Replies to This Discussion

Permalink Reply by Patrick Finn on March 3, 2012 at 6:56am

Here are 2 more approvals...

Attachments:

• 1.27.12_Green_Tree_2nd_Lien_34k_Deficiency_Debt_Settled_Short_Sale_Approval (1) (1).pdf, 223 KB
• 2.16.12_Green_Tree_2nd_Lien_66k_Deficiency_Debt_Settled_Short_Sale_Approval (1).pdf, 252 KB

Permalink Reply by Dave Roddy on March 4, 2012 at 9:53am

I have an approval dated 2/16/12 from GT as 2nd servicing for B of A for $1085.93 which is 6% of the unpaid balance of $18098.88. The letter has the same wording as your examples for dates and amounts. The 1st is B of A with Fannie Mae as the investor.

I'm also looking for some information. Our letter states "this offer is expressly conditioned upon Green Tree's receipt of funds by 3/1/12." Closing by 3/1 wasn't going to happen especially since we were still negotiating with the 1st. My only conversation with the GT negotiator was on 2/18/12 before the letter was in my hands. At that time the negotiator said the approval was contingent on receiving approval from the 1st by 3/1 which is not the same as what the letter says. I have not been able to talk with her since as she hasn't answered her phone and hasn't returned calls.

We received approval from the Bof A 1st on 2/29 including the amount to GT from their approval letter.  Now the B of A negotiator is asking for an updated letter from GT since the 3/1 date has passed. I plan to be working the phone assuming I won't be able to reach the GT negotiator but does anybody have experience on how this is going to turn out?

Permalink Reply by Patrick Finn on March 5, 2012 at 3:23pm

Today I learned that the holder/investor that owns the 2nd mortgage...is Green Tree. I learned this from BofA...at their corporate office. Green Tree still wants $9,465 to release the 2nd and Freddie Mac will only allow $6,000 to go to the second. I received short sale approval on the first today. I had repeatedly asked Green Tree who owned the second and was told: I can't share that with you...I don't know...it doesn't make any difference, etc. Now the "secret investor" has been exposed. I don't know that this  information will be of any help...but at least I know when they say the investor won't approve...they are talking about themselves...GT. If any one has any ideas or suggestions that would help close this short sale...I would love to hear them!

Permalink Reply by Juliana Oprea on April 3, 2012 at 11:12am

How did you get GT to accept 6%? The negotiator from GT wants $7,200 on a $46,000 loan and BofA will not allow more then 6% per investor's guidelines? 

Permalink Reply by Dave Roddy on April 5, 2012 at 6:03am

We got approval for 6% (see previous post) and I wish I could say it was due to my great skill and expertise. It really just happened. I had been calling in every few days to see if a negotiator had been assigned. After a couple of weeks I was told there was and was put through to her. In the few days between calls the negotiator had been assigned and the approval letter was ready for 6% of the unpaid balance - no discussion. This is a second with Green Tree servicing for Bank of America. I believe it was loan that B of A got from Country Wide.

 

We got first lien approval the day before the Green Tree approval expired. The real frustration started in getting an updated approval from Green Tree. The negotiator (Leeann) never answered her phone or returned calls. After leaving numerous voice mails and calls to customer service and managers for over a monthe we finally got the updated approval yesterday.

Permalink Reply by Tiffany Alleshouse on March 14, 2012 at 9:31am

I just got a verbal approval for my deal in the amount of about $5800.  My problem is that GT will only take 10% and of course Fannie will only contribute 6% and will not allow anyone to pay the difference.  GT told me that they are requiring a "curtailment payment" which means 4% will be paid prior to closing and 6% will be paid at closing.  The supervisor actually said, "Bank of America doesn't have to know about it."  Unbelievable.

Permalink Reply by Leonard Williams on April 11, 2012 at 2:21pm

Read your post, this may help.

http://shortsalesuperstars.com/group/greentreeservicing/forum/topic...