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Quicksilver
5940 Posts |
 Posted - 10/23/2009 : 2:00:54 PM
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Client of mine who I handled business stuff for, he called recently since business is down and struggling with his debts. Went over everything with him, financials restructured and fits guidlines, Greentree accepted it. He's 4 motnhs behind right now. Today they call and said he has to pay X amount of money, about 3900 by the 31st or their putting a lockout on the account to move forward with forclosure and legal action and with the lockout nothing will be done or worked on unless he pays the full amount in arrears. No way can he come up with that money or even half of it, most would be 1K by that date, they said well SOL we're not accepting that and tell your client to start getting ready and packing his stuff up.
Here's where I'm stuck I have had quite a people I've handled and completed no problem in similar situations, where they couldn't afford the good faith payment or whatever... and lender would still go through foreclosure but the mod would still be worked on and completed, since those payments are only to take out of foreclosure status. In this case, Greentree is saying that nothing will be worked on regardless as their going to put a lockout on the account. I've worked with them a handful of times and had plans done, 1st time something like this happened and I heard from others Greentree was pulling this recently on them as well. |
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Quicksilver
5940 Posts |
Posted - 10/26/2009 : 08:33:46 AM
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Oh yeah and Greentree's reply, from the person assigned to the account in short was well we tried helping him before in the past with a few deferments and he still fell behind, so I'm not wasting anymore time, either he pays or we're selling the home and with the lockout no mod or anything will be allowed to be worked on for any postponment or consideration.
Well hello, if you wanted to help him why didn't you just work on the terms of teh loan previously with him since he fits guidelines. Deferments obviously weren't going to help since that was going to put him in same situation, if he was struggling before then what good is a deferment? |
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velecico
5309 Posts |
Posted - 10/26/2009 : 2:22:09 PM
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| its funny when the rep calling is a 22 year kid who thinks " help " is making the payment higher just to take you out of FK , thast can be OK on a temp hardship but not if the situation is permament , ironically FHA has been the worst at this , all I have seen is forbearances not really reducing the payment , just postponing the innivitable , go figure , is Fl this a judicial FK state ? the courts have to be so backed up that it would be nuts to " pack up " , just live for free untill the sheriff comes , you can always get an extension and then you have a redemption period , by that time the investor may change its mind , is this a Fannie/ Freddie loan ? |
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firststarmedia
22 Posts |
Posted - 10/26/2009 : 3:03:31 PM
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In Florida our firm typically provides a true foreclosure defense program thus dragging the lender into court. The end result is normally 18-24 months of litigation with a very good looking mod. At fees of $500 per month it is very appealing to the homeowner. There are several tactics used; that I would be happy to discuss with anyone that would like to call.
Regards, |
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Quicksilver
5940 Posts |
Posted - 10/26/2009 : 5:32:06 PM
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quote:
Originally posted by velecico
its funny when the rep calling is a 22 year kid who thinks " help " is making the payment higher just to take you out of FK , thast can be OK on a temp hardship but not if the situation is permament , ironically FHA has been the worst at this , all I have seen is forbearances not really reducing the payment , just postponing the innivitable , go figure , is Fl this a judicial FK state ? the courts have to be so backed up that it would be nuts to " pack up " , just live for free untill the sheriff comes , you can always get an extension and then you have a redemption period , by that time the investor may change its mind , is this a Fannie/ Freddie loan ?
So he got a lovely call from them today, pay us 4K now or pack up your stuff as the sheriff is on the way. Gonna try to figure this out tomorrow, they have it with these collection ******s inside. |
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cindyhulett
589 Posts |
Posted - 10/26/2009 : 8:24:22 PM
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| ...and the banks depend on this tactic working, and scaring the borrower enough to make him fork up some money. I hate to see people fall prey to this tactic, but they do. |
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Quicksilver
5940 Posts |
Posted - 10/27/2009 : 08:48:54 AM
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quote:
Originally posted by cindyhulett
...and the banks depend on this tactic working, and scaring the borrower enough to make him fork up some money. I hate to see people fall prey to this tactic, but they do.
The trick is we're stuck, they seem to have it assigned to that division and nobody else we speak to in mitigation can help. Never happened before, and I've completed stuff with Greentree in much worse situations.
Where were stuck is this girl assigned will not accept anything and even hung up on my client. Higher ups no help. Any other lender you could still move forward with, Greentree hasn't issued forclosure yet which is what their asking for that payment to be made so they don't file. But unlike other lenders who if wasn't paid it's basically "ok well submitt in and we'll review however we're going to file foreclosure"... Greentree is basically like well we're filing then going to send the home and don't care what you send in we're not reviewing it. You know I had an attorney friend call and spoke to someone else, and they hung up on him as well? wtf |
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velecico
5309 Posts |
Posted - 10/27/2009 : 7:14:48 PM
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quote:
Originally posted by Quicksilver
quote:
Originally posted by cindyhulett
...and the banks depend on this tactic working, and scaring the borrower enough to make him fork up some money. I hate to see people fall prey to this tactic, but they do.
The trick is we're stuck, they seem to have it assigned to that division and nobody else we speak to in mitigation can help. Never happened before, and I've completed stuff with Greentree in much worse situations.
Where were stuck is this girl assigned will not accept anything and even hung up on my client. Higher ups no help. Any other lender you could still move forward with, Greentree hasn't issued forclosure yet which is what their asking for that payment to be made so they don't file. But unlike other lenders who if wasn't paid it's basically "ok well submitt in and we'll review however we're going to file foreclosure"... Greentree is basically like well we're filing then going to send the home and don't care what you send in we're not reviewing it. You know I had an attorney friend call and spoke to someone else, and they hung up on him as well? wtf
I would not be surprised if the loan has been sold and this is just a last ditch effort to get some money , who is the investor , look up the SPA try to contact them directly |
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Quicksilver
5940 Posts |
Posted - 10/28/2009 : 08:07:53 AM
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quote:
Originally posted by velecico
quote:
Originally posted by Quicksilver
quote:
Originally posted by cindyhulett
...and the banks depend on this tactic working, and scaring the borrower enough to make him fork up some money. I hate to see people fall prey to this tactic, but they do.
The trick is we're stuck, they seem to have it assigned to that division and nobody else we speak to in mitigation can help. Never happened before, and I've completed stuff with Greentree in much worse situations.
Where were stuck is this girl assigned will not accept anything and even hung up on my client. Higher ups no help. Any other lender you could still move forward with, Greentree hasn't issued forclosure yet which is what their asking for that payment to be made so they don't file. But unlike other lenders who if wasn't paid it's basically "ok well submitt in and we'll review however we're going to file foreclosure"... Greentree is basically like well we're filing then going to send the home and don't care what you send in we're not reviewing it. You know I had an attorney friend call and spoke to someone else, and they hung up on him as well? wtf
I would not be surprised if the loan has been sold and this is just a last ditch effort to get some money , who is the investor , look up the SPA try to contact them directly
Nah we made sure their still holding it and servicing it, its a manufactured home but title was released so recorded as sfr. Greentree portfolio is mainly made up of mobile homes and manufactured. I restructured everything, have him on a personal budget and correct financial profile.
I only take on a few people at a time, mainly refers from my commercial biz for their family/friends. And only lately has it gotten tougher and tougher as I qualify everything first and make sure it will fit or their situation can work. It's tech not that hard, I've worked out around other legal issues lenders we're pulling no prob w/o the help of an attorney, but this situation has me stummped.
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Quicksilver
5940 Posts |
Posted - 10/28/2009 : 08:46:58 AM
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Wow, now it gets even better. So he got another call from them today, this time he asked for a supervisor and spoke to her. That wackjob made it even worse and said well now I changed it, you have to pay 7000 now or I'm having the sherrif come over and eviciting you (nevermind they haven't even gone through the foreclosure process).
I have an attorney friend who even got hung up on by them, he's shocked as much as I am. Everything was fined till it got assigned to that lady, I have a full package sitting right here for him and can't send it in as they won't accept it without him paying 7000 now (going into the 4th month, as they wouldn't accept a payment last month unless teh full amount was paid). |
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velecico
5309 Posts |
Posted - 10/29/2009 : 06:42:47 AM
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quote:
Originally posted by Quicksilver
quote:
Originally posted by velecico
quote:
Originally posted by Quicksilver
quote:
Originally posted by cindyhulett
...and the banks depend on this tactic working, and scaring the borrower enough to make him fork up some money. I hate to see people fall prey to this tactic, but they do.
The trick is we're stuck, they seem to have it assigned to that division and nobody else we speak to in mitigation can help. Never happened before, and I've completed stuff with Greentree in much worse situations.
Where were stuck is this girl assigned will not accept anything and even hung up on my client. Higher ups no help. Any other lender you could still move forward with, Greentree hasn't issued forclosure yet which is what their asking for that payment to be made so they don't file. But unlike other lenders who if wasn't paid it's basically "ok well submitt in and we'll review however we're going to file foreclosure"... Greentree is basically like well we're filing then going to send the home and don't care what you send in we're not reviewing it. You know I had an attorney friend call and spoke to someone else, and they hung up on him as well? wtf
I would not be surprised if the loan has been sold and this is just a last ditch effort to get some money , who is the investor , look up the SPA try to contact them directly
Nah we made sure their still holding it and servicing it, its a manufactured home but title was released so recorded as sfr. Greentree portfolio is mainly made up of mobile homes and manufactured. I restructured everything, have him on a personal budget and correct financial profile.
I only take on a few people at a time, mainly refers from my commercial biz for their family/friends. And only lately has it gotten tougher and tougher as I qualify everything first and make sure it will fit or their situation can work. It's tech not that hard, I've worked out around other legal issues lenders we're pulling no prob w/o the help of an attorney, but this situation has me stummped.
let us know what happened , from personal experience I have seen about 60 consumers apply for various type of mods in the past one year , about 45 got some type of assitance , about 50% being through HAMP , but I have seen those cases that fit all the paramaeters and it just gets " stuck " like your scenario , I would tell you that some did get turned down 2 and 3 times till an offer was extended , most recently an original ARGENT deal that got sold to CITI when it was already 13 months down AND THEN TO AHMSI on month 24 , they resubmiited to AHMSI just last week , 27 months into FK and are getting HAMP 3 month trial , go figure , this was a home that the original debt was $295,000 , its now $415,000 on a home worth about $200.000 , the sad thing is when the couple sepetated they tried a shortsale for $275,000 and CITI rejected it , this was when they where only 2 months behind |
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