Question: GMAC Mortgage Short Sale - Posted by -Jimbo-

Posted by -Jimbo- on August 18, 2003 at 10:43:18:

Bob,

Good luck to you on the house. I had closing set for 12 noon on Friday and
still had no authorization letter - just figured the guy didn’t get around to it.

I’m just hoping to get a hold of someone higher up who can
get this thing done for me. It’s going to be a nightmare
rehabbing these properties and then all the other ones I have pushed back.

Happy Investing,

-Jimbo-

Question: GMAC Mortgage Short Sale - Posted by -Jimbo-

Posted by -Jimbo- on August 17, 2003 at 23:50:39:

Thanks to all who reply.

I am currently working on several properties to purchase in
Michigan where there is a 6 month redemption period.

Each of these properties are (still) owned by the original owners (each property has been foreclosed upon).
However, Homecomings Financial (Network) or GMAC Mortgage
is willing to take a short sale. I have negotiated a price
with the asset manager and setup a closing date (last week),
and the day before he said he cannot authorize the write off.

I’m into this thing(not for a lot), but he can’t close for two more weeks -
he can’t even garantee they will accept anything. I have already pushed all other properties until
the end of the month or into September so I can rehab these.

Is there someone I can talk to at GMAC Mortgage or Homecomings who can actually help me out?

Thanks,

-Jimbo-

Just Closed a S/S from Homecomings - Posted by Marc NJ

Posted by Marc NJ on August 18, 2003 at 22:17:49:

Hey guys, I just closed a short sale with GMAC 2 weeks ago. The discount wasnt as much as either one of you are shooting for ,but none the less the deal was sucessful and I made out ok, about 18K.
Gmac was a second mortgage holder and accepted $12,400. for a 35K lien. I doubled closed with a retail buyer and had to pay a realtors commission, to make a long story short.
But,On the day the offer was accepted, I’d received written approval in a couple of hours.
If I were negociating a short pay off and had not recieved written confirmation a day or so after acceptance of the offer, I would be on the phone with the loss mit rep that approved your offer. What are you waiting for?
If your offer is ridiculiously low, then you should of known by the conversation you have had with the rep. I have had some reps tell me to forget it, that they would not entertain a short pay off, right at the get go, so get on he phone and find out if you have a deal or not. Make sure of the banks motivation before you assume an acceptance, in both deals above, neither investor seems to know for sure if they have a deal or not.

Good luck,
Marc NJ

Re: Question: GMAC Mortgage Short Sale - Posted by BK

Posted by BK on August 18, 2003 at 08:12:32:

Jimbo-

your message is confusing… did they accept a short offer or not? You said: “…and the day before he said he cannot authorize the write off”. but then you say “He cannot close for two more weeks”, which from that, appears that they did accept an offer

Anyway, its interesting because I spent the last few weeks negotiating with loss mitigation with Homecomings(GMAC), and came to a verbal agreement with the rep, and was awaiting confirmation in writing via FAX last “thursday or friday at the latest” according to them. I still have not recieved the fax, and will be calling them shortly to see what the status is…

Re: Question: GMAC Mortgage Short Sale - Posted by -Jimbo-

Posted by -Jimbo- on August 18, 2003 at 09:35:23:

BK,

You can see why I’m posting my problem here. Yes, they
accepted the short sale.
However, they did not authorize it in writing and now I must wait.
It’s not a garantee that they will still accept it though.
I’m working with G. Seal out of California and his "committee"
is out of Texas.

Through the negotiation I expected this guy was the last say - he obviously was not.

How much are you asking them to discount in total?
Mine was just over $200K - Mr. Seal said that one man “cannot possibly write off that amount without approval first.”

Way to go Homecomings.

-Jimbo-

Re: Question: GMAC Mortgage Short Sale - Posted by rm

Posted by rm on August 18, 2003 at 13:24:35:

>>Through the negotiation I expected this guy was the last say - he obviously was not.

You’ll probably never speak to the person, or committee, that has the “last say.”

Re: Question: GMAC Mortgage Short Sale - Posted by BK

Posted by BK on August 18, 2003 at 09:51:46:

Jimbo-

I am working with the loss mitigation group in Jacksonville FL. My deal is a $120k FMV (after repairs) based on comps. Owners are over 2 years in arrears (dont ask me why it took GMAC this long to foreclose). When they defaulted, they owed about $74k on their note. The payoff now is over $101k!!! Ive negotiated the short at $74,600. They are near a $30k discount- nowhere near your $200k discount.

I just spoke with my guy, and he said its set to go, the paperwork needs to be signed off by “management”, and that I should have the fax written confirmation later today. (was supposed to have it last week).
Your post scared me, as I know perfectly well that until I get that fax confirmation, there is no guarantee… Lets both hope our deals come together…
-Bob