2 Comments

  1. lori Peterson

    yes, I was led to believe that GreenTree servicing (who held my second, servicing it for Bank of America) would work with me and my first mortgage (Wells Fargo) to complete a short sale.
    until I got breast cancer and left my job I had never missed a payment. I spend a GREAT deal of time finding an agent (none of them really want to do short sales because so few actually happen), cleaning the home, etc…We found a buyer, and wells fargo and freddie mac approved the sales price. low and behold Green Tree was almost IMPOSSIBLE to get a hold of. They refused to speak to me and insisted they could only talk to my agent. Finnally they said they would only release the loan if paid $8500 (I owed them $32000) and the short sale price was $140k. Freddie mac would only pay $4000 – and Freddie mac would not allow me, or the agent or the buyer to contribute any more to GreenTree. Freddie mac did want ME to pay them $2500 – which I would have to take out of 401k -but I said ok.
    of course greentree refused to accept the $4000 -and after about a month told my agent they were charging off the debt. so the whole sale fell apart and so the home being foreclosed. greentree still trying to call me…all the funds for the second had been put into the house to fix the backyard. they have really messed up my credit. Still no work = looking for =over a year.

  2. kelly

    I sell real estate so when the housing bubble burst we felt it hard as my income went down with it. We worked with GMAC that suggested we stop making payments altogether in order to “have enough red flags” to meet criteria for a program that could help. After refusing to do that they suggested a “six month trial period reduced payment plan” after which we could qualify for a loan modification with a monthly payment similar to the reduced amount in the plan. After completing the 6 months I contacted GMAC to talk with the person we were working with to find out he no longer worked there and there was no indication of our plan anywhere in their records. We received an over night return receipt packet the next day with a notice of a 2nd lien against the property that consisted of the shortages in our payments, monthly late penalties, daily interest and various other fees totaling just over $10k. We had to agree to pay it in full or face foreclosure. After calling GMAC again another option of a 2nd loan was offered which we took. That was back in 2006 so we’ll be paying on it for several years to come. What a racquet!

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