IML Real Estate has a long track record of short sale success with GMAC Mortgage. We have been able to protect our clients by negotiating for no promissory note, no deficiency judgment and no contribution. We are able to successfully refute their opinion of market value when it is too high and to escalate to a higher authority within GMAC when necessary.
Here is a recent GMAC Mortgage short sale approval negotiated and closed by IML Real Estate:
GMAC Short Sale Approval
GMAC Full Payoff Statement
The full payoff amount to GMAC Mortgage in this instance was $399,394.95. We were able to get GMAC Mortgage to settle for a sale price of $295,000.00 with net proceeds to the bank of $266,553.81. No contribution or promissory note was required of our client and GMAC Mortgage waived their deficiency rights. This client was never late on his mortgage payments and successfully avoided the longer lasting consequences of foreclosure. He is no longer chained to a home that was deeply underwater (negative equity) and is able to get a fresh start. He will be eligible for a Fannie Mae or Freddie Mac home loan again in two years (foreclosure would have prevented him from obtaining a Fannie or Freddie loan for at least 5 years).
We utilized the Equator online system in addition to other methods and contacts for this short sale.
Short Sale Dept Phone: 1-800-850-4622
Short Sale Dept Fax: 1-866-502-0424
GMAC Short Sale Forms: We are able to utilize our proprietary short sale form set for GMAC short sales but we have provided the GMAC form set for clients that prefer to use GMAC's documents.