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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.
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?
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???!!!
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.
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.
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 !
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