GREENTREE!! HELLLLLPPPPPPP!!
Anybody have any experience with a Greentree 2nd position? Advice?
Replies to This Discussion
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Permalink Reply by Wendy Rulnick on
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I am working with them as a first !
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Permalink Reply by Bob Sluys on
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Supposedly, First Horizon (Tennessee) transfered/sold this 2nd to them on Oct 1. They have yet to find it in their system. My sale is gonna come apart-for the 4th time--15 months into it!!! I call them and they can't find it-I give them the loan number, owner SS#-but nothing helps . . .
Wendy Rulnick said:I am working with them as a first !
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Permalink Reply by Maria Evans on
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Bob, there is another discussion group about Green Tree. Right now I have a second lien with Green Tree. They want 5% of the sales prices and we were able to make it work. I would like to investigate why Indymac (=OneWest) sold all second liens to Green Tree. I think they also have control over Green Tree and this is just a business strategy since it is silly for a first lien holder to sell their power of negotiation and this is exactly what they have done. There must be a reason...
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Permalink Reply by Emily S. Knell on
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They demand 5% of the purchase price be paid to them. They won't budge for less. They won't negotiate or take 10% of what was owed.
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Permalink Reply by Ron Hollingsworth on
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I have property with a 2nd of $72k and Gree Tree wants $17k and will NOT budge off this amount. I won't be taking any more properties with Green Tree involved.
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*** Try calling 877-567-3434 X32294 it'll ask you to put in the extension number again, just stay on hold. This is their Recovery Dept., which may be where the loan has gone to. Ask nicely to speak to, be transferred to or leave a VM for "Leanne Edwards" don't give her my name, just say 'an agent' said to speak to her & explain your problem quickly and leave your phone number twice.
2nd position Green Tree note: 5% of the purchase price must be paid for them to release the DEED. To get them to release the Lien Paid In Full where they won't go after the seller for Deficiency Judgment in the future costs 30% of the purchase price. They don't care if your seller threatens BK or says they're going to leave the country, they will still try to pursue for DJ unless 30% is paid off.
I am going through a GT 2nd right now with BofA on the first. I am still in the middle of my transaction, but I firmly believe that My numbers are Right in that BofA WILL net more, by approving to pay off the 30% demand then if they take the home back for future REO status & I'm going to fight it tooth & nail, just based on principal,, don't really care about my commission on this one.
You could also try calling 909-944-2484 X 61704 this is for Donna Miccio-Manager (Pre-Recovery Dept) or try 877-816-9125 X35361 (Brandon Wright) ** With Brandon, although he cannot respond to you, a couple months ago, it was possible to email him directly & he was actually pretty cool about answering questions, you gotta email him, then call in the morning and he may remember your particular email. [email protected]
You need to find out if the account was "charged off" for non-payment, if so, it's in the Recovery Dept. or headed there.
Bob Sluys said:Supposedly, First Horizon (Tennessee) transfered/sold this 2nd to them on Oct 1. They have yet to find it in their system. My sale is gonna come apart-for the 4th time--15 months into it!!! I call them and they can't find it-I give them the loan number, owner SS#-but nothing helps . . .
Wendy Rulnick said:I am working with them as a first !
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There may be other ways to get through Green Tree BS, I'm still investigating and learning. I wouldn't not ever take a GT short sale again,,, if I get another one where I learn GT is on the 2nd, I'm not going to market the property until the 1st lien holder knows what's up & what it's going to take to close the short sale, I'm going to negotiate with the first on the premise that there will be NO buyer cash contribution PERIOD and they must release any future DJ or they can kiss the seller's butt and happy losing their buttocks as it goes to auction/REO status & the property gets vandalized and squatted in.
Bob Sluys said:Supposedly, First Horizon (Tennessee) transfered/sold this 2nd to them on Oct 1. They have yet to find it in their system. My sale is gonna come apart-for the 4th time--15 months into it!!! I call them and they can't find it-I give them the loan number, owner SS#-but nothing helps . . .
Wendy Rulnick said:I am working with them as a first !
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That's an AWESOME way to put it Maria,,, I'm going to use that line in my next email to BofA. "They sold their negotiation power to Green Tree"
thanks!
Maria Evans said:Bob, there is another discussion group about Green Tree. Right now I have a second lien with Green Tree. They want 5% of the sales prices and we were able to make it work. I would like to investigate why Indymac (=OneWest) sold all second liens to Green Tree. I think they also have control over Green Tree and this is just a business strategy since it is silly for a first lien holder to sell their power of negotiation and this is exactly what they have done. There must be a reason...
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Emily,
There is one person who can help us at NAR. His name is Jeff Lischer and he is in Washington dealing with banks on this Short Sales problem. More realtors need to call him (NAR will give his phone number) and ask for help with those problem banks/servicers. May be Bryant Tutas from ShortSales Superstars is willing to speak for us with Congress people. Here is a link it is important to read:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1494467
I think Green Tree will get bigger an bigger since it seems they are being successful asking for 5% up to 30% when everybody else is getting maximum $3,000. Since we can't eliminate them, we need NAR help to control them. I believe NAR is much more powerful than GT,
OH...by the way, I hope everybody here knows that Freddie and Fannie will always pay 6% comission for Short Sales. We do the hard work and keep 3.5% offerring 2.5% to the selling agent. This is their policy and if the bank says something I immediatelly offer then a copy of their Guidelines for real estate comission and they always pay 6%. Just go to Fannie and Freddie website to find out if the loan belongs to them (should be the 1st thing when we take a listing).
Emily S. Knell said:There may be other ways to get through Green Tree BS, I'm still investigating and learning. I wouldn't not ever take a GT short sale again,,, if I get another one where I learn GT is on the 2nd, I'm not going to market the property until the 1st lien holder knows what's up & what it's going to take to close the short sale, I'm going to negotiate with the first on the premise that there will be NO buyer cash contribution PERIOD and they must release any future DJ or they can kiss the seller's butt and happy losing their buttocks as it goes to auction/REO status & the property gets vandalized and squatted in.
Bob Sluys said:Supposedly, First Horizon (Tennessee) transfered/sold this 2nd to them on Oct 1. They have yet to find it in their system. My sale is gonna come apart-for the 4th time--15 months into it!!! I call them and they can't find it-I give them the loan number, owner SS#-but nothing helps . . .
Wendy Rulnick said:I am working with them as a first !
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I got them to settle for less than 5% of sales price, but then found it was only for a lien release. They are pursuing my client for the difference. Does anyone have any advice For getting out of that?
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To: Cindy Curd: What was your purchase price? and how much less did GT accept. Even at 5% of the purchase price it is ONLY for lien release for the short sale, they demanded 30% of the purchase price to get the seller released from future DJ & for being "paid in full".
Cindy Curd said:I got them to settle for less than 5% of sales price, but then found it was only for a lien release. They are pursuing my client for the difference. Does anyone have any advice For getting out of that?
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Purchase price was $135K, GT accepted $2k on a 20K note. Any thoughts on how I should counsel my seller Re: the deficiency? Transaction has already closed.
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