What’s the deal with GMAC only servicing the loan and having to send everything to the “investor” for approval.
I need a tactic to get this guy down on price. I have been telling him the guy is going to file BK but I don’t seem to be getting thru to him. Is he just playing hardball. Please help!!!
I might be totally off track here, but this is how I’ve figured it.
GMAC doesn’t underwrite its own loans, it’s backed by ‘investors’, individuals, but mostly corporations, who actually pony up the money. All GMAC does is make sure the payments are processed, and the investors get their returns.
So every bad loan has to go through the investor before it can be settled, short sale or otherwise.
It just makes the process a whole lot longer.
Thanks, How am I suppose to convince the investor to sell the property if I can’t deal with them directly. The negotiator seems to be onboard but my offer was turned down and he gave me no counter. I just told him to tell me what they wanted. The BPO came back in the low 70’s there is a 16,000 judgment I Got down to 8,0000 and a 2,000 tax lien. I offer 52,000 plus the judgment and I’ll pay the taxes. I have to bring to closing over 63,000. The guy is going to file BK and they won’t see a payment on this for a year plus he is 6 months in arrears already. Any suggestions?
FOR ALL YOU DEALING WITH GMAC OR ANY COMPANY THAT JUST SERVICES THE LOAN. IF YOU HAVE A LOAN HELD BY WALLSTREET THEY DON’T WANT TO SHOW LOSSES RIGHT NOW THEY ARE TAKING THEIR PROPERTIES INTO PORTFOLIO. THIS MEANS THEY IN ESSENCE DO NOT WANT TO SELL THEY PROPERTY THEY WOULD RATHER WAIT TO PUT OFF SHOWING LOSSES. THIS WILL BITE THEM IN THE ASS IN THE END, HOWEVER IF YOU WERE WONDERING, WHY THEY WILL NOT TAKE DECENT OFFERS. NOW YOU KNOW.