I am a buyer and my realtor has been told by green tree that they will give zero to the second. This is a fannie mae short sell. Can they do this? Offer nothing to the second and tell use no matter how much we offer they are taking it all?

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FNNMA will allow up to $6,000 for junior liens. Not sure why GT is denying this. Sounds to me as if you may be getting partial information.

Is my realtor lying to me? What possible reasons could Green tree have to tell the second that they get nothing but must release their lien?

Mike,

     I'd agree with Bryan that it sounds like there seems to be some information missing from the picture. Is your realtor also the listing agent? If not there is a great chance of miscommunication if they are not directly processing the transaction or if they do not hold a greater understanding of the world of short sales.  Also, do you know who holds the 2nd lien on the property? Is it a mortgage lien or a judgment?

[email protected]

www.ishortsalenow.com

310-564-6389

Its ocwen. This has been nothing  but bad news.

I also think my realtor is giving up.

mortgage lien I called the county clerks office

Mike, Bryant is right about FNMA having SET guidelines.  They'll pay 6-8%, up to $6,000-ALWAYS.  As they asked, is Your agent, also the Listing agent.  Only the listing agent/negotiator will have direct contact with the lender.  Of course, it wouldn't be the first misinformed employee of a lender spouting incorrect information.

Im working with the listing agent. Could a PSA be telling Green Tree to give nothing to the second?

There is no set % amount FNMA gives to subordinates.  It's up to $6000 and generally is only less than $6000 if the balances of the subordinates don't add up to $6000.

The whole thing doesn't make sense. One things is for sure, they convinced the realtor that they are giving zero to the second. I wonder why Green tree is doing this? Maybe this is just another way to say no to a short sale?

The seller has several high dollars properties as well.

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