I have a seller that wants to short sell his house and he has 1 mortgage with Green Tree, I have never worked with Green Tree. How are they to work with? Currently the seller is not behind in his payments. What do I need to know about GT before I take this one on??? Thanks,
They are slow and hard nosed. Find out who the investor is on the loan and know your options for pre foreclosure programs. With your homeowner not being delinquent good luck:(
GT is very slow and overwhelmed. From a person having a few deals with them, I have developed a good relationshop with them and can tell you that they are training customer service personnel to handle short sales. They have training in the morning and in the fire in the afternoon. They were not ready to handle the short sale submissions, especially after taking over some of the Bank of America portfolio. The approval process will not take long, it's just dealing with all the uncertainty after they tell you it's approved.
Their customer service people are very friendly and willing to help but once the file reaches the "approval" status and gets moved to the correspondence department to "draft" the approval letter, expect delays. They will go back and forth checking an rechecking if the mortgage has MI or not and then, they have to take more time reviewing their internal guidelines to determine if the situation calls for them to send the file to the MI company, or if they can internally bypass this step.
With respect to the client being current, if you are submitting for a short sale, make sure that there is just over 30 days after the last payment to submit. Your client does not have to be late, just if they pay on the 1st of each month. Tell them not to pay on the first the following month. On the 3rd submit the package and before the 15th they can make their payment without being late.
GT guidelines will treat this as a "hardship" because it was over "30 days" since the last payment posted. I am not saying to miss a payment! Just clarifying.
Hope this helps.
Either way, they will get it done. Just be patient and persistant.
Carmine R Biello, Jr.
Thank you, for the info! Do you know where to get GT's forms? Or SS package?
Contact me directly and I will put you in touch with the right people. [email protected]
Do you have a higher point of contact for Green Tree (supervisor, vice president?)
Green tree approved our short sale lien release but they will not release full deficiency unless they
receive 20% of balanced owed.
Michael- I am dealing with Green Tree as a 2nd lien they are tough to work and will not accept anything less than 20 %. I have not worked with them as a 1st lien.
Has anyone received a full satisfaction of debt and deficiency release from Green Tree.?
Green tree is very slow and you often send thing multiple times. Be sure to track your communication. They don't appear to have a short sale protocal like others so if you are a CDPE leverage your tools.
As a realtor, I would see if the seller qualifies for HAFA.
Depending on the investor, it may be required that you have an offer in place to open the short sale request even though in our opinion all HAFA short sales should be initiated and reviewed 1st without an offer.
If your potential seller qualifies for HAFA, you will have a pretty straight forward short sale on your hands and you won't have to be concerned as a realtor as to whether the terms of approval have satisfied the debt because full satisfaction is inherent to an approved HAFA short sale.
Here in Minnesota however, our office, J Probst Law, negotiates short sales for sellers throughout the Twin Cities and surrounding suburbs. No liability to the agent, and at no cost to the agent. My point being that you may have a solution in your area that will allow you to list short sales all day long without the liability and without wasting time that would be better spent marketing for new business.
I had one with Green Tree right after they purchases the portfolio from B of A. they were very helpful, but I think they have gotten overwhelmed in the last few months.