Short Sale Report - GMAC/Homecomings

1sts-They are now using the Equator Platform. We hear that the transition to Equator has been much smoother than other lenders and that their platform within Equator is much more user friendly. The problem is that the loss mit department cannot see the Equator files. Only the negotiator has access which can be very frustrating.
We hear that they may 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. We have also been told from several sources that they are typically closing short sale in 6 months on average which is one of the fastest turn times in the industry.
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. We have heard that it is taking on average over 10 months to close a short sale when the 2nd is a Home Equity Line of Credit.

Homecomings (800) 750-0011 or 
(800) 850-4622 or 866-899-5308
GMAC Loss Mitigation: 319-236-5400 
Fax: (866) 709-4744
General Homecomings Phone: (800) 799-9250 http://www.gmacmortgage.com/Resource_Center/homeowner_help/homeowner_hel...
(link to qualification requirements and required docs)