Green Tree settlement "strategies" I see being referred to??

UnderwaterInLV

LoanSafe Member
Apr 12, 2012
70
1
8
Las Vegas, NV
Bought with BofA originally, servicer changed to Green Tree several months ago. Loan appears to be owned by Fannie Mae. Owe 210k, house worth 110k. Never ever missed a payment but the ability to make these payments, i.e. throw away money, shall come to an end soon. My credit is currently (and has been for a long while now) golden.

The plan I came up with was to send a certified letter to Green Tree and demand a change to this mortgage. After hearing about all the horror stories about people being strung along, delayed, asked for documents galore, I decided I'm not going to let them put me through that. They either make a deal within 60 days, or they can expect to receive the keys to the house on day 61.

Then after perusing the forums here, I saw several posts that mentioned a specific strategy with phone calls and letters to send to Green Tree. My question is if there's some central post on this forum that details the procedure to come to a positive resolution with them? If I could settle with them for 10% of the balance on the loan, that would be FANTASTIC. Please point me in the right direction; there's so much good info on this forum, it's hard to know exactly what to search and where to find what I need.
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org

UnderwaterInLV

LoanSafe Member
Apr 12, 2012
70
1
8
Las Vegas, NV
Hmm that post appears to be for people that have two mortgages? I'm in my late 60s and there's no way I'm going to let this mess that I didn't create drag out for that much more time. I'm going to meet with an attorney soon and see if they have a solution, otherwise I'm going to go with my original plan. I'll be sure to update on here so others can read the outcome.
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
Yes it is for homeowners with second liens. Good Luck with your plan, I do hope it all works out.
 

JustSharon

LoanSafe Member
Sep 8, 2011
184
0
0
They either make a deal within 60 days, or they can expect to receive the keys to the house on day 61.
Well, I sure hope that works -- although I wouldn't count on it. Your chances of getting a principal reduction of $100k are probably less than that. Although, I understand your not wanting to put yourself through years of torture just to be told NO.

Even if you send them the keys on day 61, the house is still legally yours until they foreclose. And you have no way of knowing how long that will take. My neighbors moved out 4 YEARS AGO when they were threatened with foreclosure. The bank (BOA, formerly Countrywide) has still not foreclosed. The house is still vacant. I don't know what the timing is in Nevada, but it should take months at least.

Don't forget that while you are waiting for them to foreclose, you can live in the house without paying the mortgage. So you can save up some money for a rental. After the house is foreclosed, you might even get cash for keys to help with moving expenses. So you might want to hang onto those keys until the foreclosure.

Until it is foreclosed, the house is still legally yours. YOU are responsible for the house: maintenance (lawn cutting, etc.), complying with any local codes, and you may be liable if anyone hurts themselves on the property. If your house has HOA fees, you'll have to continue to pay those. With all of this, you really should consider staying there until it is a done deal. Or, if you've got to move for some reason, rent it out and enjoy a positive cash flow.

Naturally, you may want to talk to your lawyer about all of this.

Good luck!
 
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