Posted on: 20th Dec, 2010 02:29 pm
I have a loan with GMAC was comfort home. I did the loan mod with them and it has been nothing but a nightmare. Now they have cut my hours at work and my wife is not making much. We are at the end of our rope. So we hired a real estate agent. He listed out house as a short sale, but has yet contacted GMAC to see if they will agree to a short sale. Does this sound right? My wife has done research and says this isn't. Agent said he will summit hardship letter and everything when we get an offer.
Hi tonydegler!
Welcome to forums!
If your lender is not ready to give you a loan modification, then you can go for short sale. In such a situation, your property should be listed in the market for 90 days at least. If you get a buyer to purchase the property, you can inform the lender and request him to accept the request. I think the agent is not wrong in taking those steps. However, if you wish, you can inform the lender that you want to short sale the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your lender is not ready to give you a loan modification, then you can go for short sale. In such a situation, your property should be listed in the market for 90 days at least. If you get a buyer to purchase the property, you can inform the lender and request him to accept the request. I think the agent is not wrong in taking those steps. However, if you wish, you can inform the lender that you want to short sale the property.
Feel free to ask if you've further queries.
Sussane
Lenders, GMAC nor anyone else, do not sate up front if they are agreeable to a short sale.
When there is a contract on a property, that contract is the processed with the hardship papers and short sale request.
Just becasue a short sale is processed, does not mean it will be accepted
When there is a contract on a property, that contract is the processed with the hardship papers and short sale request.
Just becasue a short sale is processed, does not mean it will be accepted
