GMAC’s URGENT Letter to Preferred Agents RE Corrective Action in Connection With Foreclosures
Well well well…
Here is the letter…
Urgent: GMAC Preferred Agents
Privileged & Confidential 9/17/10
Dear GMAC Preferred Agents:
GMAC Mortgage has determined that it may need to take corrective action in connection with some foreclosures in the following states:
As a result of the above, effective immediately and until further notice, please take the following actions only in the states identified above:
Do not proceed with evictions, cash for keys transactions, or lockouts. All files should be placed on hold, regardless of occupant type.
Do not proceed with REO sale closings. GMAC Mortgage will communicate instructions to the assigned agent regarding the management of the properties in Pending status. If the contract has already been executed by both parties, the Asset Manager will request anamendment to extend the closing date by 30 days or as otherwise designated by the Asset Manager. Please provide appropriate notice to the REO purchaser that, pursuant to Section 1 of the GMAC Mortgage Addendum to Standard Purchase Contract, GMAC Mortgage is exercising its sole discretion to extend the Expiration Date of the Agreement by 30 days at this time. If the REO purchaser wishes to cancel the contract, GMAC Mortgage will terminate the Agreement and return the earnest money deposit.
You will receive further instructions regarding the status and handling of these assets from your asset manager. There could be asset level exceptions and you will receive direct communication from GMAC on the handling of those exceptions. Please send any questions or concerns regarding these matters to your asset manager.
Please ensure your staff is aware of these requirements immediately.