GT is second lien holder and we were trying to work out contribution to GT so they can approve and let us close with first lien holder (everhome). Everhome says no one can contribute to the sale so I am at a standstill. Now I speak to greentree to let them know we cant make any contributions to them and they say they will turn the file back to legal department because being this is a judgement against the seller the next step is they will GARNISH borrowers pay..............CAN GREENTREE GARNISH PAY?????

has anyone experienced this 

Views: 573

Replies to This Discussion

If I am following this thread correctly, this is a Fannie Mae first loan, right? If so, then Green Tree has to accept the $6,000 because that's all that Fannie Mae will allow. I have worked on a specific situation exactly like this and once I was able to get Green Tree to understand that Fannie Mae is a quasi-government agency and sets the contribution amount, Green Tree was able to approve the short sale with the $6,000 contribution. It's getting this through their skull that takes some pressuring. Perhaps you should try to escalate this file to a supervisor or a supervisor's supervisor because the end clerks, they don't give a crap. They like the power play like threatening to garnish your buyer's paycheck. First, they would have to go to court, LOL, and get a judgment.

Thank you Elizabeth, I will ask for supervisor.  

Marilyn, provide the negotiator with a copy of the approval letter or evidence that the first is owned by a GSE.  If they balk, escalate. Don't settle for anything outside of what the first will pay.  They will try all kinds of tricks to get more. Go after the comission, extra payments, seller contributions, etc. 

I've had threats of moving the file to collections as well.  Elizabeth is right.  In order to garnish wages, they would first have to file suit, win, and get a judgment filed.  Depending on the state you live in, they may have to attempt to foreclose before they can pursue your client for a judgment.

Marilyn, to answer your question, yes they CAN garnish wages, file liens, even take money owed from tax returns!!!  Will they, not likely.

As noted below, most of these are just empty threats.  ALWAYS ALWAYS ALWAYS keep these 2 points in mind for your short sales:

1)  The "people" you speak to at the bank are called "negotiators" for a reason, again, never ever ever forget that

and

2)  Their SOLE PURPOSE is to get as much money as possible for the Investor, Fannie Mae in this case.

As noted, hold your ground and remember YOU HAVE THE LEVERAGE here b/c YOU and the Seller decide if you want to stick Fannie Mae with the property.

Escalate your file up the food chain, and also have the Seller file formal complaints with CFPB (GREAT resource that REALLY gets the attention of the Servicer)!!!!

Best of luck!!!!

AWESOME Ben thank you.  is CFPB consumer financial protection bureau??

thanks again

Sorry, yes it is.  I normally send an email TO the Seller with a "cc" to EVERYONE at the Servicer (Greentree in this case), and advise the Seller to file a formal complaint with CFPB, and also on Social Media (Facebook, Twitter, etc.).

That email, along with a "catchy" subject line will ALWAYS get a response.

When the Seller DOES actually file a complaint, heads will roll at Greentree but the key is getting the upper level people there on  notice (the lower level negotiators could care less b/c they have NO CLUE what CFPB does or the consequences thereof).

RSS

Members

© 2024   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

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