How do we get a "full release" from GT on a 2nd with MI?
We have a 2nd of 67k, 1st with BB & T (approved with 7,500 cash from borrower ugg) and now Greentree is asking for 6,700 from the borrower PLUS a $15k promissory note to the MI company...to add insult to injury the approval letter specifically leaves open their right to pursue a deficiency judgement....
Any advise or direction? Has anyone obtained a letter including full release from GT on a 2nd where MI is involved and/or a promissory note is involved????
Any guidance is deeply appreciated,
Replies to This Discussion
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Permalink Reply by Stephanie Hart CA 310-930-2342 on
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I did...6k on a 125k 2TD...HAFA approved!
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Permalink Reply by Gregory Holmes on
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This was on a 2nd trust with MI right? Did they have to sign a promissory note? Did the approval letter offer a full release or leave it open???? Thanks so much for responding!!!
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Its a HAFA they have to do a full release in HAFA shorts! Did you try it as a HAFA. We had to switch because of GT... My negotiator said she was amazed it got approved though. They told me they no longer offer prom notes. The fact they are willing makes tgat interesting. BAC was my investor... GT is just a servicer. My client was willing to do one to a prommake them go away after the 1st approval letter (letter stated they would close and rearrange a payment plan on the entire amount). I think it took 6 months of back and forths.
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It was painful though:p
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Permalink Reply by Ben Benita on
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either cash, or a prom note should do it.
I would also STRONGLY suggest contacting the MI company directly and telling them NO DEAL.
REMEMBER THIS ALWAYS -
They are called "Negotiators" FOR A REASON!!!!!
Best of luck
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