GreenTree 2nd - Wells Fargo First
Contact numbers for Greentree:
Loss Mitigation/Short Sale 877-816-9125 Ext: 32115
The Negotiator sent the approval letter but it was due to expire. They had to another BPO and that took about 10 days due to July 4th holiday. It was more than $3,000 so we had to get another approval letter which has been taking about a week. Due to the Negotiator being on vacation, I called the number above and that extension and they were able to help me. Jonas and Jason were who I spoke to. Also, they are possibly putting a deficiency judgment on my client. They will deduct the $3,000 they are getting on the HUD and releasing the lien. Then after it closes and goes to recovery, they want the Seller to be responsible for the balance. My client had a VA loan and was not eligible HAP or HAFA. Greentree is the only company I have had experience with that is putting these deficiency judgments on Sellers after closing. It's a disgrace that is happening to anyone let alone our military service members.
Lori Bacon, ABR, GRI, E-pro
ERA Real Estate Professionals
Virginia Beach, VA
Replies to This Discussion
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Permalink Reply by Smitty on
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Lori, they don't "put" a deficiency judgment on. They reserve their right to pursue the deficiency. Any client I have I make sure they understand that there is ALWAYS that option that the lender will reserve that right. This is ESPECIALLY true on seconds. Most seconds that are "not purchase money" - I've found any second that wasn't purchase money has a MUCH higher probability of reserving the right to pursue.
The judgment can only occur if Greentree brings the homeowner to court. Greentree does NOT have a good reputation. They don't usually waive their deficiency rights, but I highly doubt the negotiator knows for sure if Greentree plans on taking the homeowner to court for a judgment.
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Permalink Reply by Lori Bacon on
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Smitty, Yes, I understand they reserve the right and the Negotiator explained to me what happens and it was also spelled out in the approval letter. We are hoping it will not happen but we will not know until after closing.
Also, I had them speak with an attorney and they are aware of what could happen. Thanks for your response.
Lori Bacon
ERA Real Estate Professionals
Smitty said:Lori, they don't "put" a deficiency judgment on. They reserve their right to pursue the deficiency. Any client I have I make sure they understand that there is ALWAYS that option that the lender will reserve that right. This is ESPECIALLY true on seconds. Most seconds that are "not purchase money" - I've found any second that wasn't purchase money has a MUCH higher probability of reserving the right to pursue.
The judgment can only occur if Greentree brings the homeowner to court. Greentree does NOT have a good reputation. They don't usually waive their deficiency rights, but I highly doubt the negotiator knows for sure if Greentree plans on taking the homeowner to court for a judgment.
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Permalink Reply by Shanna McManus on
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I closed a file April of 2010 with a Greentree 2nd. We got them to release with $2,500 from the short sale on the $25,000 dollar balance. They did file for a judgement in March 2011, but my client was able to negotiate a settlement at that point for $5,000. They were the worst company I have had to deal with on a short sale.... I always let my clients know that it can happen and they should try to save some money so that if and when they come knocking they can try to settle for less. My client could not BK out of it so he had no choice but to try and settle or pay..... I hope that helps.
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Permalink Reply by Beverly Cibulsky on -
VA is investor (or whatever)? I am thinking that Greentree must release with a VA! Not sure! Check into it!
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