GREENTREE!! HELLLLLPPPPPPP!!
Anybody have any experience with a Greentree 2nd position? Advice?
Replies to This Discussion
-
Permalink Reply by Emily S. Knell on
-
Real small note, maybe that's why they took just $2k, I will keep that in mind if I have to deal with them on such a small 2nd in the future. Likely I won't ever have to deal with them again, not that I won't take a Green Tree short sale, but any BofA or Green Tree short sale I get in the future, I'll be having an attorney assisting me through their tough process.
Talking to your seller about deficiency: I suggest he do consult with an attorney. Green Tree will pursue for the $18K remainder and depending on the state they're in, they may have the right to pursue for up to 6yrs. Unless Obama comes to the rescue. Bottom line is they are debt collectors, they likely paid only $500 or less for that $20k note. You should refer your client, after careful investigation to a debt settlement type place or an Attorney. Try Paladin Legal Advocacy Center, they'll do a Free Consultation with him: Call them at 888-PLAC-911
Cindy Curd said:Purchase price was $135K, GT accepted $2k on a 20K note. Any thoughts on how I should counsel my seller Re: the deficiency? Transaction has already closed.
-
Permalink Reply by ang on
-
Hello to all. I too am looking to strategize a settlement on my second with Green Tree. I would like to contribute my findings to date as well.
I just finalized a loan modification on my first. That keeps it worth while for me, but its under water. I have a 2nd for about 100K with Green Tree (used to be GMAC) that i havent paid for over a year now, that really puts it out of range and i need to file BK7. My concern is that they can foreclose, even though it would be ludicrous. As we know in BK7, you cannot strip the 2nd. In my opinion, it is not worth it to file BK 13 and be scrutinized for years to come. GMAC had offered about 8k to settle the note, i responded with a counter, but got lost in the mix some how, and i was moved and sold to GT.
I am trying to figure out how to get the best deal now. I called them recently and tried to be coy about asking questions. Off the bat, the rep said they could only go 35% settlement. I explained, no way, and that I may need to file BK. Here is an interesting thing, the rep didn't know that my first is modified. (how possible? they have my file, etc) I kept it that way. I figure the less incentive they think I have to keep it, the better for negotiations. After the rep realized that i don't have a way out, they told me i could talk to their BK department, demonstrate my inability to repay and they would most definitely strike a better deal. I asked if i did, would they allow it in BK and they said for sure. I am thinking of making an offer of about 5k paid over 2 years at best. Plus they would get kick back from Obama of at least 03 cents on the dollar and whatever the loan mod on the first must of paid them to step off. i do not plan on giving them any financial facts. My credit report should paint the story and the fact that i havent paid them in over a year should motivate them. I do not want to call them and I am looking for some good email contacts if anyone has them. Bottom line, it appears that they are willing to negotiate so I can get through the BK7 safely and after wards I was told I could re-negotiate a smaller settlement. I wont initiate a deal i cannot live with. I will keep you posted, I may start my contact tomorrow.
By the way, what do they mean by the purchase price? Is it the amount of the 2nd loan?
-
-
Purchase price is the total sales price if the home is being sold, most commonly in a short sale situation. The first mortgage gets a chunk and the second gets a little bit. GT wants a percentage of the total sales price, not a percentage of the balance of their loan.
ang said:Hello to all. I too am looking to strategize a settlement on my second with Green Tree. I would like to contribute my findings to date as well.
I just finalized a loan modification on my first. That keeps it worth while for me, but its under water. I have a 2nd for about 100K with Green Tree (used to be GMAC) that i havent paid for over a year now, that really puts it out of range and i need to file BK7. My concern is that they can foreclose, even though it would be ludicrous. As we know in BK7, you cannot strip the 2nd. In my opinion, it is not worth it to file BK 13 and be scrutinized for years to come. GMAC had offered about 8k to settle the note, i responded with a counter, but got lost in the mix some how, and i was moved and sold to GT.
I am trying to figure out how to get the best deal now. I called them recently and tried to be coy about asking questions. Off the bat, the rep said they could only go 35% settlement. I explained, no way, and that I may need to file BK. Here is an interesting thing, the rep didn't know that my first is modified. (how possible? they have my file, etc) I kept it that way. I figure the less incentive they think I have to keep it, the better for negotiations. After the rep realized that i don't have a way out, they told me i could talk to their BK department, demonstrate my inability to repay and they would most definitely strike a better deal. I asked if i did, would they allow it in BK and they said for sure. I am thinking of making an offer of about 5k paid over 2 years at best. Plus they would get kick back from Obama of at least 03 cents on the dollar and whatever the loan mod on the first must of paid them to step off. i do not plan on giving them any financial facts. My credit report should paint the story and the fact that i havent paid them in over a year should motivate them. I do not want to call them and I am looking for some good email contacts if anyone has them. Bottom line, it appears that they are willing to negotiate so I can get through the BK7 safely and after wards I was told I could re-negotiate a smaller settlement. I wont initiate a deal i cannot live with. I will keep you posted, I may start my contact tomorrow.
By the way, what do they mean by the purchase price? Is it the amount of the 2nd loan?
-
-
I see. However, In my case I have modified the first. Figuring out how to get into the best arrangement to settle the 2nd Lien so that I can float thru Bk7 afterwards is the challenge. I expect that i will be able to re-negotiate again after BK7 but my leverage is now. I do not plan on giving them any personal information. Just talk numbers and risk to them. I have to be careful because if they know you are filing BK then they want to speak to your attorney. Then again, this is where the leverage and challenge is. finding the right combination is to be seen.
-
-
I am currently working with Gree Tree as my second lender. I owe them $117,000 and owe Chase $1,025,000 and the house is being short saled for $900,000. Chase is offering them $5,000 and GT said that they will allow the short sale to go through if the total amount is $12,000 so my out of pocket would be $7,000 but they will persue me for the difference on the total note of $117,000. They made an offer of $60,000 to settle the account paid in full. Today I made them an offer of $30,000 to settle and I will see what they say. My lawyer told me that GT is very hard nosed and does not really move alot with their offers but we shall see. Hope this helps.
James
-
-
They probably won't take $30k, however their initial offer of $60K to settle is a bit out of line too, they're probably just seeing that the total purchase price is $900k and think you probably have some money hiding under your floorboards.
GT normally wants 30% to release the lien paid in full, which in your case would be $35,100, with $5k coming from GMAC, you need to increase your counter by a whopping $100. Tell them, that's 30% and that's what they offered to your friend that you know, why can't they settle on the same thing that they're demanding from others???!!!
-
-
Well they actually sent me a letter today accepting my offer of $35,000 for full settlement, vs the $60,000 that they were asking for. They put a deadline of 5/14 on the deal and I have had an offer on my house since 1/15 and Chase is totally dragging their feet. They still have me with a stager and they have had up to date financials the entire time. How do I get Chse to get off their buts and approve the short sale and close this deal. Any advise would be greatly welcomed. It seems like the challenge these days is with the 2nd lender but I have them wrapped up. Need some advise!
Emily S. Knell said:They probably won't take $30k, however their initial offer of $60K to settle is a bit out of line too, they're probably just seeing that the total purchase price is $900k and think you probably have some money hiding under your floorboards.
GT normally wants 30% to release the lien paid in full, which in your case would be $35,100, with $5k coming from GMAC, you need to increase your counter by a whopping $100. Tell them, that's 30% and that's what they offered to your friend that you know, why can't they settle on the same thing that they're demanding from others???!!!
-
-
James,
What sort of "hardship" did you present to GT.... and did you have to stop making payments.....
I am just starting this process.... with GT as second.
Also what other assets did you have??? Did you have real estate or other non-liquid assets?? This is good news for you... sounds like you are getting close.
James said:Well they actually sent me a letter today accepting my offer of $35,000 for full settlement, vs the $60,000 that they were asking for. They put a deadline of 5/14 on the deal and I have had an offer on my house since 1/15 and Chase is totally dragging their feet. They still have me with a stager and they have had up to date financials the entire time. How do I get Chse to get off their buts and approve the short sale and close this deal. Any advise would be greatly welcomed. It seems like the challenge these days is with the 2nd lender but I have them wrapped up. Need some advise!
Emily S. Knell said:They probably won't take $30k, however their initial offer of $60K to settle is a bit out of line too, they're probably just seeing that the total purchase price is $900k and think you probably have some money hiding under your floorboards.
GT normally wants 30% to release the lien paid in full, which in your case would be $35,100, with $5k coming from GMAC, you need to increase your counter by a whopping $100. Tell them, that's 30% and that's what they offered to your friend that you know, why can't they settle on the same thing that they're demanding from others???!!!
-
-
I stopped making payments in December to GT and with Chase I stopped back in October. They seem to not want to help if you are current, it so sad. As far as my hardship goes I have lost $250,000 in income so that was a slam dunk right there . As far as other assets non to really speak of except a 401K.
George Winston said:James,
What sort of "hardship" did you present to GT.... and did you have to stop making payments.....
I am just starting this process.... with GT as second.
Also what other assets did you have??? Did you have real estate or other non-liquid assets?? This is good news for you... sounds like you are getting close.
James said:Well they actually sent me a letter today accepting my offer of $35,000 for full settlement, vs the $60,000 that they were asking for. They put a deadline of 5/14 on the deal and I have had an offer on my house since 1/15 and Chase is totally dragging their feet. They still have me with a stager and they have had up to date financials the entire time. How do I get Chse to get off their buts and approve the short sale and close this deal. Any advise would be greatly welcomed. It seems like the challenge these days is with the 2nd lender but I have them wrapped up. Need some advise!
Emily S. Knell said:They probably won't take $30k, however their initial offer of $60K to settle is a bit out of line too, they're probably just seeing that the total purchase price is $900k and think you probably have some money hiding under your floorboards.
GT normally wants 30% to release the lien paid in full, which in your case would be $35,100, with $5k coming from GMAC, you need to increase your counter by a whopping $100. Tell them, that's 30% and that's what they offered to your friend that you know, why can't they settle on the same thing that they're demanding from others???!!!
-
-
Negotiating a 2nd loan with Greentree. Was told to change the HUD-1 to reflect 5% of the sales price as their fee to JUST REVIEW the account and proceed further. Are these newer tactics?
Emily S. Knell said:They demand 5% of the purchase price be paid to them. They won't budge for less. They won't negotiate or take 10% of what was owed.
-
-
They will take less. What are the details? How much is the total offer? How much is the Greentree lien?
Shelly Mayol said:Negotiating a 2nd loan with Greentree. Was told to change the HUD-1 to reflect 5% of the sales price as their fee to JUST REVIEW the account and proceed further. Are these newer tactics?
Emily S. Knell said:They demand 5% of the purchase price be paid to them. They won't budge for less. They won't negotiate or take 10% of what was owed.
-
-
How Did Green Tree finally resolve or have you? I have a contract with them as a 2nd and we have been 6 weeks trying to get it approved - they say it is in the process of Final with Sr. Mgmt signing off. Who know!!
Bob Sluys said:Supposedly, First Horizon (Tennessee) transfered/sold this 2nd to them on Oct 1. They have yet to find it in their system. My sale is gonna come apart-for the 4th time--15 months into it!!! I call them and they can't find it-I give them the loan number, owner SS#-but nothing helps . . .
Wendy Rulnick said:I am working with them as a first !
- ‹ Previous
- 1
- 2
- 3
- Next ›
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons