Does anyone know the validity of this? Greentree told me that when the file goes to charge off that they can ask for whatever they want and do not have to waive the deficiency. Is this true???
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Jennifer, fancy seeing you here LOL. Yes, seconds DO NOT have to abide by any rules and can do whatever they want.
Yes , this is true, I am just in the same situation, I escalated the case to fannie mae and they-F.M. sent me the same answer. Green Tree is very tough servicer, we offered them $8500 but they requested $24K after negotiations i was able to reduced it to $17K, i am waiting for the approval letter during the next hour they said they will be sending it. but this is no done yet...
I hope that I dont have to deal with green tree anymore, i will be very carefull when i get a listing and green tree is involved on it. good luck!! i would like to hear more coments about it.
i have closed around 90 short sales my own listings.
I received yesterday the green tree approval letter asking $17000, i sent it to the first-Gmac, but they are not accepting the second to receive more than $8500(hafa) at closing... que kilombo.
Green tree said that my seller is making enough money to pay what they are asking. i am pretty sure that it is ilegal sending extra funds to the second out of the HUD?
I think I have to ask the first to close the file and start all over again....nuevamente que kilombo.
good luck with green tree. Im very dissapointed with them.
wally, go to all parties and ask for a small contribution from each - is the seller getting relo money? if so tell them either give half(?) or get nothing, same with the buyers agent and yourself, ti recently had a seller getting 16,500 in coop relo and greentree said hello we want 6K so i told the buyer give it or lose the other 10K up to you because Greentree will NOT budge they have nothing to lose when its been charged off or included in BK, they play hardball collection games and they dont care, if it goes to FC they lose anyway so they could care less - you must put a different thinking cap on when dealing with them
Thank you Ann, green tree statement was that my seller makes $100K yearly, for this reason he doesnt qualify for a BK and they will pursue the seller through the note if the first-Gmac foreclose the property.
I have the $17000 already but the first-Gmac is not approving the second receiving more than $8500 at closing.
I will find out if in a regular short sale no HAFA is OK with the second lender receiving extra funds at closing.
Wally, this is not good news:(
I told these people to keep the damn thing current, but they refused. Not sure what to tell them now. Looks like they can cough up 11K if they want to close. UGH!
I have had TWO Greentree second mortgages that demanded a payoff even though both had been dismissed in BK or charged off
The only way we got around the sale failing was to have the agents and buyers contribute as the seller was giving up nothing!
Greentree even sent 1099's even though there was a BK attached to one!
Once the second is charged off, rules of the game can sometimes change. However, you may be stuck with a higher net contribution to the second than before it was charged off. I have one in which Greentree is the second; however, it was kept current (as per my direct instructions to my seller) and they settled for 20% of the balance with a waiver on the deficiency. You may have to ask the buyer to kick in a little extra to the second (make sure the first is okay with allocating more $$ to the second) and I'd push like nobody's business to get the waiver. Good luck!