Replies to This Discussion

Permalink Reply by Clay Kime on July 2, 2010 at 7:18pm

Kathy,

Sound like you have an offer (cash). Is it not in writing? If it's not, it's not an offer. If it is and the seller has ratified it, send it to GMAC, pronto. Then start calling and don't let up. When they tell you that they can't postpone, insist on speaking to a supervisor.

FYI: For whatever reason, GMAC has a loss mit call center in India. (our confidential, client's personal, financial and credit information - linked to a foreign country- GAADZOOKS) While they are polite, they dont seem to have any authority to do anything but read back the notes in the file. You have to get to their domestic call center. I don't have that number with me, but I will try to post it for you tomorrow.

You have time. (GMAC started a new policy on June 1st that they would not postpone a sale date unless it was at least 9 days before the sale date. - I got mine postponed 1-hour before the sale date of June 7th) Don't let up.

Permalink Reply by Kathy Wegwert on July 4, 2010 at 10:12pm

Thanks for your information. I will start calling again on Tuesday. BTW, this is a CASH offer and was sent to Loss Mitigation. and to the Law Group defending the bank. I have been told it's to late with a July 14th sale date. I have contacted the US mitigation Dept in PA. I even have the name and number for the negotiator that almost had it approved before the borrower decided to do a loan modification that was denied. I told them that they might push themselves into foreclosure

Permalink Reply by Clay Kime on July 5, 2010 at 3:12pm

Hi Kathy,

The 214-874-2500 number will route you to their call center in India.

Call 800-850-4622. to get into the Plano, TX Loss Mit center. The front line people will almost always tell you nothing can be done. Ask to speak to a supervisor, they can make things happen. Loss Mit FAX 866-709-4744 and 866-727-6290.

The supervisor that helped me was named Christian. A very nice, no-nonsence guy.

Another helpful contact was Laura Summers. She is the point person for initiating new short sales. Laura.Summers@GMACRFC - Her direct number is 214-874-6396 ; her direct fax is 866-502-4660.

Good Luck!

Permalink Reply by Kathy Wegwert on July 26, 2010 at 9:16pm

Update on my seller. I tried everything and my seller got foreclosed on July 14th. Final judgement was heard in April and a sale date was set. In the state of Florida something about 10 or 14 days out; state law prohibits delaying the sale date. My seller at the last hour in May tried a loan modification and failed; was denied and they put themself into foreclosure. I told them they would not qualify for a loan mod. They did not even tell me that they got the final judgement. It was not recorded until first week in June.

Permalink Reply by Mike Linkenauger on July 26, 2010 at 9:50pm

Did you say Florida State law prohibits delaying the foreclosure sale date? We have judges do it all the time, at least once a week or more, lenders do it for us all the time as well with about ANY offer. Heck, we even got the judge to REVERSE a foreclosure sale AFTER the sale and give us FOUR MORE MONTHS to "TRY" to do a short sale just a week or two ago.

I had one a few months ago, that was a GMAC one actually, where the judge stopped the sale on the morning of the sale date. This one we happened to have a buyer in hand. Got a decision in NINE DAYS on the file and closed it a month or two ago. For future uses, I'll post on here a few GMAC contacts:

I've had only good experiences with GMAC the last year or so and ONLY have a few negotiator contacts, but I'm sure if you bug them enough they'll put you to their supervisor!

Randy Hackett Negotiator randy.hackett@gmacm.com 866-544-8293

Jay Harrar Negotiator jay.harrar@gmacm.com 267-317-2500 866-501-1361

Paul Keller Negotiator paul.keller@gmacrescap.com 319-236-5187 866-501-4570

Permalink Reply by Kathy Wegwert on July 27, 2010 at 8:16am

Thanks Mike for your feedback.

None of those negotiator names look familiar. I called for several days talking to different people, no negotiators; even called the attorney for the bank. A cash offer was sitting on the table. Major GMAC mistake. MI was involved. It is my understanding that MI companies only pay out in a foreclosure and not in a short sale.

They all told me the same thing about FL law; witing 10-14 days of a sale date, will not delay sale.

At GMAC earlier in the year I spoke with a negotiator, however a GMAC short sale currently the negotiator will not return calls. Dillon only emails me and I have requested a response since last Wednesday. I am trying to close on this short sale Aug 30th. GMAC is the 2nd lien holder requesting 10% of loan balance and first lien holder is only allowing 8% of loan balance. More than $5K is being paid.

Do you have any email addresses for a CEO or CFO at GMAC...people that answer the telephone will NOT give out email addresses.

Permalink Reply by leslie schultz warthman on December 1, 2010 at 10:48am

Please forward current negotiator names/emails to me too...I need responses and a call back would be nice! I'm not able to wait and can't figure out why there is such a delay in these responses? Does anyone have reliable contacts? I.e., names of real people who really respond and will make contact with us so we can get deals closed?

Permalink Reply by Karen M Riscinto on December 21, 2011 at 11:54am

Laura Summers. She is the point person for initiating new short sales. Lsummer@GMACM.com - Her direct number is

 214-874-6396; her direct fax is 866-502-4660.  She mightt be able to help I just got her name and number and have gotten further with her than I have in the last two months.