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 Dean E Eshelman, CPA, CDPE, IRES on September 21, 2012 at 4:44am
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@Alan - Tell the investor your attorney said to ask if he heard of Tortuous Interference with a contract.
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Comment by Michael Hayley on September 21, 2012 at 3:59am
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Id be tempted to reach through the phone to strangle he/she, but id have to cool off first and come up with a legal response.
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Comment by Alan Nguyen on September 21, 2012 at 3:58am
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@Dean I am the listing agent. Selling agent is another broker.
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@Alan Are you the listing agent or the buyer's agent?
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Comment by Jim Schneider on September 21, 2012 at 3:57am
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Escalate to the manager, the investor of the loan certainly doesn't have the right to end your listing agreement. I'd also go to the investor with that one.
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How to fight for 6% Commission when the negotiator said this?
"in a short sale comissions are regulated by the investor, not your contract, as they are the ones losing money. if you can not work the loan based on the comissions on my 08/29 email let me know so i can contact the seller and get another agent"
The mortgage is $915K (not include late fee and interests) and their net is $914K. Any suggestion is appreciated.
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Comment by Christine Loschiavo on September 20, 2012 at 1:16pm
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Thanks Jimena! That helps.
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Comment by Jimena Paridee on September 20, 2012 at 1:08pm
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@Christine, you can't initiate a short sale for GMAC on Equator, you have to fax your package in and then they will initiate it for you and you just have to accept it.
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This may be a dumb question but, I don't see GMAC listed as one of the participating banks on Equator as I am trying to start a new file. Where is it?
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Comment by Brenda L Wood on September 5, 2012 at 9:42am
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Some banks are now allowing... I have an emergency where the seller is in the hospital 3 states away. I have FedExed but in the essence of time wondered if it would fly.
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