Virginia Short Sale Specialist / Realtor - Certified Distrssed Property Expert (CDPE)

GMAC Short Sale Approval

We just closed another GMAC short sale.  This property had 2 mortgages both with GMAC.  GMAC is one of the easiest banks to work with in my opinion.  So far I have never had any issues with GMAC short sale in terms of getting the debt forgiven.  However, we do know that the decision is ultimately made by the investor.  Here in this case, the investor who I will keep anonymous never forgives any debt but rather releases the liens only.  I have been told my the negotiator couple investors who do this with all their short sales.  If you have a similar experience, call me and we can compare notes. Here's some facts concerning this short sale:

1. Approval timeframe: 40 calender days

Most GMAC short sales take little over a month and sometimes up to 2 months depending on the situation. 

2. Amount Forgiven

In this case, the loan is not being forgiven but GMAC or the investor is dealing with ~150k loss.

3. Hardship reason is loss of income.

Here's the GMAC first mortgage short sale or lien release letter.

GMAC along with Bank of American is using equator to facilitate their short sales.  If you have a mortgage with GMAC and you are considering a short sale, feel free to call me at 703-662-1466.  Or you can email me here.  I have been involved in more than dozen GMAC / Homecomings short sales and I know their system very well.

 

Here's the GMAC second mortgage short sale or lien release letter.

   

 
 

Virginia Short Sales Specialist.

703-662-1466

GMAC / Homecomings Financial Short Sale Demand or "Approval" Letters

Here's few short sale demand / "approval" letters.  Homecomings or GMAC are the same company. One is a recent one and the others are from last year.  If you have Homecomings Financial or GMAC mortgage and you are considering a short sale, contact us for a private consultation.  You can call us at 703-401-0571 or email us.  Even if your property is not in Virgina, we'll gladly refer a short sale specialist in your area. 

Here's a case with GMAC being first trust and another bank being second.  GMAC is giving $3,000 to junior line.  No mention of deficiency judgment which we requested when the short sale package was submitted.  An attorney reviewed the letter and gave his approval.

Here's another short sale demand / "approval" letter from last year.  Here, Homecomings is the first and second mortgage.  The sellers did not miss any payments.  Homecomings agreed to the short sale by accepting $10,000 from sellers.  

Here's the Homecomings Financial as the second trust. 

Hopefully these GMAC / Homecomings Financial demand / short sale letters help. If you have Homecomings Financial or GMAC mortgage and you are considering a short sale, contact us for a private consultation.  You can call us at 703-401-0571 or email us.  Even if your property is not in Virgina, we'll gladly refer a short sale specialist in your area.

Simon Hahn Group

Certified Distressed Property Expert (Short Sale)

Keller Williams Realty

Homecomings Financial Short Sale in Sterling, VA

Simon Hahn Group is listing a short sale in Loudoun Valley Estates in Sterling, VA.  Here's the details. 

Property:

43543 FREEPORT PL

STERLING, VA  20166

Price:

$625,000

Banks:

Homecomings Financial first trust

Bank of American second trust (very small)

Listing Agent:

Listing agent has been doing short sales since 2007. Listing agent is CDPE (Certified Distressed Property Expert) who specializs in short sales.

Note to Buyer's Agent and Buyer(s):

• We will submit the best offer to the bank.  Others will be back up.  
• Please use NVAR Short Sale Addendum.
• Please use NVAR Contingency/Clause Addendum and initial next to "As-Is" Clause. 
• Please make sure the buyer has a preapproval and copy of earnest money check. 
• Please send proof of funds for downpayment.  
• Seller will not pay for home warranty.
• Please do not ask for seller subsidy unless it's a VA or FHA loan. 
• Pleasea note the following items do not convey: washer & dryer, window treatments and two asian trees in the front (it was never approved by HOA).
• Please be willing to wait up to 3 months.  We can get this done.  If you can't, this short sale is not for you.
• Sellers prefer to use Title Alliance. If you choose to use your own title company, please provide estimated HUD1 with the contract.  Email agent prior to submitting an offer.

Transaction Updates:

Once we have a ratified contract, buyer's agent and buyer(s) can log in here.