What Was GMAC Mortgage Thinking…..????

Well I just had the most upsetting transaction I was working on for one of my sellers. And what happen to us just goes to show you how out of touch our government is with the crisis going on in the housing market.

Here is what happen to one of my seller…. My seller began having trouble keeping up with their mortgage payments last fall. So they did the responsible thing and contact their lender GMAC Mortgage.  They over the next 9 months they tried to work out a loan modification with GMAC.  After completing the paper work  4 months later they where turned down for the loan modification. So GMAC told them to submit the paperwork again and they would reconsider it a second time. So my seller did it again and was turned down a second time.

So being very upset they asked GMAC what could they do because they didn’t want to lose their home to foreclosure. So GMAC suggested contacting and experienced Realtor who could help them sell their home on a short sale. So they contacted me about selling their home.  Then I contact GMAC and told them we had the home listed and was told to send them a copy of the listing contract and they would stall any auction.

What happen next just blew us away….GMAC starts foreclosure proceedings. Luckily we where able to get an offer very quickly for $425,000. So we get the short sale packet to GMAC and get to the negotiator. We kept trying for 2 weeks to get the auction date stalled with GMAC. But the negotiator wouldn’t stall the auction or give us a response to our offer.

The 2 days before the auction the negotiator tells our offer is too low but won’t give us a number. So we go back to the buyer and get them to come up to $450,000 in hopes to stall the auction and get a response from GMAC. What do we get from GMAC nothing no response at all…so the home goes to auction and sells for $353,000. So GMAC loses $97,000 of taxpayers money and my seller ends up going to foreclosure what they are trying to avoid.

Unbelievable to me why they would let this happen. If you are a homeowner in distress feel free to contact my at Rick@TheBigOrangePress.com