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GMAC approval, 2nd postion on short sale

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hodgempls Joined: 05 Apr 2010 Posts: 1 1.00 Dollars($)	Posted: Mon Apr 05, 2010 8:47 pm    Post subject: GMAC approval, 2nd postion on short sale Like 0 Dislike 0 GMAC is second on a short sale that I have an offer on. The local credit union that is first has already done a BPO and given approval. How long does it usually take GMAC to respond if they are 2nd? The listing agent indicated today that GMAC has promised to fast track this and that they have all the documentation.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Apr 05, 2010 10:27 pm    Post subject: Like 0 Dislike 0 Hi hodgempls! Welcome to forums! It'll completely depend upon your lender, GMAC, as to how much time they will take in order to approve the short sale. As the lender has said that they would fast track your case, then you may be able to get the approval very soon. However, after the short sale, you would be responsible for paying the deficient amount resulting from the property sale. Feel free to ask if you've further queries. Sussane

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