How GMAC Short Sales Work

Fort Collins CO – GMAC, was the financing arm of General Motors. It was taken over by Uncle Sam and has been mostly privatized as Ally Financial.

However, many people still have loans from the original GMAC. Some of these homeowners want to short sale, but are curious about how it works.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

A GMAC short sale is not too much different from other short sales. To start a short sale with GMAC, first call them at the 800 number on your most recent statement. That number is currently 800-850-4622.

Most of GMAC’s loans have been sold. The first thing you or your short sale realtors should do is find out who owns the loan now.

On our last GMAC short sale, the loan had been sold to a Wall Street “Sliced and Diced” Fund. In this case, that fund made the decision on whether or not to accept the short sale. GMAC was simply handling the file for them.

Another owner of loan might be Fannie Mae or Freddie Mac, both highly controlled by Uncle Sam.

Or, the loans might be owned by a private investor, but insured by VA or FHA. The guidelines to approve a short sale will be set by the owner or insurer of the loan.

For example, FHA allows a homeowner 120 days to successfully short sale their house. FHA will accept a net equal to 88% of an FHA appraisal for the first 30 days.

After 30 days, that number is reduced to 86%. After 60 days, it is reduced again to 84%. So yes, Bank of America short sales are tough.

However, if you know who the investor (or insurer) is on a loan (and their guidelines), it makes it much easier to get a short sale approved. Fannie Mae, Freddie Mac, FHA, and VA own or insure between 60% and 75% of all loans.

If you are thinking of doing a short sale, then make sure your agent understands their guidelines. Their guidelines are all a little different.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at RobKittle@kw.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 970-690-4920

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Fort Collins loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Rob Kittle.

Rob is a Real Estate Agent at Keller Williams Realty. Fort Collins Short Sales Realtor:

Phone: 970-690-4920. RobKittle@kw.com.

We Specialize, You Benefit

View My homes for sale at
www.RobKittle.com.

Rob Kittle specializes in loan modification assistance and short sales in Fort Collins Colorado. Fort Collins Loan Modification Help, Fort Collins Short Sales. Fort Collins Short Sale Realtor Short Sale Realtor. Fort Collins CO Short Sales. Fort Collins Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Rob Kittle's personal views and do not reflect the views of Keller Williams Realty.

This information on How GMAC Short Sales Work is provided as a courtesy to our viewers to help them make informed decisions.

Fort Collins Short Sales: An Advanced Strategy To Stop Harassing Debt Collector Calls

Fort Collins CO – Many of the short sale sellers we help are selling their home to avoid foreclosure. In addition, they are receiving lots of harassing calls from debt collectors.

These debt collectors seem to think that if you call someone with no extra money, then you can still get them to pay. Here is a little tip on how to stop their phone calls.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

A friend of mine looks for missing people. The database he uses is also a prominent debt collection database. He told me something interesting.

Apparently people are suing debt collectors for breaking Debt Collection Laws all the time. These lawsuits are expensive for them to defend against and easy for the consumer to file.

(I can’t agree more. In my opinion, the debt collectors knowingly break the rules all the time.)

To help debt collectors avoid future lawsuits they now have a field in their search that flags people that have filed lawsuits. They know that if they harass these people, then they are much more likely to get a lawsuit from them.

As you can see, they are scared! In my last blog post I detailed what were, in my opinion, the different violations of the law. You can read more info on the law at this link and see for yourself if a debt collector is violating it.

If you feel they have violated the law, then find a good lawyer to file suit on your behalf. There are many good lawyers who specialize in helping consumers when a debt collector violates the act.

Just Google “Fair Debt Collections Lawyer.” Many can help you at no cost out of your pocket. They will take your case on a contingency basis and get paid from the money they collect from the debt collector.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at RobKittle@kw.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 970-690-4920

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Fort Collins loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Rob Kittle.

Rob is a Real Estate Agent at Keller Williams Realty. Fort Collins Short Sales Realtor:

Phone: 970-690-4920.
Email Me
We Specialize, You Benefit



Rob Kittle specializes in loan modification assistance and short sales in Fort Collins Colorado. Fort Collins Loan Modification Help, Fort Collins Short Sales. Fort Collins Short Sale Realtor Short Sale Realtor. Fort Collins CO Short Sales. Fort Collins Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Rob Kittle's personal views and do not reflect the views of Keller Williams Realty.

This information on Fort Collins Short Sales: An Advanced Strategy To Stop Harassing Debt Collector Calls is provided as a courtesy to our viewers to help them make informed decisions.

Fort Collins Short Sales: Can I buy again right after a Short Sale?

[caption id="attachment_1149" align="alignright" width="283" caption="Yes, you can Short Sale and buy another home."][/caption]

Fort Collins state(acronym) – We get this question a lot from people. “I am upside down and need to move. I would like to buy another home. Can I do that?” they ask us.

Today they can. FHA (the Federal Housing Administration) has a new program that enables you to short sale your existing home and buy a new home at today’s reduced prices.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

The home you purchase would have to meet FHA’s standard lending guidelines. FHA is a great mortgage program.

In fact, more people buying a home in today’s market are getting an FHA loan.

Here is what you would need to do to participate in the program:

1. Determine if you qualify to participate in the program. We have been told that you will need the following.

(Guidelines can change at any time, so make sure you check them with a Mortgage Professional familiar with the program.)

A. A 640 FICO credit score or better.

B. You must be current on all installment payments and your mortgage.

C. No bankruptcy or foreclosure on your credit in the last 7 years.

D. The home you are purchasing must be inferior to the one you are selling. I don’t know the exact guidelines, but I think it means it is a smaller home, or it has less bedrooms or a lower price.

E. You will need the 3.5% down payment for the new purchase.

2. Continue making your mortgage payments each month.

3. Talk to a Mortgage Professional and fill out FHA’s Short Sale and Buy Application.

4. Get pre-approved for your next home loan.

5. Put your home on the market with a licensed short sale realtor.

6. Once the short sale is approved, then you can start looking at other homes.

7. Close on selling your home and on purchasing the new property.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at RobKittle@kw.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 970-690-4920

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Fort Collins loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Rob Kittle.

Rob is a Real Estate The Kittle Team at Keller Williams Realty. Fort Collins Short Sales Realtor:

Phone: 970-690-4920. <a href="mailto:RobKittle@kw.com.

We Specialize, You Benefit

View My homes for sale at <a href="http://
www.RobKittle.com.

Rob Kittle specializes in loan modification assistance and short sales in Fort Collins Colorado. Fort Collins Loan Modification Help, Fort Collins Short Sales. Fort Collins Short Sale Realtor
Short Sale Realtor. Fort Collins CO
Short Sales. Fort Collins Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is
not intended as legal, technical, or tax advice. Please speak with a
licensed professional before making any decision. Information is deemed
reliable but not guaranteed as of the date of writing. The views expressed
here are Rob Kittle's personal views and do not reflect the views of
Keller Williams Realty. This information on Fort Collins Short Sales: Can I buy again
right after a Short Sale? You Decide is provided as a courtesy to our
viewers to help them make informed decisions.

My Realtor hasn't talked to me about a Short Sale & I'm not even getting a showing. I think I might be upside down. What do I do?

Fort Collins CO - The Stop Foreclosure Institute recently received a question from Jennifer. She is having a hard time selling her home.

“I have had my house for sale for a little while, but it hasn’t sold. No buyers have come to look at it. At first I thought the price was fair. But, now that no one has come to see the home, I am beginning to realize that I am upside down.

My realtor hasn’t talked to me about a short sale. What should I do?” Jennifer asked.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is what I would recommend to her. First, talk to your current agent about a short sale. The might be uncomfortable with bringing it up.

Short sales are a sensitive issue. Some people get offended when you ask them about a short sale. It doesn’t look like that is the case with you.

Tell your agent that you think you might be upside down. Ask them what they think they can realistically sell the house for in today’s market.

Then, ask them for a “Net Sheet.” This is a sheet that details all of the costs and fees associated with selling a home.

The fees and costs are subtracted from the sales price to give you the net amount you will receive from the sale. Compare that number with your mortgage payoff.

If it is less than what you owe your lender, then you will need to consider a short sale. Ask your agent if they can handle your short sale.

If not, then you may need to hire someone else. Short sales are a lot more complex than a normal real estate transaction.

Make sure the person you interview has closed short sales in the past and knows what they are doing.

Ask them how the short sale process works. Have them explain it to you. This will help you determine if that person can do the job for you.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at RobKittle@kw.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 970-690-4920

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Fort Collins Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Rob Kittle

Rob is a Real Estate The Kittle Team at Keller Williams Realty.

Phone: 970-690-4920. RobKittle@kw.com.

We Specialize, You Benefit

View My homes for sale at www.RobKittle.com.

Rob Kittle specializes in loan modification assistance and short sales in Fort Collins Colorado. Fort Collins Loan Modification Help, Fort Collins Short Sales. Fort Collins Short Sale Realtor Short Sale Realtor. Fort Collins CO Short Sales. Fort Collins Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Rob Kittle's personal views and do not reflect the views of Keller Williams Realty. This information on My Realtor hasn't talked to me about a Short Sale & I'm not even getting a showing. I think I might be upside down. What do I do is provided as a courtesy to our viewers to help them make informed decisions.