GMAC as the 2nd Leindholder
I have a deal that has been approved with BoA and the 2nd is with GMAC. BoA is willing to pay 1600.00 to the 26k loan balance for satifsfaction on the 2nd, but GMAC is refusing that amount and wants closer to 5300.00 to satisfy. According to the mitigator at BoA the Dept of Justice states that the Sr. lienholder can only pay a max 8% on a 2nd mortgage. anyone heard of this?? Furthermore the homeowner has no money to bring to the table?!
The agent at GMAC suggested a HAFA shortsale and maybe they could accept less than 5300, but I've been negotiating this deal as a traditional shortsale for close to two years with BoA and that would make this deal drag out longer.
How do I approach GMAC to accept this 1600 to satisfy (without a promissory note or deficiency) and get this deal done???
Signed,
Donte "I'm stumped" Tribble
Replies to This Discussion
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Permalink Reply by Adela Picar on
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Hi Donte,
Why id BOFA only giving $1600.00? If this is a HAFA Short Sale then they can give up to $8500. That would satisfy GMAC. What do they owe on GMAC? Normally 2nd liens are now asking 20% but you can still negotiate that down. Is your buyers willing to pay off the 2nd lien at COE for the $3700 just in case you can't get anymore from BOFA?
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Permalink Reply by Donte Tribble on
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I was wondering the exact same thing since the balance of the 2nd is 26k, BoA insisted that 1600 is their absolute max and that the Dept of Justice has legislation in place that won't allow them to pay the 2nd any more than the 1600??
Have you heard of such a legislation being in affect or is BoA blowing smoke up my a$$
sorry for such a late response I've been in the trenches!! Shortsale trenches that is !!
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