bofa 2nd sold to Greentree-HELP!!!
I have been in this short sale for almost a year, 2 previous approvals from both banks but buyers walked, now I have a new approval on the 1st and within this time the 2nd was sold to Greentree, the 1st has given the 2nd 10% which is 11,673.00, Greentree wants 25% which is 29,000, does anyone have a contact within Greentree or a solution to this problem, buyer or buyers agent will not pitch in and seller will not sign promissory Note. Oh, someone please give me some advice. I look forward to hearing from you very soon, and thank you so much. This is in San Diego, CA
Replies to This Discussion
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Permalink Reply by Short Sale Superstars LLC on
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Christina,
It looks as if this transaction has many red flags right now and it's hard to know exactly all the details and what has transpired from the outside. In regards to the 1st, who is the investor? Have you tried reaching out to them or an escalations contact with the 1st?
In regards to the 2nd, what is the reason they are giving you about needing a 25% release? This is a very high release from the standard release we see given daily. You should reach out to the negotiators supervisor or a manager. Green Tree does not have an executive office to my knowledge and contacts are fewer and far between with Green Tree and would likely have to of been obtained through processing previous transactions with Green Tree. We have encountered situations like this before with Green Tree and at times there are solutions, but with no one willing to contribute you may be stuck between a rock and hard spot. Also, if this property Is in California to my understanding Promissory Notes are not an option when completing a short sale.
Hope it all works out for the best,Brett@ishortsalenow.com
3105646389
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Permalink Reply by Christina Lindsay on
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Thank you Brett for responding. In the past I have done promissory notes in CA, is this a new rule? I have not had so much trouble with a 2nd in years. Thank you for your input, any other ideas? I am a big puzzled at this time for a solution. Christina
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Please be advised that I am not an attorney and this is not legal advice.
To my understanding since Senate Bill 458 in 2011 was passed promissory notes are no longer allowed in California. It sounds like the 2nd is not purchase money and to my understanding if the bank foreclosures they can pursue up to 6 years.
It's very hard to know exactly where you stand as we are on the outside and we do not know what has been communicated to and from the lender. We would reach out to the investor from the 1st if possible or try to reason with Green Tree. Is there MI on the 2nd?
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The 2nd is a purchase money loan, what happened is she bought the house with a 1st and the 2nd was with the builder, she refied just a week after closing to get a better interest rate, no money out, but they are treating it like a non purchase loan. Greentree bought this loan from BofA, they are trying to recover as much as possible it sounds like. I have heard of other people having this same trouble with Greentree, they are very awful to deal with as well. I also heard alot of legal action has been put on them. Thank you for all your help. Christina 714-330-5836
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You are exactly correct. Greentree bought this loan and are trying to recover as much as possible. I let them know they may make the transaction go to foreclosure and their reply is we will still be able to go after the seller. My sale date again is October 29, the 1st is with ASC. Any other suggestions?
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