A GMAC short sale approval in 10 days with Equator

A GMAC short sale approval in 10 days with Equator

GMAC has really stepped up their game in the past year. In the spring of 2010 GMAC moved all their short sale processing to Equator, following Bank of America's decision to do the same. GMAC's Equator platform is preferable to Bank of America's as there is less data input from the agent, and it seems the negotiators actually consider personal contact a priority, leading to a smoother process overall.

While getting the Ansonia, CT property under contract proved a challenge, once a buyer was secured, approval from GMAC came just 10 days later. Unfortunately, the buyers lender proved to be a complete mess and what could have been easy and simple never turns out to be so. Over 10 weeks of fumbling around followed until the buyers lender was finally able to get their end together to actually close this short sale.

And so continues the trend of lenders approving short sales more easily and quickly, all while closing a buyers side  loan becomes more difficult and time consuming.

It seems undoing a loan is now much easier than actually getting one. Quite a turn of events over years past, eh?