OK. I need to breathe and think before I reply.
It's no secret that I have 4 toxic assets in 2 of my portfolios. Today I got a very interesting proposal from my bank. I've been going back and forth with GMAC on one property that I'm having a tough time selling. It's been on the market for almost 3 years and last week I asked them about a short sale. Surprisingly, they told me to go ahead and submit the offer first. Usually I would have to submit my financials first to get the short sale approved, but this was very different. My realtor assumed the rep had made a mistake. We let it go and resumed marketing the property.
Today, I got Fedex from GMAC with a very interesting offer. GMAC is willing to satisfy the entire obligation for about 50% of what I currently owe. If I send in a certified check for the amount they are proposing within 30 days, they will release the lien and cancel the note. No short sale required. Did I read this correctly?
I had heard that GMAC had halted all of their foreclosures and was reviewing all of those accounts, but I never expected this offer. My realtor is currently working with a cash buyer, so if the buyer puts an offer in next week, I can be done with this property by Halloween. Amazing. I'm going to wait until this cash offer is with my attorney before responding to GMAC. I'm still in shock.
