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Information
All about GMAC short sales.
Members: 56
Latest Activity: 11 hours ago
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 1-866-709-4744
Here's a sample payoff from GMAC
GMAC Approval Letter.pdf
Discussion Forum
GMAC/Equator letter to homeowner
I just listed a new short sale with a 1st serviced by GMAC. My homeowner got a letter from the servicer suggesting that the homeowner try to sell the home and that they log on to Equator.com to find…
Tagged: sales, Equator, short, CT, Danbury
Started by DanaVoelzke Feb 6.
GMAC not short saling investment properties 1 Reply
We are getting great responses to our short sales with GMAC as 1st lender for primary residences. Closing on a deal in 2 weeks. However, GMAC is not allowing short sales for an investment property.…
Tagged: property, investment, sale, short, GMAC
Started by Jasper Silvis. Last reply by Bryant Tutas Jan 30.
how to get someone to answer and/or return calls
We have been referred to Myra Peal at GMAC, who is a negotiator for a short sale. Has anyone ever dealt with Myra?
Started by Bobbye Hansen Jan 8.
GMAC SECOND %?
Howdy, Just accepted an offer from a buyer. 1st is Aurora, 2nd is GMAC. Who has done business with GMAC and what is the amount you are dealing with for GMAC on a second, how much do they want? Title…
Started by Kylee Roe Dec. 11, 2009.
Comment Wall
Comment
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Comment by Kent Dills 11 hours ago - John, my one experience with GMAC was their valuation (BPO) was right on with my valuation and didn't hold up the short sale at all!
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Comment by John Prin 12 hours ago - What experience if any have people had with BPOs done for GMAC vs appraisals done by real estate agents on same property
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Comment by Paul Manning on February 5, 2010 at 5:55pm - Who has #'s of sr mgmt? Have 1st approval showing pre-arranged payoff for 2nd; waiting forever for 2nd approval; both GMAC. Somebody is messing up!
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Comment by Rosemary Brooks on February 4, 2010 at 9:21pm
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Confirmed: GMAC is on Equator.
My broker has a short sale for GMAC and they emailed her to put her short sale on Equator. One more ....
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Comment by Claudia Carignan on January 30, 2010 at 12:09pm - I closed a short sale with GMAC on an investment property in less than 4 weeks. Close date was December 22, 2009. Nor sure about the post that GMAC does not approve short sales on investment properties -they certainly did my client's.
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Comment by Kris Lindahl on January 25, 2010 at 10:12pm - Submitted a package on a GMAC 1st. Had BPO ordered in less than a week. How long are they taking after the BPO if everything is in line?
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Comment by Maya Thomas on January 18, 2010 at 7:40pm - Was I in the wrong place a few minutes ago? ... have a GMAC that was referred to National Collections & Loss Mitigation. NCLM increased our list price $50K then counter offered a buyer $15K over their own listing price. I justified the offer with pictures of every disgusting detail of the home. The buyer walked. NCLM told me that they are sending the file back to GMAC.
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Comment by Regina Meshenberg on December 11, 2009 at 7:20pm - The trick is not to waste your time and offer GMAC 10% of the unpaid balance at the time of submission. It is very hard to get a person on the phone or a call back on a request. You can either waste months calling and being on hold or just show 10% of the unpaid balance on the HUD when submitting the package. (I am only referrring to GMAC 2nds)
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Comment by Diane and Doug Briggs on December 8, 2009 at 1:43am - Simply amazing! Signed the listing on Wednesday. Faxed paperwork to GMAC. Called on Friday to make sure paperwork was received. Couple of hours later received a phone call from the negotiator. A negotiator assigned in 2 days from submission! Negotiator stated she would order a BPO so we could adjust the list price if need be. Also, asked if we were on REOTrans so documents could be uploaded. Wish all banks, (i.e. BofA) were this fast!
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Comment by alisa hagner on December 1, 2009 at 1:58pm
- I have a GMAC 2nd. Direct phone # for the recovery department 267-317-2500 fax # 866-526-5930.
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