Likelihood Green Tree (1st) will contribute $3K for the second pay off (OCWEN)?

This is the first short sale that I have Green Tree as the first and not the second line holder. I am trying to figure out what the likelihood there is that Green Tree contributes $3000 to the second mortgage?

Any advice is appreciated.

Thanks,

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Replies to This Discussion

Permalink Reply by Amy Golden on February 17, 2014 at 5:24am

Hi Ashley, I just got a GT 1st with a USMR 2nd approved a few weeks back. They gave USMR the $3K on approval. Settlement is Friday! yay! Just keep it on the HUD and push as I'm sure you are already doing. Good Luck! 

Permalink Reply by Chad Gelsinger on February 17, 2014 at 5:35am

Hi Ashley, usually GT is not an issue on paying junior lienholders.  If it is HAFA/Fannie/Freddie, they could contribute more than $3K, if needed. I have had GT pay relocation fees as well. Keep on them and you should be fine. Chad.

Permalink Reply by Ashley Den Uyl on February 17, 2014 at 6:05am

Chad and Amy,

Thank you for your insight! That is exactly the answer that I wanted to hear :)

I appreciate your help,

Ashley

Permalink Reply by ElizabethWeintraub00697006LyonRE on February 17, 2014 at 1:06pm

Green Tree acts like any other lender when in first position. It might limit the contribution to the second lender to 6% of the unpaid principal balance if that is less than $3,000. You should obtain a copy of the second mortgage statement before preparing your HUD.

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