Anyone run into this situation before????
Freddie Mac (Investor) and IndyMac have both approved the short sale for the first loan, with $6,000 going to Green Tree for the second. Service Link did the negotiation for IndyMac. Freddie Mac will not allow more than $6,000 to Green Tree. IndyMac originally held the second loan and then transferred it to Green Tree for servicing. Per the "Investor", Green Tree will not approve the second loan (purchase money).... they want a minimum of 20% of the loan.
I just found out in the last week that IndyMac is Green Tree's Investor. Makes no sense. On one hand IndyMac approves the deal, and on the other hand IndyMac is stopping the deal from happening. Everyone I've spoken to immediately refers me back to my Negotiator. The closing is set for October 26th and the foreclosure is set for November 2nd. Any ideas?
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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What's the dollar amount of the difference?
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Permalink Reply by Sandy Sparkman on
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The second is approximately $104,000. The first was approx $416,000. Accepted offer from first lender is $248,000. We are in CA and they can't pursue a deficiency for a couple of reasons.
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Thank you, Harry. My clients have already been thinking that they are being forced into a foreclosure!!
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