Hello Everyone. Its been about a year since I did my last GT short sale and about to take on another one so just wondering what their approval rate is with GT being first and 2nd?
looking for a realistic time line. My client needs to stay in her house until August so trying to work backwards.
thanks
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I've been averaging roughly 90 days from start to closing with Green Tree. Make sure the second doesn't get charged off. They have 90 days to process as a general guideline, or at least the last guideline I was informed about, but they've been getting the job done in 6 to 8 weeks.
If you can get a complete package into GT and value ordered quickly, I'd say roughly 60 days to have the file submitted for approval. If the 1st and 2nd are both standard mortgage liens they will likely be worked together with the same negotiator. If the 2nd is in the recovery department it will be worked separately.
Green Tree has a lot of Fannie Mae loans and if they complete a value that comes back too high you may need end up needing to open a value dispute through homepath. If the transaction goes down this route I'd be prepared for longer time frames.
310-564-6389
Hi Marilyn,
I am in the middle of doing a GT short sale now. GT is the 2nd lien holder on my file. I called GT prior to sending in my complete package regarding their turnaround time. They told me their turnaround time is 2 weeks. I sent the package in to them September 22 and I received an approval on October 20. Two days shy of 30 days. GT gave me an approval letter good through Dec 1. The file did not close because the 1st lien holder SPS (by the way they are horrible) has not given an approval yet, but the great thing is I received a verbal and I am expecting the approval any day now. Therefore I need an extension from GT. They are in the process of sending that over any day now. I am scheduled to close the file on Dec. 19th. In short, I think GT is great with their turnaround time for a traditional short sale. Good luck to you.
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