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I want to sell the home to avoid foreclosure and GMAC will not let me
January 21, 2008
I am willing to sell the home and I have a buyer, however, the company denied a request to hold off the foreclosure stating they are not willing to take that risk in accumulating more legal fees. They said the only option is to reinstate the loan. I'm waiting for the exact figure, but the analyst estimates that will be $11,000.
Comments
This is a good option because a reinstatement brings the loan current, including all arrears, late fees, impounds and attorney's fees. In other words, you need enough money to pay all arrears and related fees at once. You must analyze the situation and look for resources within reach to generate such an amount.
I have worked out something (modification) with my mortgage company. Waiting for paperwork to sign all. But, since (last week) have signed a contract to sell home. Will this stop me from selling the home?