GMAC Loss Mitigation: 1-800-850-4622
Fax: 1-866-502-0424
Letter of Authorization Fax: 1-866-709-4744
Tips for working with GMAC:
- Make contact as soon as the property is listed for sale. Send in the letter of authorization and then follow up with a phone call to loss mitigation. After the authorization letter is processed, they will allow you to email the listing agreement to a loss mitigation specialist who will set up the file in the Equator system. The agent will then need to claim the file in Equator.
- Some GMAC / Fannie Mae files are handled through Kazork.com, a third-party outsourcer for the investor. Their process is unlike any other so knowing if the file is headed there will save you time and hassle.
- Our experience with GMAC has been a first mortgage approval in 30 days or less in most cases.
Information They Request:
- GMAC Financial Worksheet
- Listing Agreement
- Last 2 months bank statements for all accounts
- Last 2 pay check stubs
- Hardship letter
- 4506-T completed for the last 2 years
- 2 Yrs Tax Returns
- 2 Yrs W2′s
- HAFA Files add:
When the home goes under contract, add:
- Purchase Contract
- Buyer’s proof of funds or pre-approval letter
- Preliminary HUD-1
