Eary Stages of GreenTree Short Sale Process
Great site! You guys are the best.
I have two condos in Greenacres, Florida. Approximate market price right now is about $50k each. Purchase price was $165k and $190k in 2005.
Can no longer make payments. Have buyer interested in both via the realtor. Short sale package submitted to Green Tree about a month ago.
Have run into aggressive rep handling file. Wants payment and said this may be rejected unless hardship case is made. Both units are rented and HOA fees are up to date. Last two mortgage payments have not been made.
Greentree rep asked for hardship letter to be amended and more specific. Not sure case for hardship is rock solid but property is upside down and buyer is offering cash for both.
QUESTION: What is strategy for first phase of the process? No more payments will be made to Green Tree. Should I defer all calls to the realtor? Do I just continue to draw the line and repeat that no payments will be made? I'd rather be proactive but other than amending hardship letter, what else can I do?
Thank you for your time and assistance.
I have two condos in Greenacres, Florida. Approximate market price right now is about $50k each. Purchase price was $165k and $190k in 2005.
Can no longer make payments. Have buyer interested in both via the realtor. Short sale package submitted to Green Tree about a month ago.
Have run into aggressive rep handling file. Wants payment and said this may be rejected unless hardship case is made. Both units are rented and HOA fees are up to date. Last two mortgage payments have not been made.
Greentree rep asked for hardship letter to be amended and more specific. Not sure case for hardship is rock solid but property is upside down and buyer is offering cash for both.
QUESTION: What is strategy for first phase of the process? No more payments will be made to Green Tree. Should I defer all calls to the realtor? Do I just continue to draw the line and repeat that no payments will be made? I'd rather be proactive but other than amending hardship letter, what else can I do?
Thank you for your time and assistance.
Comment
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Comment by Gidget Janz on November 8, 2012 at 3:01am
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They will always contact both, Realtor and owner, I had to demand them to stop calling my owner, as he would just yell and scream at them and make it worse..lol. You can ask them to stop contacting you and make the Realtor the primary. It sometimes work.
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Comment by Dom on November 7, 2012 at 3:45am
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Thank you for the responses. Realtor is helping. Don't want to blow it in the early stages. Should GreenTree be contacting the realtor and not me? GT has an LOI to speak to the realtor
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I did a greentree short sale and they demanded payment all the way past the approval letter, you may want to get a realtor to help, but keep pushing ahead. and meet all the short sale packet demands
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Comment by Shannon Noble on November 6, 2012 at 11:08am
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Greentree says that on all files - about wanting a payment in order to do a short sale. That's a trap!
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