Currently dealing with them right now. So far it's been a hassle just to get a payoff from them. It's going on 2.5 weeks and still no payoff. I hope this is not what I can expect from them when it comes time to do the short.
As SSP said, GMAC could mean many different things.
It took me at least 10+ phone calls to find the right place and person handling my GMAC MORTGAGE first (other GMAC phone numbers led me to homecomings a lot).
Guy will send a realtor soon (I will let him in... ) and already told me that net to Gmac mortgage has to be at least 90% of BPO.
Just finished one with them (their Homecomings Financial part), went well. They had 184 against property, their BPO came in at 145 and got them down to 132 including 5% they allowed to RE broker.
Flipped the property fast to an investor at 160.
I got involved very close to the sale date, had to give them $500 to "cover their costs of postponing the sale and ordering a BPO".
I also was told the best they would do was 90% of the BPO, less their idea of $$ needed for repairs. They didn't agree with my contractor estimate of repairs needed, but split the difference between my est. and what they thought was value of repairs.
I found them pretty responsive and good to work with, but on occassion had to flood them with faxes to get a response, persistance in a nice way worked. Getting through on the phone was not always possible, but they would eventually return calls if their voicemail wasn't already filled with messages. Best time to reach them on the phone is early morning hours (their time).
Hope your deal goes as well as mine did, all in all it was fairly painless!
I found it very easy to deal with GMAC. They approved my short sale with little paperwork and called me nearly every day with an update. I am not very experienced but I gave them the impression I know exactly what I'm doing and that anything they ask me to do is out of the ordinary and they tell me that they don't really need this and that.
Do any of you that have worked with GMAC have a phone number to the loss mitigation dept. I am trying to get to them but have had to work thru their attorney and I have been waiting for payoff figures for almost 4 weeks!...my seller does not have their # because the loan was just assigned...
Here's the kicker. My seller is 3months behind and no hope of catching up the mtg. Got her to do the documents and was told by the lender she had to list the house for 3 months before they would look at an offer. DAH She has a buyer. She just wants out. Chances are pretty good she'll just walk away and the vandals will have their pickins.
Sometimes I wonder what goes on in the lenders mind.
Try information for a GMAC listing in San Diego. That is where thier REO operation is located. The area code will be 858.
A friend and his wife work REO's for GMAC. I am not sure if Loss Mit is in the same group but it is worth a try.[ Edited by Bill_M on Date 03/09/2004 ]
Quote:
On 2004-03-09 17:06, Bill_M wrote:
RESolutions
Try information for a GMAC listing in San Diego. That is where thier REO operation is located. The area code will be 858.
A friend and his wife work REO's for GMAC. I am not sure if Loss Mit is in the same group but it is worth a try.
<font size=-1>[ Edited by Bill_M on Date 03/09/2004 ]</font>
Thanks Bill...I have since been literally around the world to find them..I got a local number in FL and they gave me the Cust. Serv. number 1-800-766-4622 for anyone that may need it...which hooked me to India..YES!..from there I got the name of the person handling the account in who knows where..that got me to loss mit in Connecticut...
As always, thanks to the members that offer their help...
Anita
Currently dealing with them right now. So far it's been a hassle just to get a payoff from them. It's going on 2.5 weeks and still no payoff. I hope this is not what I can expect from them when it comes time to do the short.
Bob
GMAC services many different types of mortgage loans for many different investors, each with their own set of servicing requirements.
So, experiences will vary, and no one experience should speak to the organization as a whole.
You could be working two, different loan scenarios within GMAC. One might be
routine, while the other mired in inconsistencies and false starts.
In general, GMAC is no better, no worse that most mortgage loan servicers.
GMAC...the worst compnay!!! They seem incompetent and impossible...a total hassle.
Thanks for the reply..I'll get started with them first thing Monday AM. I'll give it my best shot and see what happens.
As SSP said, GMAC could mean many different things.
It took me at least 10+ phone calls to find the right place and person handling my GMAC MORTGAGE first (other GMAC phone numbers led me to homecomings a lot).
Guy will send a realtor soon (I will let him in... ) and already told me that net to Gmac mortgage has to be at least 90% of BPO.
Falk
Just finished one with them (their Homecomings Financial part), went well. They had 184 against property, their BPO came in at 145 and got them down to 132 including 5% they allowed to RE broker.
Flipped the property fast to an investor at 160.
I got involved very close to the sale date, had to give them $500 to "cover their costs of postponing the sale and ordering a BPO".
I also was told the best they would do was 90% of the BPO, less their idea of $$ needed for repairs. They didn't agree with my contractor estimate of repairs needed, but split the difference between my est. and what they thought was value of repairs.
I found them pretty responsive and good to work with, but on occassion had to flood them with faxes to get a response, persistance in a nice way worked. Getting through on the phone was not always possible, but they would eventually return calls if their voicemail wasn't already filled with messages. Best time to reach them on the phone is early morning hours (their time).
Hope your deal goes as well as mine did, all in all it was fairly painless!
I found it very easy to deal with GMAC. They approved my short sale with little paperwork and called me nearly every day with an update. I am not very experienced but I gave them the impression I know exactly what I'm doing and that anything they ask me to do is out of the ordinary and they tell me that they don't really need this and that.
GOOD LUCK
Do any of you that have worked with GMAC have a phone number to the loss mitigation dept. I am trying to get to them but have had to work thru their attorney and I have been waiting for payoff figures for almost 4 weeks!...my seller does not have their # because the loan was just assigned...
Thanks for any info you can offer...
Here's the kicker. My seller is 3months behind and no hope of catching up the mtg. Got her to do the documents and was told by the lender she had to list the house for 3 months before they would look at an offer. DAH She has a buyer. She just wants out. Chances are pretty good she'll just walk away and the vandals will have their pickins.
Sometimes I wonder what goes on in the lenders mind.
RESolutions
Try information for a GMAC listing in San Diego. That is where thier REO operation is located. The area code will be 858.
A friend and his wife work REO's for GMAC. I am not sure if Loss Mit is in the same group but it is worth a try.[ Edited by Bill_M on Date 03/09/2004 ]
Quote:
On 2004-03-09 17:06, Bill_M wrote:
RESolutions
Try information for a GMAC listing in San Diego. That is where thier REO operation is located. The area code will be 858.
A friend and his wife work REO's for GMAC. I am not sure if Loss Mit is in the same group but it is worth a try.
<font size=-1>[ Edited by Bill_M on Date 03/09/2004 ]</font>
Thanks Bill...I have since been literally around the world to find them..I got a local number in FL and they gave me the Cust. Serv. number 1-800-766-4622 for anyone that may need it...which hooked me to India..YES!..from there I got the name of the person handling the account in who knows where..that got me to loss mit in Connecticut...
As always, thanks to the members that offer their help...
Anita