Replies to This Discussion

Permalink Reply by Michael Hayley on April 25, 2012 at 6:38am

This is a bizarre story. I've never heard of this before. I've closed 3 Green Tree short sales in the past year and most were already in foreclosure. It sounds like a really aggressive collection department. What would happen if everyone "just said no". 

Permalink Reply by Jeff Payne on April 25, 2012 at 6:51am

I just spit coffee all over my screen :)  That is a good one for sure.   I had a negotiator ask me yesterday if I was authorized to pay the $14000 that the seller is short on the second mortgage.   What scares me is that I would not be surprised if there were agents paying it because they were scared to lose teh commission

Permalink Reply by Tni LeBlanc (805) 878-9879 on April 28, 2012 at 5:34am

Jeff -  

I almost did the same when she said it. 

I had to cover the phone so my laughter would not be heard.

Greentree is off the chain.

If agents are doing this, wow!

Tni

Permalink Reply by Tni LeBlanc (805) 878-9879 on April 28, 2012 at 5:39am

Hi Tara,

At a certain point they will send the file to recovery.  In my case they were saying they were sending the file to recovery after one missed payment -- yeah right.

But, what upset me is that they are telling my client that I should be making their payment because of a late closing.  They are also commenting on the transaction and how it should be run, etc.  I guess they hold real estate licenses in all jurisdictions too.  But they obviously hold a different philosophy about how commissions work.  I don't make mortgage payments to earn commissions, I earn commissions to make my mortgage payment.

Tni

Permalink Reply by Julissa Jumper on July 11, 2012 at 9:23am

Oh my stars, Tni. I was scrolling through the discussions and just had to open and read this when I read the title. It is hard to believe that they would say that. I'm sorry but it just made me laugh! What lunacy!!

Permalink Reply by Helena Kaucheck on July 17, 2012 at 3:39pm

That's happened to me on almost all my GT files.  The last one was with a seller who was current.  So I asked them flat out if by not paying on time (we were closing 3 days after the next payment was due) would that erase the short sale.  They hemmed and hawed for awhile then said no.  So I told them that I would communicate this discussion with the seller.  Nothing came out of it. 

GT is a servicer but their primary role is collection.  When they first received a huge bulk of the BofA files, they stated in no uncertain terms that they were there to collect and the SS was only a small part of what they do.  They've now changed a bit adding more people on staff.  The last couple of new ones had them abiding by the new Freddie and Fannie time line requirements.  I'm monitoring them closely to make sure they stay on track.