GMAC FORECLOSURES----VERY INTERESTING

If your a preferred agent with GMAC then you already know this but for those who aren't read below. This is going to get very interesting and I sense some major changes coming from this. I don't know if there's an active moratorium but we've been told that all of our assets were to be placed on stand by no matter what status theyre in as well as all CFK's and evictioons.

Markets

GMAC Denies Reports Of Foreclosure Moratorium

By Wallace Witkowski

Published September 20, 2010

| MarketWatch Pulse

SAN FRANCISCO -- GMAC Mortgage on Monday denied reports that it was instituting a mortgage foreclosure moratorium in 23 states. "The speculation likely emanates from a direction previously given by GMAC Mortgage to certain of its outsource vendors to allow time to address a potential issue that was raised in a number of existing foreclosures challenging the internal procedure we used for executing one or more judicially required forms," GMAC said in a statement. GMAC said that "all new residential foreclosures are continuing in the ordinary course of business with no interruption in our usual practice."

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  • Interestingly, I currently receive email and correspondence as one of GMAC's preferred agents, but have not had any recent contact with them. I effectively and proficiently disposed of their assets assigned to me through an AM company I worked with in the past, but I don't believe that AM company is working with them anymore. Their disconnection from GMAC resulted in my disconnection as well. At any rate, I would like to establish/re-establish my contact with them directly, update my profile and hopefully regain some business from them. George, if you could give me a website, name, email, phone # or something, I would really appreciate it.
  • Kim, I have a shortsale going with GMAC and I enjoy working with the negotiator , Clay Nieman. Very fast to respond and is always open to issues or questions that I have.
  • I love being a preferred Agent at GMAC, they are awesome to work for! They are fast to respond to offers, are accurate in pricing, and I have never met a GMAC Asset Manager I didn't like to do biz with. =)
  • That is true also. One of my AM's is on the committee to review all preferred agents and get rid of the ones that don't have high enough scores. But the foreclosure issues is something different and that's what's causing the hold on all properties in those 23 or so states. I hope some of you guys get an opportunity with GMAC as they're one of the best to work with..
  • I just heard that this morning at Five Star. and I was told that it is because they are going to evaluate their agents and make some cuts, or get rid off the bad apples. I hope this meand new opportunity for some of us who are not with GMAC yet.
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