I'm not getting what you are asking, to my knowledge what ever the loan type a SS package is a SS package the only thing I believe what would make it different if it is goverment issured loan.
Quote:
On 2005-01-01 11:44, TheShortSalePro wrote:
For what type of loan? Criteria for ss consideration differs from loan type, and mortgagee. Do you know who owns the loan?
I'm certain that GMAC services many different types of loan owned by an assortment of investors... so knowing who owns the loan or what type it is could point to a specific application...
The ss criteria and application for a Gov't backed or insured loan is a bit more involved than for a conventional loan workout... but your post doesn't indicate whether it's a conventional, gov't insured, or even if it's a first mortgage.
Has the loan in question been pooled with other loans?
a FHLMC loan will have different criteria for ss consideration that a FNMA loan.
a loan insured with PMI will have different ss criteria than a loan without PMI
etc.
GMAC might use as many as a dozen or more different ss applications.....
a generic application would include a credit app, copies of bank statements, tax returns, a property tax statement, evidence of a paid up homeowners insurance policy, any junior mortgage loan statements,
plus a letter of hardship, and a letter requesting relief.
Also, a CMA, a listing agreement, and an executory contract for sale.
A basic application should be incorporated into a Short Sale Proposal....
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Ok back on the application you stated that a credit app like an 1003?
Quote:
On 2005-01-02 10:55, TheShortSalePro wrote:
a generic application would include a credit app, copies of bank statements, tax returns, a property tax statement, evidence of a paid up homeowners insurance policy, any junior mortgage loan statements,
plus a letter of hardship, and a letter requesting relief.
Also, a CMA, a listing agreement, and an executory contract for sale.
A basic application should be incorporated into a Short Sale Proposal....
Sound like you need to read up on doing a short sale as the questions you are asking really show that you need some more knowledge in doing this. You will not have much success getting small parts of the art of doing a short sale.
John Michael I have successfully
completed Short Sales and I'm very familiar with the process. My original question was, did anyone have a GMAC short sale package that they could send me?
I wasn't asking for any loan type or other different
applications for different types of short sales, just the application from GMAC. In my opinion Short Sale Pro took my question far beyond the scope of what I was asking. That's why in my reply to his answer I was not getting why he wanted to know the other information.
I have fellow investors who informed me of a generic application but they didn't have one. So I asked SS Pro where could I get one and he replied using a credit app. I know that the information on credit app and generic worksheet are similar. I was hoping to find a generic app in the freebie section but there wasn't one, instead of using a 1003.
Quote:
On 2005-01-02 18:39, JohnMichael wrote:
tjgroup
Sound like you need to read up on doing a short sale as the questions you are asking really show that you need some more knowledge in doing this. You will not have much success getting small parts of the art of doing a short sale.
For what type of loan? Criteria for ss consideration differs from loan type, and mortgagee. Do you know who owns the loan?
I'm not getting what you are asking, to my knowledge what ever the loan type a SS package is a SS package the only thing I believe what would make it different if it is goverment issured loan.
Quote:
On 2005-01-01 11:44, TheShortSalePro wrote:
For what type of loan? Criteria for ss consideration differs from loan type, and mortgagee. Do you know who owns the loan?
I'm certain that GMAC services many different types of loan owned by an assortment of investors... so knowing who owns the loan or what type it is could point to a specific application...
The ss criteria and application for a Gov't backed or insured loan is a bit more involved than for a conventional loan workout... but your post doesn't indicate whether it's a conventional, gov't insured, or even if it's a first mortgage.
Has the loan in question been pooled with other loans?
a FHLMC loan will have different criteria for ss consideration that a FNMA loan.
a loan insured with PMI will have different ss criteria than a loan without PMI
etc.
GMAC might use as many as a dozen or more different ss applications.....
but, a generic app would be a good start...
Where can I get a generic application?
a generic application would include a credit app, copies of bank statements, tax returns, a property tax statement, evidence of a paid up homeowners insurance policy, any junior mortgage loan statements,
plus a letter of hardship, and a letter requesting relief.
Also, a CMA, a listing agreement, and an executory contract for sale.
A basic application should be incorporated into a Short Sale Proposal....
[addsig]
Ok back on the application you stated that a credit app like an 1003?
Quote:
On 2005-01-02 10:55, TheShortSalePro wrote:
a generic application would include a credit app, copies of bank statements, tax returns, a property tax statement, evidence of a paid up homeowners insurance policy, any junior mortgage loan statements,
plus a letter of hardship, and a letter requesting relief.
Also, a CMA, a listing agreement, and an executory contract for sale.
A basic application should be incorporated into a Short Sale Proposal....
yep
tjgroup
Sound like you need to read up on doing a short sale as the questions you are asking really show that you need some more knowledge in doing this. You will not have much success getting small parts of the art of doing a short sale.
Invest in your self a little and check out http://www.thecreativeinvestor.com/Shopping_Cart-index.html
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John Michael I have successfully
completed Short Sales and I'm very familiar with the process. My original question was, did anyone have a GMAC short sale package that they could send me?
I wasn't asking for any loan type or other different
applications for different types of short sales, just the application from GMAC. In my opinion Short Sale Pro took my question far beyond the scope of what I was asking. That's why in my reply to his answer I was not getting why he wanted to know the other information.
I have fellow investors who informed me of a generic application but they didn't have one. So I asked SS Pro where could I get one and he replied using a credit app. I know that the information on credit app and generic worksheet are similar. I was hoping to find a generic app in the freebie section but there wasn't one, instead of using a 1003.
Quote:
On 2005-01-02 18:39, JohnMichael wrote:
tjgroup
Sound like you need to read up on doing a short sale as the questions you are asking really show that you need some more knowledge in doing this. You will not have much success getting small parts of the art of doing a short sale.
Invest in your self a little and check out http://www.thecreativeinvestor.com/Shopping_Cart-index.html
OK I esta,
When I do, a short sale I contact the lender to see if they have their own package, if I remember correctly GMAC has their own package.
The following may help.
GMAC Mortgage HQ
100 Witmer Road
P.O. Box 963
Horsham, PA 19044
(215) 682-1000
GMAC Mortgage Loan Servicing Center
3451 Hammond Avenue
Waterloo, IA 50702
(313) 236-5400
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