I have a seller with a Wells Fargo 1st and Greentree is the second. Got Wells to give Greentree $6K on a short sale payoff. Wells is taking a hit and Greentree will get nothing if the property goes to foreclosure. Greentree says they don't care,they want the full $102 owed. I contacted their parent companies board of directors and finally got a call back from Greentree.
Anyone have contact info at Greentree for someone that cares?
Bill
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A line of credit DOES NOT get wiped out in a foreclosure, so no, they WILL get something. They will lose their claim to the property, but they retain their collection rights.
In Nevada they can only collect for 6 months after the sale date...we usually get them to concede but not before they do the ugly harrassing and bill collecting routine.