Short Sale 102 – Green Tree
What do you do if your 2nd mortgage is held by Green Tree? One Word – Give up these guys doesn’t negotiate, refuse to listen and speak over you in your traditional collection agency garbage.
There Policy: They are not willing to take less than $5k or nothing... I bet BofA share holders are happy with those policies or are they. You speak multiple telemarketers who ask the same mundane questions are you going to make a payment.
It seems dealing with green tree collection agency a division of Bank of America new policy is %10 of the total loan amount not their loan amount but if there is a first and second combined.
For instance a property purchased at $175k is now worth $58k the 1st mortgage is $145k and the 2nd is worth $29k.
The 1st loan is willing to accept $58k with $2,900k paid to the 2nd who is Green Tree holds. They are unwilling to accept $2,900 renegotiated dollar amount and jacked it to $5k then said $5k would be the starting point. $2,100 discrepancy they refused to budge on but kept on talking doing their best to get your blood boiling and fly of the handle so they can hang up on you. If you are polite they have to talk and talk but one harsh tone or $%� then they will just hang up. Now they can threaten to come after you even though their loan is not secured and use scare tactics to get you to bite but you need them, they don’t need you.
I have to say speaking with Green Tree is up there with getting a root canal.
Admin, Nuff Said
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