Comment

Comment by Mike Linkenauger on October 14, 2010 at 9:49am

That is true, much of the time we'll all contribute part of them money. Just depends. I do agree with you, its all about getting the deal done one way or the other and moving on to the next one.

Comment by Angela Alfe on October 2, 2010 at 9:36am

Mike, not sure if you meant going to each individual and asking them to contribute...but you can also have EACH entity part with money. We've had to do this a few times. When we're talking a "little bit" from each, it's one thing...but depending on how much that 4% is...it can be a tough pill to swallow.

So, yeah...sometimes the sellers will contribute, the buyers, the buyer's agent and the seller's agent to make the deal work. We've even had attorney kick in money sometimes. Getting the home sold is the priority...even if we do take a cut in fees/commissions.

Comment by Mike Linkenauger on September 27, 2010 at 2:45pm

1st - Talk to buyer about contributing the difference
2nd - Talk to sellers about contributing the difference
3rd - Eat it on your commission and move on to the next one.

At least, thats what I would do. We run into in all the time, its pretty common.

Comment by Joe Beauchamp on September 27, 2010 at 12:36pm

Kathy, seems like you are in the charge-off (credit collections) dept. They are a bear and you frequently lose. They play the odds that SOMEONE will part with cash to make the deal work and, on the average, the losses due to foreclosures do not come up to the extra $$ that they get by playing hardball.

I have not personally dealt with GMAC in 2nd, so I can't tell you from dealing directly with them.

In credit collections, you need to (as you should in most cases) see what motivates your negotiator. Bringing in $$, looking good in front of the boss. Of course, he doesn't care at all about your client, the losses to the 1st, etc.

You might affect him by letting him know that this is one of many that you will be doing with GMAC in 2nd and if this goes to foreclosure, you'll be having a chat with his boss (get names, etc. 1st - you cannot play 1st grade games, you need to be serious and that means that he can't poke holes in your comments - like not even knowing who is boss is, and his bosses boss, etc.). Other things, you'll have to ferret out as you are talking with him. It is a tough position - having the 2nd go to "collections". Good luck!

Comment by Kathy Wegwert on September 27, 2010 at 9:01am

I am working with GMAC as a second lien holder and GMAC is requesting 10% of the loan balance and the first lien holder is PHH and will only agree to pay 6%, Fannie Mae guidelines. GMAC is not budging and calling PHH's bluff. They want 10% or home forecloses; however they get $0 as a second lien holder. Why is GMAC doing this? My seller had to relocate to get a job. Does GMAC think that the borrower is walking away because they are not. The contract that we have pays the first lien holder 100% of the loan balance and NOT andy late fees or interest charges of round $10K. Any ideas or suggestions?

Comment by Marie Goodloe on September 11, 2010 at 10:45am

GMAC is now using Equator! Just got an approval 77k they excepted 4k GMAC was the 2nd, a little bumpy & fast. Chase had the first. We opened escrow as soon as Chase gave the approval, received the 2nd approval 15 days later.

Comment by Mike Linkenauger on September 10, 2010 at 11:48pm

Just closed another short sale with GMAC Mortgage the other day! Smooth as usually provided they are the 1st lender, 2nd position they can be a little rocky sometimes.

Comment by Sandra O'Connor on August 11, 2010 at 7:15pm

GMAC worked well with me and accepted offer. Closing as soon as buyer gets act together. Real Nice and Feels Great!

Comment by Sara Mehrpouyan Los Angeles CDPE on August 4, 2010 at 8:18pm

Need Gmac Recovery Dept Supervisor Contact anyone??? Gmac 2nd has been charged off and they want more than 1st is willing to give them. Thanks. (buyer is FHA and cannot contribute)

Comment by Kathy Wegwert on July 29, 2010 at 8:33am

Yesterday I received an approval for a short sale GMAC.YEAH! However, GMAC is the 2nd lien holder requesting $9100 10% of the loan balance is always requested; first lien holder PHH is willing to pay only 8% to GMAC. I am hoping that one of the banks will bend. If not, $1820 short fall maybe the buyer or agents can come up with the difference. PHH told me that the $1820 cannot come from agents, seller or buyer. I have never heard a bank tell me a short fall can not be found from another party.

What does GMAC mean by..we must receive full disclosures of any and all affiliations that may exist between Buyers, Sellers, Realtors, Escrow Agents, Attorneys or any other parties involved in the sales transaction prior to closing. Is there a form for this?

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