GMAC Foreclosure?
Yesterday I went to look at a property and noticed another foreclosed house down the street. It had a county court notice on it stating foreclosure being filed, GMAC vs. the owners. I'm wondering what their process is and how I can find out some more information on the house and how to possibly purchase it. Thanks for any info. I don't know alot about that type of deal.
The former residents have already been evicted I believe. The house is empty. I think I would be buying straight from the mortgage company, but I'm not real sure. I finally found their REO departments number and I'll give them a call tomorrow to see if I can find out anything else. I've bought a number of foreclosures in OK without a problem, just curious as to how their particular process worked and how long it might be until they are able to sell the house. Also if they sell through a Broker or handle it themselves.
You need to do a background search on the subject property at the recorders of deeds office, courthouse or mortgage filing office in the Subject County.
What I am saying is you need to do a title search.
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I do not know the foreclosure laws of OK but in most states you need CASH to purchase at a foreclosue sale.
Check with a title company or real estate attorney in your state about foreclosure laws. This is high risk investing. You might have to evict the people in the house. Find out what that will cost and the time it will take if you have to do it.
BOB FORD
Here in Maryland GMAC sell through brokers
Hi TB,
I was wondering if you had any success contacting GMAC. I have the same situation here in FL. Found a GMAC foreclosure that they own and have not listed yet. Want to make offer but have not been able to get through to the REO dept. Any help would be greatly appreciated.
Thank you
Hi TB,
I was wondering if you had any success contacting GMAC. I have the same situation here in FL. Found a GMAC foreclosure that they own and have not listed yet. Want to make offer but have not been able to get through to the REO dept. Any help would be greatly appreciated.
Thank you
It sounds as though the property is in PRE-foreclosure state. Meaning that GMAC is sueing the owners for not paying. At this point you still have 4-6 months (from my experience) before the actual sale date.
At this point you need to:
1. Find who the owners are
2. Do a title search to find out all liens
3. Get authorization to release information (simple letter) to give you authorization to talk to the bank.
4. Get the payoffs (although the title search and letters the homeowner has received can give you a decent idea)
5. Depening on the numbers work from there.
GOOD LUCK
I contacted the local GMAC office and got their REO department phone number from one of their employees. Contact me through e mail if you want some more info. **Please See My Profile**
TB,
I sent you a private message.
Thank you