Information

GMAC Short Sales

Group to provide information about GMAC Short Sale programs and discuss mortgage short sales with GMAC

Website: http://www.Short-Sale-Specialists.com
Members: 231
Latest Activity: Apr 25, 2014

How To Short Sale A Home


We have set up this group to discuss short sales with GMAC and to provide information and resources, and share experiences with GMAC mortgage Short Sale Programs and Processes.


Attention Buyers and Sellers!!

The First Place to start is to find a local GMAC Short Sale Agent!

There is no cost involved in this!





Share your experiences about GMAC Short Sales Below!


800-850-4622
General Info: 866-725-0782
Fax: 866-709-4744
LM Dept: 800-850-4622
Recovery Dept. Fax: 866-216-8432
Customer Service: 800-766-4622
www.gmacmortgage.com


Click Here for a GMAC Short Sale Package




Discussion Forum

GMAC Short Sales

Started by Juanita Brooks. Last reply by Ginny Vickers Aug 23, 2012. 6 Replies

Does GMAC want all the offers to be presented or 1 offer at a time?  We have an agent that is telling that GMAC wants all offers signed and presented.  If you can help me whith this information that…Continue

Twitter

Started by Frederick Tazartes. Last reply by Ben Benita Apr 17, 2012. 1 Reply

Does anyone know if GMAC is active on Twitter, I know when I am ready to give up with BofA I can tweet and they seem to always present new options.Continue

How to get bank listings for short sale in Brooklyn, NY area?

Started by Mohammed. Toaha. Last reply by ROODY CASSEUS Mar 4, 2012. 1 Reply

Your advice would be much appreciated.Continue

Also Need a GMAC VP ASAP

Started by Karen M Riscinto. Last reply by Karen M Riscinto Dec 21, 2011. 2 Replies

I have a shortsale and just received a very good offer, I have tried to start working with GMAC for mths and have sent my authorization in 6 times with the husbands death certificate.  The wife is…Continue

Comment Wall

Comment

You need to be a member of GMAC Short Sales to add comments!

Comment by Sandra O'Connor on July 28, 2010 at 3:39pm
My short sale got approved! Yeah!! Have a problem with ex-husband being on loan but was released financially through decree?? Is this possible and so no package will have to be submitted for him? What will GMAC require?
Comment by Mike Linkenauger on July 23, 2010 at 7:46pm
Thats something I would definitely post under the "Class Action" Group. It is unlawful activities such as this that these lenders need to be penalized for. They have absolutely no legal right to sell a loan after agreeing to accept a short sale under certain terms in writing. They have likely caused financial damages to the buyers and sellers!
Comment by Pam Gordon, ABR, CDPE, SFR on July 23, 2010 at 5:48pm
How Can you have Short Sale Approval, then with 24 hours before closing, all of a sudden GMAC has sold the loan?
Comment by Mike Linkenauger on July 23, 2010 at 3:59pm
I definitely LOVE our short sales with GMAC! Just closed another local one myself a minute ago, from contract to approval to closing in under 60 days. Its not the quickest I've had with GMAC but it is acceptable. Did also get a 6% short sale commission, which GMAC is usually very good at paying out.
Comment by Stuart Hurry on July 21, 2010 at 1:40pm
GMAC has an affiliate company in Miami that does all of the REOs for Florida. First Services, (or something like that). Is there a correlation? The investor lost out ultimately. If you follow the money trail, is there any way for the REO dept of GMAC to have control over this? I had a situation where GMACs REO Dept had a listing on the MLS for months that had not foreclosed yet. The Seller said he did not sign a listing with the Realtor at any time. When I sent in an offer, the realtor just kept stalling me. Then finally they changed the listing to"expired". Then the agent said that they still had the listing from Raul in Miami. I finally contacted the Seller and got a real listing and now am waiting for the sale to close. They want to make sure we are working with only arms length transactions, but it sounds like there may be some problem within.
Comment by Clay Kime on July 20, 2010 at 8:12pm
GMAC, a love-hate relationship.

I loved GMAC (past tense). They stopped a trustee auction litterally 1-hour before the sale. The negotiator was great, mostly Equator messages, but a few phone calls. He was always very positive and turning on all the green-lights. I was expecting an approval a week ago Friday. But what I got instead was a stern e-mail that the investor had denied the short sale, would not postpone the sale date and the property was to go to foreclosure the next Monday morning (perod). And it did. A Pre-approved $1.1MM transaction sold back to GMAC for $973K. Everyone lost, except the REO agent. (That's the "hate" part.) No explanation, just a deal shot through the head. No equator responses, no returned phone messages either. Inexplicable, frustrating and very sad for all involved.

My level of trust in GMAC was greatly reduced.
Comment by Kathy Wegwert on July 15, 2010 at 7:57pm
Hey Mike! I cannot believe that you were able to stop a bank foreclosure on the day of the sale. I am in Naples FL and I think my short sale was sold on the courthouse steps yesterday? I almost had an approval and the borrower decided to call GMAC and apply for a loan modification because a friend told them that if the loan modification did not get approved they could hop back onto the short sale wagon. I told them this is not what you want to do because your D/I ratio is way to high and you have relocated...short sale came off of the Equator system, loan mod denied and foreclosed on yesterday. To top it all off, the loan had mortgage insurance. This short sale had a few probelms from about 9 months agao...Live and Learn
Comment by Joe Fountain on July 15, 2010 at 12:40pm
Received approval on short sale with GMAC on Equator in 22 days. Everything was very smooth and time saving.
No wasted hours on hold waiting for no results.

Great System. Very happy to work with GMAC on the system,
Comment by Mike Linkenauger on July 12, 2010 at 3:04pm
Our Record Short Sale Approval with GMAC was nine days start to finish. We literally got the foreclosure sale stopped on the day it was supposed to foreclosure, presented a compete GMAC Short Sale Package and had an approval letter NINE DAYS after it was originally submitted to them.

Now if Bank of America could only learn how to use the Equator Short Sale Processing System as good as GMAC does we would be in heaven!
Comment by Seth Russell on July 2, 2010 at 6:12pm
Our latest short-sale with GMAC was approved within 14 days of submission. They utilize Equator and thankfully this system expedites the process for both sides of the transaction. I realize that Equator isnt a cure-all for all banks. BofA seemingly hasn't kept pace with GMAC..maybe they should commit to a 'best practices' program because delays arent healthy for either the bank or clients.
 

Members (230)

 
 
 


 _________________________

FOLLOW US!

 

Property Management Pages

San Salito

Bartram Park

Discussion Forum

GMAC Short Sales

Started by Juanita Brooks. Last reply by Ginny Vickers Aug 23, 2012. 6 Replies

Twitter

Started by Frederick Tazartes. Last reply by Ben Benita Apr 17, 2012. 1 Reply

How to get bank listings for short sale in Brooklyn, NY area?

Started by Mohammed. Toaha. Last reply by ROODY CASSEUS Mar 4, 2012. 1 Reply

Also Need a GMAC VP ASAP

Started by Karen M Riscinto. Last reply by Karen M Riscinto Dec 21, 2011. 2 Replies

GMAC Mortgage Short Sale Escalation

Started by Kathy Wegwert. Last reply by Karen M Riscinto Dec 21, 2011. 8 Replies

© 2017   Created by Mike Linkenauger.   Powered by

Badges  |  Report an Issue  |  Terms of Service