen Loss Draft Funds Balance Letter
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
GMAC AS A 3RD LIENHOLDER B OF A HAVE THE FIRST AND SECOND
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
gmac 2nd help
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
Loss Draft Funds Balance letter
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
Comment Wall
Comment
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Comment by Kevin - Greenville, SC on June 23, 2010 at 9:04am
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1 Day before closing GMAC is telling me that a 2K seller contribution is required even though it is not stated on the approval letter. Telling me there is a 'glitch' in equator causing this. Oh. brother........
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Comment by Paul Manning on June 10, 2010 at 9:45am
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The SS negotiator can get the sale extended
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Comment by Nina Sloan on June 10, 2010 at 8:52am
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Thank you Jaime!!!!!!
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Comment by Brigitte Powell on June 10, 2010 at 8:49am
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Hey Nina!!! :-) Jamie is your life saver :-)!!! Call that woman right now :-)
Wow, thanks Jaime, I was feeling bad because I didn't have a number for her. Thanks :-)
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Comment by Jaime Woods on June 10, 2010 at 8:40am
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I just spoke with a breath of fresh air at GMAC...after my 6 month long ordeal with a less than friendly negotiator, I get one more contract in with 5 days to go before foreclosure to have them email me a note saying: "I no longer handle this investor, please resubmit your entire ss package to the fax #" UGH! So I called to escalate and spoke with a lovely lady named Laura Summers at the Liquidationn Advisors Unit (877) 521-3698...she said to feel free to call her if you need urgent assistance and you are close to the drop dead date! I am hoping to save mine, so try and see if she can save your client as well!
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negotiator has to ask for an extension. If you can't get hold of negotiator call his boss. once you have received info that foreclosure has been postponed..call the foreclosure attorney and make sure they have received that news. :-) You may be sol at this point...but try anyway.
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HELP!!!!! ........Auction Scheduled for tomorrow. Was promised negotiator assignment by Tuesday. (That happened - Assigned to Greg Carpenter) He has the entire SS Package. We NEED an answer as to whether or not the foreclosure IS POSTPONED since we have a Fair Market Offer.
Does anyone have Greg's e-mail or His Supervisor's? If so, may I have it? Thanks!
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Comment by CEDRIC MCGREW on June 7, 2010 at 4:27am
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i need help i need a number or department with-in gmac that knows what the HAFA program is and how to start it my client doesn't want to move foward till we clarify it will be approved for hafa.
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Comment by Kent Dills on May 26, 2010 at 5:25am
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Good work Rosemary. I guess you worked this GMAC file though Equator - right?
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Comment by Rosemary Brooks on May 26, 2010 at 5:11am
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GMAC works in speed time! Although I have not received the agreement yet. I have confirmed that GMAC has approved our short sale request-- started in mid April! WOW! that is record time and such a pleasant surprise. More to report... once I actually get the agreement! Fingers crossed.
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