GMAC Short Sale Steps
GMAC was one of the more active lenders during the subprime mortgage boom. Now known as Ally Bank, it has also taken a leading role in helping struggling borrowers avoid foreclosure through various workout options. Once of the most popular solutions is the short sale, which allows borrowers to sell off their homes and make a discounted payment to their lenders. The short sale GMAC program is ideal for borrowers with upside-down mortgages, or whose debt is greater than the value of their home.
Call Your Bank
The first step in the short sale GMAC process is calling up the bank to learn more about their policies. Short sale GMAC requirements may differ from that of other banks, so it’s important to k now what they’re asking for. You may need to wait or try several times to get to the short sale GMAC department, but that’s part of the process—it won’t pay to lose your cool especially when you’re asking for mortgage help.
Find A Realtor
When you have the information you need, consult a real estate agent, ideally one who has experience in GMAC short sale services. He or she won’t just help you list your home, but also help you with your short sale application and through the short sale GMAC process. They can help you put your short sale GMAC application package together, negotiate with your lender, and make sure you have all the documents you need. Some of the most common short sale GMAC requirements are bank statements, mortgage and property tax forms, and proof of income. You will also need to provide a hardship letter, wherein you explain the conditions of your default and how a short sale GMAC can help you.
List Your Home
Your agent can then put your home on the market, using the MLS and any other channels available. Once you start getting offers, you and your agent should evaluate each bid and choose the ones that best meet short sale GMAC standards. Since the bank decides which offer to accept, submitting viable offers can help speed up the short sale GMAC process.
Review The Terms
As soon as the bank approves an offer, you can start preparing to close. This is where you turn your property over and complete the short sale GMAC transaction. Go over the terms with your short sale GMAC agent beforehand and bring up any vague parts. Once everything’s signed, you’re free of mortgage obligations and you can start getting back on your feet.