Monday, January 11, 2010

And now, Deutsche Bank, GMAC, FIA and truth, justice, the American way at the IRS

Keep this in mind: if you get involved in a complicated short sale, it's like taking on a second full time job. It's frustrating, draining and infuriating. At least mine has been...

And now, for the news.

Today, slogging through the battlefield mud. Finally managed to move forward at GMAC, progressing from the document packager to the negotiator. But the initial contact was not promising.

GMAC holds the second lien -- for about $200K. BofA, the short sale bank, has offered $3,000 for the discharge of the lien. Sounds paltry, but GMAC would collect nothing in the event of a foreclosure. There's a lot of conflicting information out there about what second lien holders will take in a short sale --some postings indicate that $3K is the norm, others indicate that it's not. Doesn't look like I'm getting lucky -- GMAC doesn't seem to be in the $3K camp.

GMAC has been extremely difficult to deal with. Their system is overloaded: when you send a fax, and call in to see if it's received, they can't confirm if it has or not, and they tell you it takes five business days for a fax to be "entered into the system." I have been trying to reach someone there since January 4.

However, a call to the GMAC executive customer relations number this morning finally accelerated the process (800-627-0128) . I found out that the document assembler we had been talking to had decided that somtehing was missing from the HUD1, so he wasn't forwarding the package. Never let us know, so it was just sitting there. But the call to the executive offices proved effective, and by this afternoon I was talking with my negotiator.

The negotiator was somewhat nasty, brusque, to the point. GMAC would never accept the $3000K. Doesn't matter if it will cause a foreclosure. The reason for the rejection? The "investor" in the mortgage would never accept that amount. The ultimate pass the buck strategy in our post sub prime crazy world. And who is the investor? Deutsche Bank.

So another obstacle presents itself. I'm trying to figure out how to overcome it. Stay tuned.

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