Green Tree contact says they won't negotiate promissory note until after close.

Green Tree 2nd on my non-owner occupied condo short sale states they can not negotiate until after the short sale is complete.  I understand them reserving the right to come after me for the amount owed, but do they ever negotiate and approve an amount lower than the original note of the 2nd?  Broker says GT contact say they won't.

Views: 136

Replies to This Discussion

The note is usually a condition of closing so it is not surprising that they won't negotiate something that they have already negotiated.  But that isn't to say that they wouldn't be open to such discussions some time down the road.

 

Or are you talking about the original 2nd lien note?  In that case remember that they may not be in that strong a position.  Remind them that you can always go through foreclosure and they get little or nothing.

 

Steele

Well, I have been in negotiations with Green Tree as a second... The original note was for approx. $174,000.  Green Tree said they would release the lien ONLY for $30K.  If we wanted a full release, they would do it for $52K and change.  I was able to negotiate the lien only down to $25K but then later came back after receiving the approval/lien release, we went back for a full release.  The full release was going to cost us an additional $30K according to the negotiator and their supervisor, they would not waiver on that.  Finally, we were about $10K in seller/buyer contributions away from the full $30K and we told them we couldn't make the difference.  They said they would meet us in the middle and take $25K in addition to the previously agreed $25K for the lien release to give us a FULL release at $50K.  Side note:  Bank of America was the first and they only allowed $3,000 to Green Tree, no more.  All but approx. $10K of the $47K had to come from the buyer to keep the deal together.  What a mess, Green Tree is the most difficult second I have dealt with.  OH BY THE WAY, yeah, they don't negotiate any type of soft note/unsecured debts.  They refer you to collections following closing/foreclosure.  Thank God for our buyer who could/would pay seller's contributions... It would have been a foreclosure after 6 months of work if not.

Dealing with Greentree as 1st lein -- will they allow deficiency waivers?

RSS

Discussion Forum

Short sale with outstanding judgments

Started by Susie Genet. Last reply by Stephanie Greer Sep 18, 2012. 3 Replies

2nd mortgage holders

Started by Sheri McBride. Last reply by Janice Wheeler May 10, 2012. 8 Replies

Working with Seterus and the National Group

Started by Ethan Gregory Mar 28, 2012. 0 Replies

USAA on the 2nd Lien

Started by Susan Paul Apr 5, 2011. 0 Replies

© 2019   Created by Mike Linkenauger.   Powered by

Badges  |  Report an Issue  |  Terms of Service