GMAC Mortgage What Were You Thinking…??
Well I just had the most upsetting transaction I was working on for one of my sellers. And what happen to us just goes to show you how out of touch our government is with the crisis going on in the housing market. 
Here is what happen to one of my seller…. My seller began having trouble keeping up with their mortgage payments last fall. So they did the responsible thing and contact their lender GMAC Mortgage. They over the next 9 months they tried to work out a loan modification. After completing the paper work 4 months later they where turned down for the loan modification. So GMAC told them to submit the paperwork again and they would reconsider it a second time. So my seller did it again and was turned down a second t
So being very upset they asked what could they do because they didn’t want to lose their home to foreclosure. GMAC suggested contacting and experienced Realtor who could help them sell their home on a short sale. So they contacted me about selling their home. Then I contact their lender and told them we had the home listed and was told to send them a copy of the listing contract and they would stall any auction.
What happen next just blew us away….GMAC starts foreclosure proceedings. Luckily we where able to get an offer very quickly for $425,000. So we get the short sale packet to GMAC and get to the negotiator. We kept trying for 2 weeks to get the auction date stalled with GMAC. But the negotiator wouldn’t stall the auction or give us a response to our offer.
The 2 days before the auction the negotiator tells our offer is too low but won’t give us a number. So we go back to the buyer and get them to come up to $450,000 in hopes to stall the auction and get a response from the negotiator. What do we get from GMAC nothing no response at all…so the home goes to auction and sells for $353,000. So GMAC loses $97,000 of taxpayers money and my seller ends up going to foreclosure what they are trying to avoid.
Unbelievable to me why they would let this happen.
It takes a train professional like myself with the CDPE designation to help guide a distressed homeowner
through the short sale process. As a CDPE we are up to date on all the latest trends and changes that are going on in order to help homeowners who may be facing foreclosure.
If you are a Knoxville homeowner having problems making you mortgage payments and want to know your options. Please feel free to download my free reports
You do have options as a Knoxville homeowner who may be facing foreclosure. Don’t let your home go to foreclosure call me at 865-675-8326 or email me [email protected] let’s setup a time to talk about your situation and talk about your options. I’m here to help you as a trained Realtor with the CDPE designation I can help you…
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[...] recently started working on a short sale for one of our sellers their original loan was with GMAC. Our seller wanted to know who is really going to approve the sale on his home? That is a very [...]