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GMAC/Homecomings
Short Sale Report
| Time to Acknowledge |
Time to Approve |
Commissions | Full Release Available |
Comments |
| 5 Days or less | 60 +/- days | 5% | negotiable |
1sts-They are now using the Equator Platform. The transition to Equator has been much smoother than other lenders. They will also begin to move files to component servicers/outsourcers. These companies will be incentivized to get files closed (which is good) but they will be closely following the instructions of the lender. Business hours fluctuate daily and they are on Eastern Standard Time. Periodically during the day they stop taking calls. Once you get someone on the phone they are very responsive.
2nds-Get it done before it is charged off! This is typically done when they miss 6 or more payments. GMAC, like everyone else, is struggling to find a way to recover capital and in most cases will settle for 10 cents on the dollar. If the account has been charged off you are now dealing with a recovery/collection department and the price goes up. They are tough to negotiate with and will go after commission as well. Get GMAC 2nds done quickly-before you are sent to recovery.
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