It’s been in the news recently that GMAC has filed Chapter 11 bankruptcy and many Las Vegas homeowners that are considering a short sale or are in the process of one are wondering how this is going to affect them. One would think that a lender filing for bankruptcy would make a huge mess of things, however the good news is that it shouldn’t! According to area short sale realtors, when a lender files for bankruptcy, although there can be some minor roadblocks, it’s typically business as usual.
After talking to some Las Vegas short sale realtors that currently have GMAC short sale files, everything has been going well with them so far. The organization and communication in their online platform hasn’t dissipated at all and neither has their processing times. It is still up in the air what could happen if their bankruptcy filing is approved, however, in the mean time things are still going with with GMAC short sales.
If you are currently in the middle of a GMAC short sale and find that you are having problems with your specific file, it’s always best to ensure that you are working with a short sale realtor that can provide you with the best experience and knowledge of the short sale process. An experienced short sale realtor will also have many contacts and relationships established within a lender or financial institution, so if things do start to go south, they can still reach out to the people that have the most influence. This is especially true when your lender is going through the bankruptcy process. If you have a GMAC mortgage and are considering a short sale, don’t let their bankruptcy filing deter you. Get in touch with a Las Vegas short sale realtor to begin the short sale process or to find out what’s best for your specific situation.