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!!!!

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Keith Anderson says he is from a different division.

Greentree says they investor will not even look at the file until we submit a minimum of $22,750, then they will do BPO and then they may ask for more, not guarantees.
How is it going with Green Tree? I"m in the same position on a short sale. The 1st trust is GMAC and they will only give $5,000 and GreenTree wants $22,000.

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.
Has anyone had a successful short sale with Green Tree as the 2nd trust? Has anyone had the 1st trust pay them want they want?
Getting it done at Greentree -- Call their corporate office in St. Paul, Minnesota, - 651/293-3400, ask for the operations manager for the state in which your property is located (operations managers are assigned by state). Get his/her contact info. (phone and e-mail), and CONTACT THEM!!!! We did this today after battling with these ding dongs and had an acceptance less than 24 hours later. They were owed $63,000 + late charges and missed payments and are settling for roughly $7900.
Kick Butt guys, help your homeowners and get yourselves paid......
Sincerely, Ben Benita, Professional Negotiator,
Getting it done at Greentree -- Call their corporate office in St. Paul, Minnesota, - 651/293-3400, ask for the operations manager for the state in which your property is located (operations managers are assigned by state). Get his/her contact info. (phone and e-mail), and CONTACT THEM!!!! We did this today after battling with these ding dongs and had an acceptance less than 24 hours later. They were owed $63,000 + late charges and missed payments and are settling for roughly $7900.
Kick Butt guys, help your homeowners and get yourselves paid......
Sincerely, Ben Benita, Professional Negotiator,

Ben, this questions is regarding negotiating with Greentree to purchase a foreclosure. I submitted an offer on behalf of my buyer. Greentree send us a counter offer through their listing agent via email. My buyer accepted the counter offer two hours later via email. I then called the listing agent to see how we should execute the agreement and he told me that he had gotten two other offers and would be submitting them as well. Now he tells me that we are in multiple offers and we should submit our highest and best offer. My client is furious because she thought she had an accepted agreement with Greentree. Is this normal?
We actually JUST got our short sale closed last week with GreenTree on the second. We also had a big gap, but I was able to get the 1st (Indymac) to agree to a little more and got GreenTree to come down by a little and then we made up the remaining $1k difference from agent commissions. I did end up contacting the executive office to get movement, but after that, they were much more helpful.
Shannon, I have not resolved my dilemma with Green Tree yet. The first lender Aurora postponed the Short Sale, now we have 2 month to get it done. Do you have the contact information of the executive office? I will really appreciate your help. Thank you for all your comments
Mayra, all their corporate office in St. Paul, Minnesota, - 651/293-3400 with any issues
I got approval for my deal earlier in this thread. I don't want to put the details here until after closing in a couple of weeks. However, I will say push harder on the first lien holder. Tell them that Greentree said, "I guess 1st lien holder will have another REO on their hands." On two different deals I got more money from the 1st when the second demanded it. Also start right away letting the 2nd know that their is no deal without full release of liability, not just release of the lien, so they don't go after your client for deficiency. That way you can find out how much they want for full release and get that from the first.

In my experience, find out what the second wants, then push, push, push on the first, then push on the second. Only when you have exhausted getting what is needed from the banks do you go to the buyer, seller, and last resort your commission.

If you have a good (valuewise) deal, then the 1st will not let it go to foreclosure. It is all about the numbers that work for the bank. Which way are they losing less money, foreclosure or short sale.

Tracy

Mayra Espinosa said:
Shannon, I have not resolved my dilemma with Green Tree yet. The first lender Aurora postponed the Short Sale, now we have 2 month to get it done. Do you have the contact information of the executive office? I will really appreciate your help. Thank you for all your comments
I have a listing where Green Tree is the 2nd and then I have a buyer and the poor title officer is dealing with them on their second. I just forwarded this information! Thanks so much! I will pass those names and phone numbers around to realtors out here! They have been a nightmare to deal with and are very rude on the phone. If this doesn't work I think we should go to their local news and let them know how horrible this company is to deal with. They need to realize that there are human beings on the other end of their numbers. Stay strong and hang in there!

Our GLVAR president was in Washington this week. I sent him a email just at the right time! Hopefully he let them know what's really going on. Short sale approvals are slowing down in Las Vegas since they extended the tax credit. We have 16,000 homes under contract and almost 12,0000 are short sale. Strange coincidence! We had less than 100 approved in the last 90 days compared to 600 the previous 90 days....Talk about frustrated....


Maria Evans said:
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
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Debbie Newsom said:
I have a listing where Green Tree is the 2nd and then I have a buyer and the poor title officer is dealing with them on their second. I just forwarded this information! Thanks so much! I will pass those names and phone numbers around to realtors out here! They have been a nightmare to deal with and are very rude on the phone. If this doesn't work I think we should go to their local news and let them know how horrible this company is to deal with. They need to realize that there are human beings on the other end of their numbers. Stay strong and hang in there!

Our GLVAR president was in Washington this week. I sent him a email just at the right time! Hopefully he let them know what's really going on. Short sale approvals are slowing down in Las Vegas since they extended the tax credit. We have 16,000 homes under contract and almost 12,0000 are short sale. Strange coincidence! We had less than 100 approved in the last 90 days compared to 600 the previous 90 days....Talk about frustrated....


Maria Evans said:
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

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