RenoRichmond983

GMAC Short Sale Help - Due to recent legislation, lenders are now required to approve short sales in a timely manor in many cases. Unfortunately, very few lenders have been able to comply with the HAFA program guidelines that went into effect April 5th, 2010. GMAC however is one lender that has set the bar for other lenders and was fully compliant prior to the date that the program went into effect. Many GMAC Short Sales are getting approved in as little as ten days start to finish, and they are literally putting the "Short" back into the term "Short Sale".

Through the implementation the GMAC Short Sale San Diego program, they have the short sale process down to a science. By streamlining the process and offering quick approval times and reasonable terms they are providing homeowners with an excellent alternative to foreclosure while also giving them money back at closing to help with relocation expenses. Below are some general time lines to expect when doing a short sale with GMAC:

Quick approval of financial hardship (3-4 days) Quick approval of sale price and purchase offer (5-7 days) Offer approval good for at least 30 days Borrower usually does NOT have to be delinquent on payments Borrower is released from deficiency and not required to repay any money to lender Up to $3,000 towards borrower relocation expenses!

In order to qualify for a short sale with Property Management in San Diego, the borrower will first have to prove their financial hardship in most cases. A good rule of thumb is that short sale is typically NOT for people who "want" to sell their property, only for people that "have" to sell.

The main thing a borrower will need to get together right away after listing the property with an experienced agent is a GMAC short sale package. CLICK HERE for a GMAC short sale package. Here is a basic list of documents that are typically required in the short sale package:

Financial Worksheet and document list Hardship Letter explaining financial hardship Last two Paystubs Two months most recent bank statements Last two years tax returns / W2's

Once all of these documents are gathered together they are presented to Aurora Financial Short Sale San Diego along with an offer to purchase and preliminary HUD-1 closing statement. GMAC then submits the file to be processed through the Equator short sale system.

The short sale process is highly specialized and is NOT part of the Realtor basic training. Do not choose an agent based on a "designation" next to their name from completing a weekend short sale training class. When your financial future is at stake, there is no substitute for experience! The first step in the process is to find an experienced, local agent to discuss the short sale process. There should never any out of pocket expense for a short sale, PERIOD!