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GMAC Short sale

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Short Sale Outpost The term "short sale" is very popular in today's mortgage and housing market. There are potentially millions of people facing foreclosure and a lot of these homeowners are under water on their mortgages. Some will choose to stick it out and fight. However, many will decide to choose to walk away. Short sales are becoming more and more popular as an exit strategy for homeowners. Learn the methods, software and magic it takes to navigate the foreclosure process and get the help you need.

This is a discussion on GMAC Short sale within the Short Sale Outpost forums, part of the Foreclosure Process category; We received an offer on our home 2 weeks ago and forwarded it to GMAC (1st) I received an email ...

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03-15-2009, 12:20 PM	#1 (permalink)
gigi321 Member Join Date: Feb 2009 Posts: 20 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	GMAC Short sale We received an offer on our home 2 weeks ago and forwarded it to GMAC (1st) I received an email from the lady assigned to my file by Gary Neuman (VP of GMAC) that states the following.... "If you have a second mortgage on the prop you are trying to sell, then you have to have the realtor negotiate a pay off with them. If there is no agreement, then a short sale would not be possible." It was my understanding from my realtor, who specializes in short sales, that the 1st mortgage would contact the second and work out an agreeable deal between the two companies and either decline the offer or counteroffer with their terms and conditions. Was I misinformed? Has anyone else had this same experience? I don't understand how GMAC (1st) will know what to accept or counter offer if they are not dealing directly with Wachovia (2nd). If we are left paying off a large sum after the short sale we would rather foreclose, as we cannot afford walking away from this house paying rent and a loan on a house we don't live in. If we could, we would just stay here. Any information would be helpful.