Comment

Comment by Helena Kaucheck on August 1, 2012 at 6:37pm

Out of curiosity has anyone had a seller threatened by GreenTree that after a short sale has been approved, that GT would Chargeoff the file if the seller did not pay off their past due balance? Seems like a huge underhanded tactic to me. This would be on GT seconds.

Comment by Randy Carvalho on August 1, 2012 at 6:14pm

I have Wells Fargo as 1st and Green Tree as 2nd. GT gave an approval back in May to close in 7 days. Problem: 7 days, plus WF still hadn't approved the short sale. Now WF is ready to move forward and is asking for GT approval and GT isn't reponding! 9 days and 4 phone calls to Leeann Acuna at GT and NO reponse. My task on Equator for WF is 4 days in the red. DOES ANYONE HAVE AN ESCALATIONS NUMBER FOR GREEN TREE??

Comment by Lisa Jones on June 13, 2012 at 9:17pm

One thing I can add about Greentree is that they are a collections company. By far the least customer friendly servicer I have had to deal with on a short sale. I had a supervisor explain to me that certain BofA Fannie Mae loans are now being serviced by them because the borrowers pay near or on the last day of their grace period. The hope of Fannie Mae, according to the person I spoke with is to call these borrowers with enough frequency to persuade earlier payments closer to the due date. For example if your loan payment is due the 1st of each month and you pay on the 15th, you will probably receive calls. Sounds like harrassment to me.

Comment by Helena Kaucheck on February 24, 2012 at 9:56pm

Hi Sharon, is the first one west or Bofa? Depending in the investor, I've not had too many issues with contributions being allowed by the first. It does need to go through the HUD as I'm told. Where the issue arises is if the investor wants as much as possible and your required payout is high. In this case it is pretty high so I can see that being an issue. Do u know who owns the second? GT received a bunch of files from BofA recently. Is there any opportunity to either do a promissory note or ask the second to accept a short payoff refi? You'll need to negotiate the second and if they want $22k ask if that is net of what the first wants. If it isnt and they agree to a short payoff refi; then you're client is looking at $18k. I'd try to make sure the first knows that the lien won't be released without the $22k so both will lose out. I'm sure they know but never hurts to emphasize that. A short refi and promissory note don't go on the HUD. Make sure you help your client by reviewing the docs and highly suggest an attorney reviews as well.

Comment by Tara Semtner on February 24, 2012 at 4:06pm

Sharon - message me back to discuss further.

Comment by Tara Semtner on February 24, 2012 at 4:04pm

Sharon,  I have found the 1st is usually very firm they don't want to see anything on the HUD so that the 2nd gets more than what they are giving them- investor guidelines.  You could try to get GT to release the deed at $4,200 and seller has to negotiate/settle deficiency after closing. You should be able to tell 1st a consensus cannot be reached and they have to to pay GT $22,000- it would then have to go to investor approval...with likely a min 30 day wait and good luck. 

Comment by Sharon Tukay on February 24, 2012 at 3:57pm

I have a short sale 2nd lien with Green Tree - They are asking for a pretty hefty payoff of about 22k. The 1st OneWest has agreed to pay $4200 and that's it  - How do I bridge this gap? They indicated that they don't care where the money comes from - seller, buyer, commish, etc,. even if it comes outside of escrow??? Is anyone encountering this because as far as I know, this is not legal and if so, how can Green Tree suggest a payoff knowing very well anything outside the HUD is not a good thing? Both buyer and seller are willing to contribute but BofA insists that their max payoff is to be $4200.00 and that they will not allow Green Tree to be paid more .. Any suggestions on how to wittle this down and make this work? I'd be soooooo grateful to any insight :) Happy Selling!