Here's a GMAC short sale approval letter. This is a short sale that just recently closed. It's a decent approval letter. If you look on the second page at the bottom, you will see this language:
A "Short" or "Negotiated" Payoff of your mortgage loan may have tax consequences. To determine if, or to what extent, you have any tax liablities, you are enouraged to consult a tax professional.
This is far better than many of Bank of America's approval letters stating that they reserve the right to pursue deficieny judgement.
The other big plus in this approval letter is how much GMAC is giving to junior lien. Typically we see $3,000 to junior lien but here they are giving $15,400 which was the 10% balance that the junior lien (United Bank) wanted. This is a rarity.
Each short sale is different due to seller's situation, bank, investor/MI company, etc.. If you prepare in advance and know the tricks of the trade, you can increase the likely to get a favorable approval letter. Here's the actual short sale approval letter from GMAC.
Certified Distressed Property Expert (CDPE)
I just got appovaled letter from GMAC. Same landuage. I am in Nevada. It this mean they won't go after me for "deficiency judgement". i just want to make sure because they take over $220,000 loss on this short sale.
Posted by: Pooh3 | October 22, 2009 at 10:47 PM