Urgent: GMAC Preferred Agents
Privileged & Confidential 9/17/10Attorney/Client PrivilegeDear GMAC Preferred Agents:GMAC Mortgage has determined that it may need to take corrective action inconnection with some foreclosures in the following states:
ConnecticutFloridaHawaiiIllinoisIndianaIowaKansasKentuckyLouisianaMaineNebraskaNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaPennsylvaniaSouth CarolinaSouth DakotaVermontWisconsin
As a result of the above, effective immediately and until further notice, pleasetake the following actions
only in the states identified above
:Evictions:Do not proceed with evictions, cash for keys transactions, or lockouts. Allfiles should be placed on hold, regardless of occupant type.REO Closings:Do not proceed with REO sale closings. GMAC Mortgage willcommunicate instructions to the assigned agent regarding themanagement of the properties in Pending status. If the contract hasalready been executed by both parties, the Asset Manager will request an
GMAC Mortgage LLC2711 N. Haskell Ave, Suite 900, Dallas, TX 75204
amendment to extend the closing date by 30 days or as otherwisedesignated by the Asset Manager. Please provide appropriate notice tothe REO purchaser that, pursuant to Section 1 of the GMAC MortgageAddendum to Standard Purchase Contract, GMAC Mortgage is exercisingits sole discretion to extend the Expiration Date of the Agreement by 30days at this time. If the REO purchaser wishes to cancel the contract,GMAC Mortgage will terminate the Agreement and return the earnestmoney deposit.You will receive further instructions regarding the status and handling of theseassets from your asset manager. There could be asset level exceptions and youwill receive direct communication from GMAC on the handling of thoseexceptions. Please send any questions or concerns regarding these matters toyour asset manager.
Please ensure your staff is aware of these requirements immediately.
GMAC Mortgage LLC2711 N. Haskell Ave, Suite 900, Dallas, TX 75204