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Comment by Stephanie Hart CA 310-930-2342 on October 21, 2011 at 11:32am

RUN like hell from GT, ha ha ha. I closed a HAFA with them but they said they don;t see it happen often. They basically have no escallation I called the manager many times and would get a response from my LM but never the manager and never got him directly. We aer a non recourse state but you need to see a 2nd approval from GT. They word it as though you are going to make a new loan arrangement with them at a future date. That is Allowed in CA. You are agreeing to it. Confusing but that is what my clients attorneys have told me. I am going to attach an orig approval with that wording so that you can see what you will get if you do not get a hafa approval (sounds liek you won't). Also agree GT will nto allow any other funds to go to a 3rd or 4th lein those need to be wiped out.gtapprovalnumbers%20blacked%20out%20HAFA.pdf

Comment by Jessica Eisenhauer on October 21, 2011 at 11:16am

Hi Laura,

 

So what did GT take 5 or 6% and was it of the principal balance or of the purchase price?  Also did your clients have to bring the remaining funds out of their pocket or did the 1st lien holder give the entire amount to the 2nd.  I am not worried about the other liens because one is only $500 and it is a judgement the wife filed against the husband, she can release it for this transaction otherwise she will screw herself over. =)  the other is a child support lien and it is pretty small only like $1200.  I have been able to get liens like this released for something small if nothing at all, when they see it is short and there is no money to collect out of the deal.  Or it worked for me before.. on the last one I did.

Comment by Laura Rivera on October 21, 2011 at 5:27am

HI jessica,

No, my GT was not HAFA SS. My sellers opted out of HAFA.

 I am more worried about the child support liens and judgement between the husband and wife than the other liens you have currently. Because even if you have the first and second to agree to approve the short sale, what about the other liens you mentioned. How do you transfer clean title from seller to buyer if there is a cloud. I had a situation 2 years ago where there was a lien the ex husband put on the property while we were waiting for SS approval and by the time the bank approved the short sale, the lien made it through and the bank did not want to bother with the lien between the wife and ex, wife filed for BK to remove the lien. I got an ok from the bank to resume the short sale after BK was discharged, but the problem was, the lien got attached to the wife's name, (the ex knows how to really kill the deal)  and she cannot give clean title to the buyer and no title company would give title insurance and therefore, the property did not have a chance on a short sale, it went to foreclosure. That was also a million dollar deal that I lost

Comment by Jessica Eisenhauer on October 21, 2011 at 4:46am

Also 5% of their principal balance or 5% of the purchase price...

Comment by Jessica Eisenhauer on October 21, 2011 at 4:45am

Laura was your GT a HAFA short sale or not?  We have one right now where the 1st is HSBC and the 2nd is GT.  HSBC doesn't participate in HAFA so we don't have that going for us.  We are a non recourse state but the 2nd does retain the right to come after the seller after foreclosure for the deficiency for 2nd liens only.  But the interesting part is our seller (wife) filed Chapter 7 BK and it was discharged a while ago...but the husband didn't.  SO I am not sure how that will be viewed with GT...???  Just trying to see if they will take what they are given.  As neither husband or wife are willing to give any funds to the banks.  On top of that we have a child support lien and judgement between husband and wife to deal with. LOL  I am not as worried about those 2 as I am with GT. We are going for 3K from HSBC as they aren't a HAFA participant so hopefully they are going with the old way of the 3K.  I have heard good things about HSBC although have never worked with either of these 2 banks.  Any info you can provide would be great.  Thanks

Comment by Yvonne Westerman on October 20, 2011 at 3:02pm

Does anyone have a Green Tree Servicing Escalation contact, email, number anything?

 

thanks

Comment by Maria Evans on October 4, 2011 at 11:09am

I am so glad you got the approval Laura! Congratulations!

Comment by Laura Rivera on October 4, 2011 at 9:09am

Yes, Olivia is a good one. We finally got a short sale approval from Green Tree today through Olivia. Thank you Maria Evans for all your help.

 

Comment by Stephanie Hart CA 310-930-2342 on September 28, 2011 at 1:11pm

Olivia is a good one... she actually returns calls and answers her phone.. Best to call her 1st thing in the am.

 

Comment by Laura Rivera on September 28, 2011 at 1:04pm

I have been reading everyone's experiences w/ Green Tree and it looks like they won't take less than 5%. Well, the offer was about 6%. I have a negotiator named Olivia.Olivia asked me if this was a Fannie or a Freddie though, and it is neither Fannie or Freddie loan. I will continue to follow until Tuesday, and if there is no answer, will use Maria Evans' recommendation.

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