My client was initially told he did not have to default on his loan to be approved for a short sale. They also said the same thing to me, but declined my short sale for that very reason. Have any of you fought Greentree for approval? They have a hardship but are trying hard to salvage as much of their credit as possible.
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I'm surprised they didn't ask for a huge contribution. Offer them a small contribution and see if that makes the difference. It seems to move thru a different process with a contribution. Be careful though, because sometimes they want the contribution before they approve. Make sure you document the stipulations of their approval if this is the case. Also remember, that Greentree is more like collection company than a lender/servicer so they'll say or do anything to get extra money from your clients.
This must be a new thing for Greentree or the investors. I'm in the same situation for two files both are owned by Fannie Mae..