Replies to This Discussion

Permalink Reply by Cherrie Brown on June 30, 2011 at 6:47am

RUN! I did a deal with GT last month and they don't care about anything other than the bottom dollar. They also won't allow BofA to give the seller any sort of credit no matter what. I had BofA 1st and GT 2nd. GT took their sweet time and it was tough getting in contact with someone. However once I got pass the first phase it was easy to reach our neg.  Our 2nd was high it was 220k but they wanted 40k to settle and would not release the deficiency. We finally got them to 20k which I had my seller send in every receipt for the last month of daily cost of living expenses and argued the fact that sellers have no money. They took money from us the agents, and the buyer to get the deal closed but after many faxes of over 50 pages each and many letters from my seller pleading for there cooperation. My clients then filed BK after we closed because of the Judgment. They felt like they left the house trying to do the right thing but lost in the end. GT is also the one who called them offered the short sale program to them and advised my clients to call Bank Of America to intiait the short sale and they also stayed current on the 2nd since that is what was advised by GT in the beginning since they used the threat they would not accept a short sale if they were past 30 days late. Then they tried to use the fact that they were late on the 1st and that is why they could not approve the short sale. All in all I got it done in 90 days total. Just be nice, put on your best show and prepare to battle, while giving up commission to make the deal go or ask the buyer for money. It is possible and  I hope you have a better experience than me.

 

Permalink Reply by Beth Thoma Robinson R(B) SFR on June 30, 2011 at 7:00am

OMG, Cherrie.  That was not what I was hoping to hear LOL.  Thanks for sharing your experience.  Wonder if there is a way to circumvent GT's process...

 

Permalink Reply by Adela Picar on August 1, 2011 at 7:40am

How much is the principal balance? I am working on a 2nd too with Green Tree and AHMSI is giving them 10%. Green Tree is being ridiculous and asking 30%! My seller owes $36,000.00. 5% is really good !!

 

Permalink Reply by Al Jackson on October 12, 2011 at 8:42am

Adela, can I ask how that worked out?  Working with an EMC (now Chase) and green tree 2nd.  borrower owes $40k and they're asking for $10?  I guess 25% is less than 30 but my real concern/question is there really any room for negotiations when the seller can't contribute.  Also, EMC won't give more than 7.5%

 

Permalink Reply by Adela Picar on October 12, 2011 at 10:54am

Hi Al,

So I have worked with AHMSI with previous short sales and they are pretty easy to work with. I could not get around the $9000 with Greentree because of our new law here in California the SB453 http://www.youtube.com/watch?v=9OxaHY3pI94. Greentree is trying to get as much as they can since they can no longer come after the borrowers.

We did our inspections and the termite came in at $25,000.00. I asked AHMSI to consider some of the damage since there were other things going on with the home. I asked for $12,000.00 since the deck had all the issues. He said send him a new HUD and he will try for an approval. I then told my buyer that I am trying to get credit back for him and if he would pay the $5342 the difference of the $9000 that Greentree wanted then we could possibly get a credit to offset the $5342 or more. AHMSI gave us back $10k and we used the rest for closing costs.