All about Green Tree short sales.
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Started by Jackie Gonzalez. Last reply by Ben Benita Jun 16, 2017. 3 Replies 0 Likes
This is the 2nd time the seller's agent gave a ss approval letter with a 7-day approval to close. Need at least 2 weeks to close. Bank has list of work that needs to be done and title company wont…Continue
Started by Jackie Gonzalez. Last reply by London Cox Aug 29, 2016. 4 Replies 0 Likes
The present buyer is backing out due to too high counter offer. The house was listed at $181k and is now at $134,500 after 5 months on the market and no offers. Needs extensive work due to deferred…Continue
Started by Russ Trinidad. Last reply by Russ Trinidad Jun 5, 2015. 3 Replies 0 Likes
Does anyone know if this is possible? The property is a townhouse in Hawaii. The association foreclosed on nonpayment of maintenance fees. It’s a fannie mae owned loan and serviced by green tree.…Continue
Started by Napua Lucas. Last reply by Brian Avery Apr 14, 2015. 1 Reply 0 Likes
Retired Short Sale seller is moving across the country, has a Green Tree first loan. Will not be late on payments but has to sell below loan amount. Had refinanced about 5 years ago so got his…Continue
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Luther, a divorce is a sufficient reason for a short sale, regardless of income. Has that fact been included with the hardship letter and a copy of the decree submitted?
She makes a rather high income but the house is too far behind to catch up (2 years). She was already denied for a modification.
Hi Luther. It's me again, LOL. The Deficit Income Test or DIT is used on all FHA short sales. You take the total take home pay of the borrower and compare that to their monthly household expenses. If they have negative income, i.e. monthly expenses exceed take home pay, the lender will approve the short sale.
My experience is that homeowners are in foreclosure for a reason. When filling out a financial statement for the borrower(s):
1. you only have to list income for everyone on the loan ONLY. If the wife is not on the loan, you're only required to show income of the husband.
2. borrowers drastically underestimate their monthly expenses and they flat out forget things. You'll have to wade through their bank statements and do your own tally. I had to do that on a short sale i just took and I found an extra $1,700 in expenses.
Good Luck!
Update on my short sale case: So we were declined again. This time they said that the borrower's income is too high to justify a short sale.
@luther speak to a manager and escalate to Fannie Mae if it i s FNMA backed through homepath.
Sent in the offer the first time and other reps said it was declined because house was vacant. Asked about variance and probably left 3 voicemails, rep still won't call back. Resubmitted offer with variance request and offer was declined this time saying it has not been on market long enough -- again, I find this out from other reps looking at notes on account, I've called again and left 2 messages, still no response. 1st buyer has backed out but we have another offer now and I'm not sure what I should do because the loan rep is not responding.
It depends on how long the property has been vacant for and also the reason they moved as seen in the guideline below from Allan. A variance may need to be submitted and approved to allow the borrower into the Pre Foreclosure Sale Program.
310-564-6389
At this point, I send the negotiator the following verbiage from ML 08-43:
I also send them the ML 14-15 and i ask the negotiator "if hud doesn't allow vacant properties, why do they eligibility requirements for non-owner occupants?'
If that doesn't work, i go to the negotiator's supervisor and if that doesn't work, i open a ticket with the national servicing center. If the HUD advocate finds cause, they will call Greentree and let them see the error of their ways.
Good luck.
divorce situation. husband left, wife could not afford to keep it and moved to cheaper rent.
whats the homeowners hardship???
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