GMAC holds many mortgage notes in the Santa Clarita and San Fernando Valley area. They are participants in the government Home Affordable Foreclosure Alternative Program,
HAFA where a borrower or homeowner who is upside down on the mortgage can be allowed to
short sale the home and receive several thousand dollars in moving incentives from the bank.
GMAC also has a program where after conducting a BPO appraisal, they will pre-approve the short sale of a home so that when the home is listed for the preapproved price they will quickly allow it to be short sold at that price and give the owner some money and release them from debt . GMAC will preapprove a short sale in advance for both a HAFA short sale and a traditional short sale. The main difference is that with the traditional also called standard short sale, the owner does not receive money for the moving incentive but they still have their debt considered “paid” by GMAC and any other lenders on the home.
GMAC has recently announced that it will no longer be accepting new loan applications. GMAC mortgage accounts will be taken over by both OCWEN and Green Tree Mortgage companies. Customers of GMAC should be receiving contact information for those companies in the mail notifying them as to which of those lenders will be now servicing their loan.
If you are a GMAC customer and want to find out who your loan was transferred to then you can call OCWEN Customer Care at 800-766-4622 They will inform you as to who the new holder of your note will be and give you contact information.
If you are having problems paying your mortgage and believe you may need to do a short sale then the contact at the new lender’s customer care and short sale department will help you with that and provide information about your foreclosure alternative options available.
You will be asked to prepare a short sale package to submit to either
Green Tree or OCWEN;
This will include;
2 months pay stubs
2 months of all bank account statements, all pages
2 years tax returns, include all pages and all signatures
A budget worksheet of all income and all expenses
A letter of hardship explaining why you need to short sale your home.
Your short sale realtor can help you prepare your package. You have the right to and should choose your OWN real estate agent to sell your home you do not have to use anyone recommended by the bank, who is usually their REO, foreclosure real estate agent , you need someone who will look out for your best interests rather than the bank’s.
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