Replies to This Discussion

Permalink Reply by Helena Kaucheck on February 3, 2012 at 8:21pm

Yes, they are a servicing company. They may not underwrite or originate, but they are responsible to provide those services within the scope of a lender for distressed homeowners. Your point is well taken because the methods they may use are those you find in true collection companies. However, once they work with Fannie/Freddie/Va/FHA for short sale administration, they've now placed themselves into a different status.

I have to say that those loans I've had worked on with green tree in the past (other than this one) have closed with little issues or a limited amount of frustration. But lately, that has changed. I don't know if it's because of a change in management or just because they are overwhelmed. They were recently given quite a large bundle from BofA through servicer changes.

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Permalink Reply by Jan Nicola on February 3, 2012 at 9:44pm

I, too, had a very frustrating experience with Green Tree.  I submitted an offer to them in September.  After hours on the phone and plenty of faxes, they finally countered back in December.  I immediately sent the accepted counter offer back to them.  The seller did everything possible to get the home sold too.  Her home always looked great for showings.  In January, I got a call and was told the home is going into foreclosure.  Green Tree said they needed 6 months, not just 5 months to complete a short sale.  The home is back on the market and they will net less than I could've brought them.

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Permalink Reply by Ernie Dill on February 4, 2012 at 4:07pm

Hello Everyone,

I read all the replies to this thread.

Here's my suggestion:  Completely, yes, completely - change YOUR attitudes.

GT is being selected, along with Nationstar, to handle millions of dollars of defaulted paper owned by the GSEs because they are better loss mitigators than the big bailed out banks.  Many investors are selecting them as well.  They are gaining market share.

GT is tough only in the sense that they are thorough and if the sellers are in position to share in the loss, then GT obliges them to do so.

I will say that there is a procedure they have which I find objectionable - that of relating that unless a payment is made within "X" period, then the loan will be "Charged Off" and sent to Recovery. 

Pray that it is, as the Recovery people are even more straightforward.

Here is where you can send packages, straight to Loss Mit in Tempe, AZ (avoiding Rapid City, SD and the Regional Reps, who are a bit of a waste of time in my experience):

a href="mailto:ShortSaleArm@GT-CS.com">ShortSaleArm@GT-CS.com>

Be professional.  Be kind.  State your case in an explanatory manner that lays out the real and accurate set of facts.  BS will get you nowhere, except that your credibility will suffer.

Real professionalism will get you a reasonable settlement.

My experience with GT is uniformly good.  They will give a lien release for 5% or more of UPB.  15%-30% of UPB will get the deficiency waived in most cases, subject to investor guidelines.

Short sales are ALL "compromises."  They are "Settlements."  Successful negotiation is done by first realizing that there are two sides involved and both sides must receive concessions.  Analyze your seller client's real position.  What truly is their hardship, their timelines, their financial capability, their legal position and level of cooperation and proactivity, cash flow post short sale, asset and liability position, etc.  What do you have to offer?

GT's people ARE going to do this.  If you do not do it, they will know more than you do.

Knowledge, understanding, comprehension, and positional awareness are power.

Good luck

Respectfully,

Ernie

 

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Permalink Reply by Helena Kaucheck on February 4, 2012 at 4:41pm

Good point Ernie!! I completely agree that honey is much better than vinegar. Having closed 40+ short sales last year; this is the only time I really felt a necessity to blog about a truly negative experience. Compromises absolutely!!! No one should enter a short sale thinking that the outcome will have a bow on top.

Gt is a good servicer at the end of the day. However, I don't blame any one being frustrated when packages are being duplicated because of an internal upload issue. Any issues, as you know, can delay a short sale review. Further I don't blame anyone for following up on resubmittals. Mindful of the fact they are truly complete; to ensure our part in confirming a receipt (not a when are you going to approve my file) is not unreasonable.

Having said that, yes they have been the servicer of choice with so many transferring servicer rights to GT. my experience this week shows that there is a possibility that GT may have to ramp up to help their staff avoid the stress of an apparent file overload. I know many many agents who are dedicated to the partnership between servicer, seller and ourselves to bring about a mutually agreeable conclusion. Belligerence will only incite a negative exchange.

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Permalink Reply by Helena Kaucheck on February 4, 2012 at 4:44pm

Ps thank you So So much for sending us the email!!!!!!! That is why I love this community! Help is never more than an email away! Thank you! I wish I could botte up your positive attitude and send it with my SS packages. :)

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