GMAC 1st, Beneficial 2nd.
GMAC (1st) says they will not consider a short sale unless Beneficial (2nd) will settle for a payoff of $500 or less. Beneficial says they will not settle for less than $1,000. Anyone have experience with this?
1) Will Beneficial take $500 over nothing (foreclosure auction is a couple of weeks away)?
2) Will GMAC let Benefical get $1000 without killing the deal?
3) If the deal is sweet enough anyway can I give Beneficial the $500.00 difference?
Thanks again for all of your help. Especially ShortSalePro. Your advice has been extremely helpful.
JohnCl
[ Edited by JohnCl on Date 07/21/2004 ]
get as assignment from beneficial. pay $1000....accept $500 as short payoff satisfy GMAC requirement.
lp1,
Please describe your recommendation in more detail. How exactly would I go about doing that?
JohnCl
[ Edited by JohnCl on Date 07/21/2004 ]
buy the mortgage & note for the thousand, take the deed to the house and go to work on the first.
You could also structure it where the owner pays the other $500 out of his pocket (except: you go to the bank with him, put $500 on his account and take it out as a check right away again) to the 2nd.
GMAC should be ok with that... since it's not lessening the purchase price.
I like GMAC (gmac mortgage), they just accepted 230k for 370k, hehehe.
Falk