Replies to This Discussion

Permalink Reply by Chad Gelsinger on July 5, 2012 at 12:37am

Hi Maria, we just closed on a Citi 1st and GreenTree 2nd two weeks ago through HAFA. The homeowner was current with both during the Short Sale process and even sent a payment one week before closing. GreenTree accepted the SS package, but would not proceed until we had an offer on for them. BTW, they only wanted $2500 to settle the debt ($35K). GreenTree sent our approval, which expired in 15 days. They said they would extend when Citi issued their approval and did. GreenTree was a little slow, but with email and phone calls usually returned promptly, it was an easy process. Chad.

Permalink Reply by Maria Strong on July 5, 2012 at 5:11am

Thank you Chad!  My clients have a debt of $100,00 on the first and $100,000 on the second... a total of $200,000.  Both mortgages are held by Green Tree. 

Permalink Reply by Smitty on July 5, 2012 at 3:34am

Hi Maria,

Do you have the current email for the short sale package for Greentree? I'm sure Wendy would like to put it on the site for everyone to use.

I don't think you need to submit anything until you have the strongest offer in hand, which may NOT be the highest.  I'd take a $180,000 cash offer all day over an FHA $200,000 offer.

Permalink Reply by Maria Strong on July 5, 2012 at 5:14am

Yes, I will print it out, cross out my client's account number and name and scan it then upload it here.  Thanks for the tips Smitty!

Permalink Reply by Smitty on July 5, 2012 at 7:26am

Right, and I don't work for Greentree.  I work for the seller.  My concern is closing the property with the most suitable buyer, so that my seller doesn't have to go through rounds and rounds of UNQUALIFIED buyers.  Let's face it, FHA buyers have 3.5% cash to put down.....doesn't put them in the most attractive buying pool and keep in mind this is all about negotiating what is best for the SELLER not Greentree. 

What's going to happen when Greentree wants more money and counters?  Is the FHA buyer going to have cash on hand to come up? NO, but my cash buyer likely will.  The most qualified buyer is a cash buyer.  We don't have to wait for a financing contingency, that could hold up my sale for 45 days while they get their financing firmed up, nor any appraisal issues.

Hands down, cash is king and I'll make sure my seller takes the most qualified buyer. 

You're right it is a blanket statement though.  The only way I'd favor a fha buyer over a cash buyer is if the house was pristine and the buyer already had a mortgage commitment in hand...and NEVER have I seen both.  I have to ALWAYS caution my seller if they take an FHA buyer they are subject to financing and appraisal conditions.  If they are cash, there is NEVER a contingency for the sale. 

Permalink Reply by Maria Strong on September 14, 2012 at 8:29am

The Green Tree service rep gave me bad information.  When I called back, I was told that I had to fax all of the documents in, even though she sent me an e-mail with the requirements and her e-mail address on it. 

Permalink Reply by Samuel Hilbert on September 14, 2012 at 7:30am

Hi Maria -

Just wondering what type of response you had from Green Tree with your clients that were current? I have closed several Green Tree deals (on firsts and seconds) but never attempted one with a seller who is current but just got a new client with one that I should at least be able to prove a hardship on. Did the fact that the clients were current cause problems from Green Tree?

Thanks for any information you can provide!

Permalink Reply by Maria Strong on September 14, 2012 at 8:28am

Hi Samuel,

I was just contacted by the negotiator this week.  He said that he submitted the package to the investor for review.  He said that we should have an approval letter within 1 week.  My client is taking a job in another area, so they applied based on relocation.  The negotiator suggested that they continue to pay their mortgage.  My clients called Green Tree to setup a payment and the customer service agent suggested that they stop paying towards escrow since they would not be able to get a refund on their escrow. 

Maria

Permalink Reply by Samuel Hilbert on September 14, 2012 at 8:34am

Thanks for that perfect update. Mine is a breakup which makes me a little more nervous, especially since they were never married but are both on the loan. It is nice to hear a success story (or at least almost one) though! Relocations always help in these situations...I'm just hoping that the lienholders will understand a breakup, I can always prove divorce but breakups are a little more difficult to prove. Thanks for the information!