Greentree/Wells Fargo
I have an attorney negotiating one of my files. So far so (pretty good)
We got approval and then Greentree wants to close for the 24th this month and Wells for the 28th??? Neither the buyer or seller are ready. We put an immediate request for 60 day settlement instead of 30, and in reality, we can close by the second week of October.
The lawyer put the request the first week of september in. He said yesterday the negotiator said that the request was submitted to the investor...
Now what? Greentree isn't releasing them of deficiency - "reserves right to pursue" too.
I'm confused by the two closing different closing dates and why no one has responded to our request. Anyone run into this? Suggestions? Advice?
Replies to This Discussion
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Permalink Reply by Wendy Rulnick on
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Smitty - You just have to abide by the earlier of the two deadlines. The servicers don't usually coordinate with each other. Green Tree may change the language for a price, cash contribution perhaps.
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Permalink Reply by Smitty on
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Hi Wendy,
The sellers are already coming up with $2800 more than WF allotted to Greentree. Are you saying we would have to offer MORE?
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You should ask them if they will remove that, if not what would it take.
Smitty said:Hi Wendy,
The sellers are already coming up with $2800 more than WF allotted to Greentree. Are you saying we would have to offer MORE?
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Permalink Reply by Robin M. Willis on
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Is GreenTree in second position in this scenario? If so, my experience has been that in order to forego their right to pursue they want a very sizable chunk (33%-50%) of their loan amount to give a complete release. Also, banks often wait until very close to the previous approval date to allow a postponement. If you are making a good faith effort to proceed with the purchase process they are usually pretty cooperative.
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Permalink Reply by Diana L Brandi on
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We are working on a 2nd with Green Tree right now and oweing $77k we just got them down to $13k and negotiating more!
Robin Willis said:Is GreenTree in second position in this scenario? If so, my experience has been that in order to forego their right to pursue they want a very sizable chunk (33%-50%) of their loan amount to give a complete release. Also, banks often wait until very close to the previous approval date to allow a postponement. If you are making a good faith effort to proceed with the purchase process they are usually pretty cooperative.
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Permalink Reply by Juliana Oprea on
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Hi Diana,
Were you able to bring GT to accept less than 15%? The negotiator gave me a verbal approval for 10% then she came back saying that "investor" will not take more than 15%. Tried having the seller calling Chris Porter's office and no luck. They told her will get back to you next day but obviously no results. Any advise would be great! Thanks, Julia
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Robin, The lawyer said they would want 35% of the loan balance not to pursue. That's OUTRAGEOUS!! Unfortunately, it won't happen :(
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Permalink Reply by Natalie Arndt on
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Smitty Lawyers do not know how to negotiate very well. Get on a phone and have your clients offer promisory note due in 5 years for the fraction of what is owed. My client in the past hired a lawyer who was suggesting she comes up with a money to closing to release a second mortgage. I negotiated with a bank and my client had to pay o and they wrote in a approval that they waive all rights to pursue further judgment or deficiency.
Also get in touch with Diana L Brandi and see what she is doing. I bet she does not have a lawyer involved. She is doing all of the negotiations herself.
Natalie
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