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.