Done anyone have experience with Green Tree in getting them to release the lien and the delinquency on a short sale? They are the second mortgage and BoA offered a very small amount to Green Tree.
Also has anyone ever negotiated on behalf of the seller to lower the amount they owe on a second mortgage and to pay off through a payment plan? I'm trying to be proactive in making this workout for all parties involved, any info would be great. Thanks in advance.
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Kim,
Green Tree may accept the release from BOA depending on their balance and the guidelines they must follow on this loan. We have work many deals with Green Tree and have seen them be reasonable and unreasonable for a lien in 2nd position. At times Green Tree may request 10% of their unpaid balance if it is purchase money and 15% if it is non-purchase money. It's important to know that even in a scenario where they request a higher release then the 1st is willing to give the deal may still be able to get done with the proper negotiating and/or out of the box thinking.
Brett@ishortsalenow.com
310 564 6389
Thank you everyone. Appreciate the feedback.
Kim - I've had several Green Tree junior positions take 10% to settle in full. Many are with BOFA senior lien.
Green Tree has been really easy to work with lately. The last couple I did, they released for the $3k and they could have asked for more and they didn't. I say give it a try and see what they tell you, they are much more understanding these days.