I am negotiating a short sale with GREEN TREE (second loan) The negotiation is turning into a nightmare. First Green Tree ( second lender) asked for 5% of the amount the first lender in going to net to review the file now after file has been review the investor came back asking for $25,000 . The original loan amount was $120K with Bank of America (purchase money) However Green Tree is servicing the loan now. The first loan is 525K and the offer amount is only $270K.

The first lender only approved $5,000 for Green Tree, so I the buyer was willing to bring the extra cash to complete the 5% (about 13K) to pay Green Tree. They send me the approval letter, that was the only time they have done anything in writing, they do not do email, all negotiation was done verbally. I sent it to the first lender to see if they can do something. The first lender told me they rather go to foreclose and Green Tree gets nothing and Green Tree is telling me that the investor will not take less than 25k the refer nothing and try to collect from the seller after the foreclosure. I have told them that the note is a purchase and they told me that they knew. I need help!!!!

Views: 12029

Replies to This Discussion

This is encouraging.... I just got a short sale with Green Tree as the second. Hopefully things have changed a bit since the original posts. Wish me luck! =)

Looking for Chris Poorten's email (or naming convention for GT).  Also his manager.  Thanks.  My experience is same as most I read here.

Well, I was negotiating a short sale with a 1st with BofA, 2nd with GreenTree.    BofA took forever but finally approved the SS.  GreenTree kept dragging things out and asking for more docs and then finally, more $$ than BofA was offering.  

In the middle of all this negotiation (months and months), my client gets a letter from BofA stating that they can't proceed with the SS.   WHY?   BECAUSE GREENTREE HAD WRITTEN OFF THE LOAN.    No notice from GreenTree and my client was 100% unaware that this had been done because GreenTree had done it in the middle of the SS process!!!!

Will NEVER take another GreenTree SS again.  Never.

I will never take another short sale that involves GreenTree in any way.   Never.   



© 2020   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************