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Comment by Laura Marshall on May 12, 2010 at 4:43pm

I have a short sale with 1st ( First Horizon) and 2nd (Greentree). Packages submitted in November. Greentree did not respond to 5k offer from 1st lienholder, so fcl sale set for 6/9. I told them this, and now they want 14k to release the lien. Purchase price is $170,000...so 5% would be 8500...which we can work out with buyer contribution. Has anyone had any luck with GreenTree? This is my first short sale with them. Thank you

Comment by Ben Benita on May 4, 2010 at 2:08pm

Dana -- that is how Greentree works, VERY helpful in teh beginning....wait and see how things change once a negotiator is assigned (after you have sent in those docs. they are requiring)......you will be back on here with a fury!!!

:-)

Comment by DanaVoelzke on May 4, 2010 at 8:08am

I was told my short sale went to charge off too but they are working it the regular way. I got fast response times after the initial hubub of getting thru the "charge off thing" at the beginning . I submitted a package the regular way and the first response came from a very nice customer service lady who informed me who my negotiator was. It didnt take more than a week. then the Greentree gave me a specific, pretty detailed set of forms they wanted filled out.

Comment by Ben Benita on May 4, 2010 at 7:37am

Do not recall 100% for Greentree, BUT, for many lenders it can mean you need to start the ENTIRE PROCESS OVER!!!! New packet, new fax numbers, new contacts, etc. (unles you are are a REAL PAIN IN THE _______ to the lender anyway).

WIth Greentree -- I think there is a difference number for "recovery", where your charged off account will be. Believe:
Recovery department - 866-270-3285
and
Recovery Department - 877-567-3434

are good numbers.......best of luck, again, Greentree is one of the WOST to deal with, be prepared for a battle and to have someone bring some cashola to closing!!!!

Comment by Christopher on May 4, 2010 at 7:27am

Hi Ben,
Been on the phone with GreenTree for over an hour and they can't seem to get there departments straight. But I was told my sellers 2nd (greentree) has been "charged off" and it is currently with the charge off department. With this being said, does this change how the short sale process works on GreenTree 2nds? or is it the same process as a regular short sale. Thanks in advance

Comment by Ben Benita on April 29, 2010 at 1:12pm

BPO - do not recall, most of the time once all the docs. are in it CAN take 30 to 60 days....depends on how much of a pain in the ______ you are to GT and how you play your negotiations......for us, it varies by case.

Some Sellers want to be done ASAP, for others, with true financial hardships, job loss etc., they MUCH MUCH MUCH prefer we take our time and live in the home FOR FREE as long as possible....!!!!!!

Comment by Barbara Pedersen on April 29, 2010 at 12:49pm

Ben, thank you very much, we have a negotiator assigned, GT decided to go with a conventional short sale. We submitted additional docs requested by the negotiator and now are waiting for the BPO to be ordered. Do you know how long it (BPO) takes with GT? I am getting anxious since we have to close by the end of June.
Thanks a lot in advance!

Comment by Christopher on April 29, 2010 at 11:57am

Thanks Ben.. just sent you an email, please check your junk box or spam box. Coming from chris@*******realty.com

Comment by Ben Benita on April 29, 2010 at 10:28am

Christopher, send me an e-mail at [email protected], have a few questions on the deal before sending you contact info. Best thing to do with Greentree, contat their corporate office in MInnesota and get the name of the operations manager in your state......they are THE decision makers and can get things done quickly.

As far as not contacting them for 30 days, COMPLETE BS!!!!! Send in your offer the same time you send your offer to the first.....

They ask you to wait 30 days so they can make additional monies "servicing" the loans.....see if you can get that 30 day wait request in writing, and, find out who the investor is on the property (the group PAYING Greentree to service the note) and watch what happens!!!!

Comment by Christopher on April 29, 2010 at 10:07am

Hi Ben, I just got my approval from BofA (first lender) and waiting on GreenTree as they said not to contact them within the first 30days which I do not want to take the risk of trying. My seller will not go through with the short sale unless both lenders put in writing they will not go after any deffiency amounts after close of escrow or record any judgment. My buyer is willing to pay the 10-15% to the 2nd lender so do you think GreenTree would be willing to provide such a letter? Also do you have a email or contact person since my first has been accepted already and need to move quickly on the 2nd. Thank you in advance.

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