Replies to This Discussion

Permalink Reply by Ben Benita on April 14, 2010 at 7:47am

tell them to put it in writing and send it over to Indy Mac....
Next, tell Indy mac you ahve a closing date set for early may and that yuo REALLY need to get this done (that your broker, the Seller, Buyer, and Buyer's agent are all countin gon you........

Permalink Reply by Ben Benita on April 14, 2010 at 7:48am

sorry, also, you should ALWAYS pre-screen your Seller to see if they have cash to contirubte at closing to get them out of their situation (this GREATLY helps when issues like this arise).
You should also be prepared to tell teh Seller to up his/her offer and consider (and I mean ONLY consider) giving up some of your commission (I never recommend this, but, some agents to it)

Permalink Reply by Keji Ogunleye on April 14, 2010 at 8:59am

Thanks for much Ben.. I appreciate your wealth of knowledge...I'm really not looking to cut commission and informed my seller upfront that he may have to contribute cash .

Permalink Reply by Keji Ogunleye on April 23, 2010 at 5:13am

Hi Ben and anyone else that can help me.. I got an approval from Greentree for a short sale.. Indymac is the first, they will get what they are asking for, but in the letter they are not releasing the borrower from the note, just releasing the lien on the property. I want to contact them to release borrower from obligation as well... any thoughts?

Thanks much

Permalink Reply by Susan Sandoz on April 26, 2010 at 1:45am

I had a SS with Green Tree as 2nd lienholder. We had an FHA 1st with GMAC who approved and we were in the FHA PreForeclosure Sale Program which allows 2nd liendholders $2,500 max on the HUD-1. GT would not release and therefore blocked the solid offer on the table with a 20% down "normal" borrower ready to close. GT will not put anything in writing, no emailing from them ever. They blatantly lie about not receiving faxes or emails which I had confirmations on. They keep demanding you jump through all their hoops for documents they never originally asked for, then want more money...the 2nd was 95K. They wanted at least 10% of the loan balance for a partial release or 30% of the 95K for a full release. It is obvious they never intended to settle as no party to my transaction ever thought twice about paying any dollars to them off the HUD-1. Just strung us along with no intention of ever releasing and nor did they care about abiding by FHA PFS Program's guidelines. Falon M. Fuller was the Loss Mitigation person who did nothing to help with release of this 2nd except just sing the same mantra that she had 200 files on her desk...let me get out my tiny violin. Green Tree is just one of many shameful companies (servicers), but they are worse as I am not sure I have ever heard of them releasing a loan.

Permalink Reply by Ben Benita on April 26, 2010 at 4:14am

Greentree - -they Servicing department for second liens, ALL BASTARDS....and obvisouly I have NO PROBLEM writing that here b/c they are.....ANYONE who has dealt with the m would agree 100%, but, not all will admit their thoughts.

Getting through, best thing as I keep saying is to contact the Greentree corporate office:
Green Tree Servicing LLC
Corporate
345 St. Peter Street
Suite 600
St. Paul, MN 55102
(651) 293-3400

and find out who the regional or operations maanger is in the state where your short sale is located. THIS is the person that can make things happen for you....dealing with the idiots in teh Servicing department will only make you nutso!!!

As a heads up -- Indy Mac is the first lien for MANY of the Greentree seconds and is FULLY AWARE of what a pain in the _______ Greentree is .

As always, hang in there for your client and your commission, and, DO NOT EVER BE AFRAID TO TELL THEM NO, WE WILL NOT AGREE TO WHAT YOU ASK!!!!!

Permalink Reply by Brian Peters Jr on April 30, 2010 at 2:48pm

Just so everyone in here knows, and can give you guys some kind of hope for the suffering, I closed on a Greentree Short sale, payoff was 100k, got it approved for 55k, sold for 59k. There was a tax lien on the property but I came out with 2k. Pigs get fed hogs get slaughtered. Get money when it comes, if you have to cut commission to get some of the money then I suggest doing it.

Greentree is a PUSHOVER and I have the keys to unlock their dumb secrets. They all hide behind false bravado and put up this big front that they are tougher and smarter than you are.

I was blatantly told NO last month when I asked for the sale to be stopped. I figured out that I was talking to collections. When doing short sales, never talk to collections! They will always lie and tell you that nothing can be done and we need full pay off. Needle through and get to loss mitigation. Call and scream at everyone you can scream at to get the deal approved. They will do it. You just have to know which buttons to push.

Permalink Reply by Brian Peters Jr on April 30, 2010 at 2:52pm

To further add, I had a servicer monitor the telephone system, looking for my number. I kept calling, different numbers, trying different people within the company long into the wee hours of the night. Finally I found the vice presidents office, then the CEO and left a message. THAT got something done. The next morning, day OF the sale, I had a phone call from the asset manager, said the sale was stopped, they did 2 BPO's, tried to manipulate the BPO's and none of them would do it. Got a buyer and whammo!!! had a short sale from beginning to end in 20 days give or take a few days. Not bad for what one of the servicers called ' a TIME WASTER' I was blatantly told that they were moving forward on the sale and that their is nothing that I can do! Hah, who is laughing now??? :D

Permalink Reply by jenn wood on August 21, 2012 at 3:47am

Brian! You are awesome! I am trying to get mine going and they keep saying it is in escalation. 2 weeks of escalation is not acceptable. How did you find the ceo? Every time I call the numbers listed or that I can find the recording says that I need to call back during normal business hours... Um I have. LOL any assistance would be greatly appreciated.

Permalink Reply by Mark Root on May 7, 2010 at 10:07am

What was the amount of the 2ond and what did they settle for? About to go down that road :-(
thanks

Keji Iuyomade said:

Hi Ben and anyone else that can help me.. I got an approval from Greentree for a short sale.. Indymac is the first, they will get what they are asking for, but in the letter they are not releasing the borrower from the note, just releasing the lien on the property. I want to contact them to release borrower from obligation as well... any thoughts?

Thanks much

Permalink Reply by Ben Benita on May 8, 2010 at 5:22am

Brian -- you kick ______, nice work with Greentree and it should be a lesson for EVERYONE....keep pushing these clowns and you will get your way most of the time......GREAT example of persistance paying off, hope your Seller was appreciative of your efforts!!!!


Brian Peters Jr said:

To further add, I had a servicer monitor the telephone system, looking for my number. I kept calling, different numbers, trying different people within the company long into the wee hours of the night. Finally I found the vice presidents office, then the CEO and left a message. THAT got something done. The next morning, day OF the sale, I had a phone call from the asset manager, said the sale was stopped, they did 2 BPO's, tried to manipulate the BPO's and none of them would do it. Got a buyer and whammo!!! had a short sale from beginning to end in 20 days give or take a few days. Not bad for what one of the servicers called ' a TIME WASTER' I was blatantly told that they were moving forward on the sale and that their is nothing that I can do! Hah, who is laughing now??? :D

Permalink Reply by Brian Peters Jr on May 8, 2010 at 8:31am

Thanks Ben! Without your help I may not have made it, but I got it done!

You have to just be persistent. A lot of Realtors are not persistent and this is what kills short sales. IMHO, I think Realtors should be out selling not negotiating. Leave negotiating to third parties, it just makes your productivity NOSEDIVE. We need you out selling the short sales that we negotiate, and selling your other listings.

Ben Benita said:

Brian -- you kick ______, nice work with Greentree and it should be a lesson for EVERYONE....keep pushing these clowns and you will get your way most of the time......GREAT example of persistance paying off, hope your Seller was appreciative of your efforts!!!!


Brian Peters Jr said:

To further add, I had a servicer monitor the telephone system, looking for my number. I kept calling, different numbers, trying different people within the company long into the wee hours of the night. Finally I found the vice presidents office, then the CEO and left a message. THAT got something done. The next morning, day OF the sale, I had a phone call from the asset manager, said the sale was stopped, they did 2 BPO's, tried to manipulate the BPO's and none of them would do it. Got a buyer and whammo!!! had a short sale from beginning to end in 20 days give or take a few days. Not bad for what one of the servicers called ' a TIME WASTER' I was blatantly told that they were moving forward on the sale and that their is nothing that I can do! Hah, who is laughing now??? :D

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