Providing you with the knowledge and tools needed to succeed with Short Sales
Green Tree is the most shameful company I have dealt with yet. Their employees behave just like those trained in a big collection agency with their mantra of standard threats acting like thugs delivering the message. Whatever you advise your clients, check your State laws, make sure it is a full release and not a partial and do not pay GT a nickel off the HUD1. You have to protect yourself and your Sellers from any type of mortgage fraud and protect your Sellers from GT chasing them down for any $$$'s after the closing.
Mark...I had the same response from my GT negotiator. In fact, she stated if not paid, it would be written off and seller unable to complete a short sale. I found that hard to believe when in the past in cases of written off balances, I was successful in getting a lien release and closing my short sale, although that was a different lender. Additionally, she stated if he did not make a payment, there was nothing she could do for my seller. She would not complete her review nor request a BPO. And lastly, she is absolutely adamant that GT receive 5% of purchase price. I don't intend to back off in pursuit of this short sale but clearly, this negotiator isn't going to help my seller unless instructed to do so by her manager or supervisor. I will update later with results.
call it a bluff or a lie, bottom line Greentree is EXCELLENT at what they get paid to do....get as much money as possible for the Investor on the note......
They tell you one thing b/c MOST of the time you will cower and do as your told - -give up your commission, do EVERYTHING you can to get them 10% or 15% of the amount owed, etc......they do this b/c it works.
Understand the game, understand the process, and you will kick _______ at short sales.
For Greentree, circumvent them, find out who the Investor is on the note, and, contact them with logic and facts:
"Accept the short sale and lose $xxxx, or, take the home to foreclosure and run the risk of teh Seller TRSASHING the property and lose more than $xxxx"
What also works, if you are serious about attacking them back, contact the state attorney general, OCC, and OTC with your complaints....it works.
Spoke to the account manager yesterday after submitting the complete package. He went over the documents, congratulated me for having the complete file and said: I am going to walk to the loss mitigation department and deliver your file. However, we will not go far if a $200 payment is not made; the account is due to be charged off in 2 days.
Called him back today, explained the hardship the seller is going through. No difference, the payment has to be made today to move forward with the short sale. "I am looking at the borrower's credit: if there is the great hardship you are talking about, how come their car payment is current, and another couple of accounts that are current? We will charge off the account and start to collect what is owed" He went on to say that they do not want to be an obstacle to the short sale, but after being delinquent for over a certain period, the investor demands the account to be charged off. Once the account is charged off, the recovery department will not be able to do anything for 6 months - no short sale.
Is this true? I do not know. Is this a tactic to collect? Most likely. Do I want to put my client in this situation? Definitely not. I have explained the situation to the client and will have them make a decision. I have disclosed everything I knew.