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: 11991

Replies to This Discussion

I am doing the same thing today. Sale price $455,000. They told me whey want 5% of the sale price. $22,750. 1st is offering $5000 max. Started this whole thing on July 30th. First approval came in on 12/8. Took four months. Just before 1st approval, GMAC sent the loan to Greentree. Had to resubmit SS package to them, did that on 12/11. finally they told me about the 5%. I had submitted HUD-1 with $3000, keeping the $5000 number for negotiation.

1st says with manager approval they might do $6000 or 7000, but no way $22,750.

My plan is to submit the HUD with the $5000 and see if they will come down at all. If they do, maybe the buyer will chip in.
I'm in the same position. The first is with Indymac. The second used to also be Indymac, but now is Greentree. As both of you stated, they are requesting 5% of the $380,000 sales price - or $19K. The first lienholder will only allow 10% of the balance, or $11,600 so I've got a gap. Reaching someone at Greentree to find out whether they'll take 10% is a nightmare. Anyone have much luck reaching them? The negotiator's voicemail is always full and she never answers her phone... Thanks!
Tracy,
Thank you for your comments. What happen if you counter you for more? In my client short sale case with Green Tree, we are already offering them 5% of the purchase price but they want $25,000 or nothing (first lender is losing for than 55%)


Tracy Gibson said:
I am doing the same thing today. Sale price $455,000. They told me whey want 5% of the sale price. $22,750. 1st is offering $5000 max. Started this whole thing on July 30th. First approval came in on 12/8. Took four months. Just before 1st approval, GMAC sent the loan to Greentree. Had to resubmit SS package to them, did that on 12/11. finally they told me about the 5%. I had submitted HUD-1 with $3000, keeping the $5000 number for negotiation.

1st says with manager approval they might do $6000 or 7000, but no way $22,750.

My plan is to submit the HUD with the $5000 and see if they will come down at all. If they do, maybe the buyer will chip in.
Shannon,

The negotiator at Green Tree, told me to reach out the Bank of America who is the original lien holder, to see if they could help us. My client and I are trying to expose our case on TV on one of our local TV channel that helps consumers. I hope these lenders finitely make a decision to help these consumers facing foreclosure. New buyers who are applying for a new loan should make sure they do not do business with these lenders, because, if they are not helping current homeowners who are facing foreclosure now, these same lenders will do the same to you if ever get into any financial difficulty. Consumer pleases; research your new lender to see if a consumer has any negative comments against them, so do your homework before choosing your new home mortgagee

Shannon Jones said:
I'm in the same position. The first is with Indymac. The second used to also be Indymac, but now is Greentree. As both of you stated, they are requesting 5% of the $380,000 sales price - or $19K. The first lienholder will only allow 10% of the balance, or $11,600 so I've got a gap. Reaching someone at Greentree to find out whether they'll take 10% is a nightmare. Anyone have much luck reaching them? The negotiator's voicemail is always full and she never answers her phone... Thanks!
Green Tree is right up their with HSBC and Bank of America. They are horriable to deal with and there is no consistancy with proto call. I have one going on now were Indy Mac is the first (they are great to work with) and they were the second but sold it to Green Tree right when I submitted my offer. So I sent my SS Package to Green Tree. I was assigned to two negotiator's, who did not communicate too each other and each requesting differsnt docs. After insisting that I work with only one I was assigned to a totaly new one. (That makes alot of sense). This one had said if you can get the first to pay us 10% of their balanced owed ($3000.00) then she would be able to get it approved. I did that and sent them the approval letter from Indy Mac giving them their 10%. I am 45 days down by now with Green tree in the process. I submitted the SS Package at the beginning of October. Left message after message for the negotiator and finaly she called me in the middle of November and needed the Hud and approval letter from Indy Mac and was going to submitt for approval. I sent these back in October but I did not argue with her and sent them again that day. Had to contact Indy Mac to get my first extension on their approval. They did! Called through November into December leaving message after message. Finaly I called back and optioned to speak to a live representative. I was able to speak to someone in the Loss mitigation Department, they were able to review the notes and said it is up for review and should have an answer in three days call back then. Nothing, message after message, finally on 12/29/2009 the negotiator called, needed updated back statements, and that was all they needed, sent that day. 1/4/2010 the loan was transferred from loss mitigation to Short Sale recovery, and I need to start all over again, And I have left mesages for the supervisor (Chris). Of course no response at all. And now I have to get 5% of the sale price approved from Indy Mac for Green Tree or they will not even look at it, so I have to re-negotiate the whole deal with Indy Mac and ask for my second extension. Buyer is walking! This is the last one for me with this company. Called yesterday, the negotiators's mail box was full and could not except any messages. Brillant!!
Yikes, sounds like we are all living the same nightmare with GreenTree. I have been calling and calling and leaving messages (when the voicemail boxes aren't full.. rarely) both the negotiator and the supervisor, Chris Poorten. But they don't call back. I've also emailed but no email back. I've got the same scenario -- Indymac on the first loan, GreenTree on the second (which was originally an IndyMac loan). Indymac won't allow more than 10% of the loan balance plus $3,000 from agent commissions or buyers -- a total of $14623. But GreenTree had approved 5% of loan balance - or $19,000. So I've got a gap that IndyMac won't allow anyone to pay and GreenTree won't overlook. And when I finally did talk to the negotiator, Pwella, yesterday afternoon she said she can't submit the package like that for management to look at. So basically they would rather let the property go to foreclosure and get nothing instead of getting more than 10% of the balance. That doesn't make sense! Finally in desperation, yesterday I sent a fax to the GreenTree president. I don't really know what else to do. Any ideas?

Michael Mooney said:
Green Tree is right up their with HSBC and Bank of America. They are horriable to deal with and there is no consistancy with proto call. I have one going on now were Indy Mac is the first (they are great to work with) and they were the second but sold it to Green Tree right when I submitted my offer. So I sent my SS Package to Green Tree. I was assigned to two negotiator's, who did not communicate too each other and each requesting differsnt docs. After insisting that I work with only one I was assigned to a totaly new one. (That makes alot of sense). This one had said if you can get the first to pay us 10% of their balanced owed ($3000.00) then she would be able to get it approved. I did that and sent them the approval letter from Indy Mac giving them their 10%. I am 45 days down by now with Green tree in the process. I submitted the SS Package at the beginning of October. Left message after message for the negotiator and finaly she called me in the middle of November and needed the Hud and approval letter from Indy Mac and was going to submitt for approval. I sent these back in October but I did not argue with her and sent them again that day. Had to contact Indy Mac to get my first extension on their approval. They did! Called through November into December leaving message after message. Finaly I called back and optioned to speak to a live representative. I was able to speak to someone in the Loss mitigation Department, they were able to review the notes and said it is up for review and should have an answer in three days call back then. Nothing, message after message, finally on 12/29/2009 the negotiator called, needed updated back statements, and that was all they needed, sent that day. 1/4/2010 the loan was transferred from loss mitigation to Short Sale recovery, and I need to start all over again, And I have left mesages for the supervisor (Chris). Of course no response at all. And now I have to get 5% of the sale price approved from Indy Mac for Green Tree or they will not even look at it, so I have to re-negotiate the whole deal with Indy Mac and ask for my second extension. Buyer is walking! This is the last one for me with this company. Called yesterday, the negotiators's mail box was full and could not except any messages. Brillant!!
Short sale with Green Tree update
I hope someone can help us. My client has the first loan with Aurora ($519,000 original loan) and second with Green Tree ($129,000). We had an offer for 270K, and buyer was willing to bring 10k to help paying the second. I have a unique situation with Green Tree; we had offered them more than 10% of the original note, but Green Tree (second) wants $25,000 and Aurora (first) only want to give them 15K. The trustee sale was, schedule for Thursday January 14 2010. I was able to postpone the trustee sale, but with two conditions from Aurora:
1. I will receive zero commission
2. Green Tree will receive $15,000
I agreed to no commission because that was the last opportunity, I had to save my client from a foreclosure. After talking to Aurora, I call Green Tree to let them know that the trustee sale it has been postponed and what was the agreement with Aurora. The negotiator told me that the investor rather get, zero than $15,000 and that Aurora should get ready to have another REO on their books. At this point, I lost the buyer and only have two month to find another buyer. I do not know what to do. I am tired of dealing with Green Tree, but the seller does not want to go into foreclosure.
Here is one solution that I have been doing in the past. Explain the alternatives to a short sale and also explain that there are just some banks you will not work with, In a perfect world we all want to help our sellers out of a unfortunate situation. But it is also vital to put food on the table for our own families as well. So I started a list of banks that say they will look at a short sale but don't really mean it based on their performance and criteria. Back in the day, Country Wide was at the top of my list, after giving up several commissons or cutting them in half after 90 to 120 days of labor, and so on. I just explained to potential sellers that I would not be unable to help them, because of the many problems that they put in the way to not approve a short sale, and it would end up going to sheriff sale anyways. Now Green Tree is at the top of my list. HAFA is not improving anything, in my experience it is the same if not worse. The left hand does not know what the right hand is doing? Sure they say you can receive 6% commission out of one side of their mouths, but also say you have to pay 1% of that commission to a third party negotiator out of the other side of their mouth. Sorry maybe that is for another discussion!!
Shannon Jones said:
Yikes, sounds like we are all living the same nightmare with GreenTree. I have been calling and calling and leaving messages (when the voicemail boxes aren't full.. rarely) both the negotiator and the supervisor, Chris Poorten. But they don't call back. I've also emailed but no email back. I've got the same scenario -- Indymac on the first loan, GreenTree on the second (which was originally an IndyMac loan). Indymac won't allow more than 10% of the loan balance plus $3,000 from agent commissions or buyers -- a total of $14623. But GreenTree had approved 5% of loan balance - or $19,000. So I've got a gap that IndyMac won't allow anyone to pay and GreenTree won't overlook. And when I finally did talk to the negotiator, Pwella, yesterday afternoon she said she can't submit the package like that for management to look at. So basically they would rather let the property go to foreclosure and get nothing instead of getting more than 10% of the balance. That doesn't make sense! Finally in desperation, yesterday I sent a fax to the GreenTree president. I don't really know what else to do. Any ideas?

Michael Mooney said:
Green Tree is right up their with HSBC and Bank of America. They are horriable to deal with and there is no consistancy with proto call. I have one going on now were Indy Mac is the first (they are great to work with) and they were the second but sold it to Green Tree right when I submitted my offer. So I sent my SS Package to Green Tree. I was assigned to two negotiator's, who did not communicate too each other and each requesting differsnt docs. After insisting that I work with only one I was assigned to a totaly new one. (That makes alot of sense). This one had said if you can get the first to pay us 10% of their balanced owed ($3000.00) then she would be able to get it approved. I did that and sent them the approval letter from Indy Mac giving them their 10%. I am 45 days down by now with Green tree in the process. I submitted the SS Package at the beginning of October. Left message after message for the negotiator and finaly she called me in the middle of November and needed the Hud and approval letter from Indy Mac and was going to submitt for approval. I sent these back in October but I did not argue with her and sent them again that day. Had to contact Indy Mac to get my first extension on their approval. They did! Called through November into December leaving message after message. Finaly I called back and optioned to speak to a live representative. I was able to speak to someone in the Loss mitigation Department, they were able to review the notes and said it is up for review and should have an answer in three days call back then. Nothing, message after message, finally on 12/29/2009 the negotiator called, needed updated back statements, and that was all they needed, sent that day. 1/4/2010 the loan was transferred from loss mitigation to Short Sale recovery, and I need to start all over again, And I have left mesages for the supervisor (Chris). Of course no response at all. And now I have to get 5% of the sale price approved from Indy Mac for Green Tree or they will not even look at it, so I have to re-negotiate the whole deal with Indy Mac and ask for my second extension. Buyer is walking! This is the last one for me with this company. Called yesterday, the negotiators's mail box was full and could not except any messages. Brillant!!
What is the President of Green Tree's fax number. I would be more than happy to fax him.

Shannon Jones said:
Yikes, sounds like we are all living the same nightmare with GreenTree. I have been calling and calling and leaving messages (when the voicemail boxes aren't full.. rarely) both the negotiator and the supervisor, Chris Poorten. But they don't call back. I've also emailed but no email back. I've got the same scenario -- Indymac on the first loan, GreenTree on the second (which was originally an IndyMac loan). Indymac won't allow more than 10% of the loan balance plus $3,000 from agent commissions or buyers -- a total of $14623. But GreenTree had approved 5% of loan balance - or $19,000. So I've got a gap that IndyMac won't allow anyone to pay and GreenTree won't overlook. And when I finally did talk to the negotiator, Pwella, yesterday afternoon she said she can't submit the package like that for management to look at. So basically they would rather let the property go to foreclosure and get nothing instead of getting more than 10% of the balance. That doesn't make sense! Finally in desperation, yesterday I sent a fax to the GreenTree president. I don't really know what else to do. Any ideas?

Michael Mooney said:
Green Tree is right up their with HSBC and Bank of America. They are horriable to deal with and there is no consistancy with proto call. I have one going on now were Indy Mac is the first (they are great to work with) and they were the second but sold it to Green Tree right when I submitted my offer. So I sent my SS Package to Green Tree. I was assigned to two negotiator's, who did not communicate too each other and each requesting differsnt docs. After insisting that I work with only one I was assigned to a totaly new one. (That makes alot of sense). This one had said if you can get the first to pay us 10% of their balanced owed ($3000.00) then she would be able to get it approved. I did that and sent them the approval letter from Indy Mac giving them their 10%. I am 45 days down by now with Green tree in the process. I submitted the SS Package at the beginning of October. Left message after message for the negotiator and finaly she called me in the middle of November and needed the Hud and approval letter from Indy Mac and was going to submitt for approval. I sent these back in October but I did not argue with her and sent them again that day. Had to contact Indy Mac to get my first extension on their approval. They did! Called through November into December leaving message after message. Finaly I called back and optioned to speak to a live representative. I was able to speak to someone in the Loss mitigation Department, they were able to review the notes and said it is up for review and should have an answer in three days call back then. Nothing, message after message, finally on 12/29/2009 the negotiator called, needed updated back statements, and that was all they needed, sent that day. 1/4/2010 the loan was transferred from loss mitigation to Short Sale recovery, and I need to start all over again, And I have left mesages for the supervisor (Chris). Of course no response at all. And now I have to get 5% of the sale price approved from Indy Mac for Green Tree or they will not even look at it, so I have to re-negotiate the whole deal with Indy Mac and ask for my second extension. Buyer is walking! This is the last one for me with this company. Called yesterday, the negotiators's mail box was full and could not except any messages. Brillant!!
If anyone else wants to try faxing the president of Green Tree Credit Solutions, his name is Keith Anderson and his fax is 651-293-5746. It hasn't helped yet, but I'm going to try again if I don't get a response soon. Please someone let me know if you're successful with Green Tree. Thanks!
Any thoughts on what words to Keith Anderson will get any action?

Tracy
I think we should start calling Washington. I have the same problem, Indymac and a second with Green Tree. They always ask for 5% of the sales price which is absolutely ridiculous on a short sale. But I would like someone to investigage why Indymac is selling to Green Tree.... This is a game to make more money to the original bank, I bet.


Tracy Gibson said:
Any thoughts on what words to Keith Anderson will get any action?

Tracy

RSS

Members

© 2017   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

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