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Florida Short Sales - How GMAC Short Sales Work
St. Petersburg FL – 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, ... more

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