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GMAC not short saling investment properties

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. GMAC quoted company policy to only short sale primary residences. Anyone experience this? GMAC seems to be the only lender with this policy. Closing on 2 investment property short sales from BoA next month with no problems. GMAC is also the only lender so far to refuse an option contract, which is why we moved to a custom short sale addendum to the standard sales contract. Thoughts?

Tags: gmac, investment, property, sale, short

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Permalink Reply by Bryant Tutas on January 30, 2010 at 2:14pm: Jasper, I just received a GMAC approval on an investment property. I do not believe that to be company policy. Now they may very well have an investor that has made that rule but if is is GMAC policy then they are making exceptions.; ▶ Reply to This

Permalink Reply by Christy Haddock on February 18, 2010 at 6:31pm: I have experienced the same with GMAC-it's an FHA loan purchased as a primary residence, forced to convert to a rental property since he couldn't afford to live in the residence anymore. GMAC considered it an investor property and denied both modification and short sale.; ▶ Reply to This

Permalink Reply by Jasper Silvis on February 18, 2010 at 6:43pm: It turns out that is was an FHA policy and not a GMAC policy that short sales are not allowed for investment properties with FHA loans. I should have investigated it more before posting but hopefully people will learn from this thread. Thank you Bryant and Christy for your comments.; ▶ Reply to This

Permalink Reply by Pattilynn Guilford on February 21, 2010 at 12:00pm: Hi Jasper! Did you go through Equator to get approved so quickly?

If not, would you share the process you used?

plguilford@msn.com; ▶ Reply to This

Permalink Reply by Jasper Silvis on February 22, 2010 at 7:15am: Hi Pattilyn,

I do not know Equator. The software system I use is Short Sale Builder. I have an assistant load Phase 1 docs (short sale package). I work on initial offer with my Realtor and a BPO agent in his office we use to do our own BPO. Our title agent/notary drafts Phase 2 docs (notarized legal docs) and meets with the homeowner to have them signed/notarized. I fax the authorization into the lender as soon as I get it. All other Phase 1 docs wait until complete package is finished. Before we submit Phase 1 docs, my assistant pulls crime reports, Megan's Law registered pedophile report, unemployment report, rental percentage report, etc. to show our case. Once Phase 2 docs signed/notarized, we submit Phase 1 to lender. I follow up every 3-4 days, regardless of what they tell me, as they usually tell me to call back in 10 business days - yea right! Our cases never rest for more than 4 days. We also have a real estate attorney on retainer that calls the lender's legal department when a short sale gets either complex or if sheriff sale is within 2 weeks. My other 2 business partners work the Realtor offices in the area and take care of marketing Notice of Default lists for all 5 counties in our area. They gave 2 presentations last week and they have one tomorrow. Tomorrow, I am interviewing a professional negotiator since we have more cases now than I can handle alone. Good luck.

Pattilynn Guilford said:
Hi Jasper! Did you go through Equator to get approved so quickly?

If not, would you share the process you used?

plguilford@msn.com; ▶ Reply to This

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