HARP refi with Green Tree? They hold both my 1st and 2nd! Am I outta luck?

yadfgp

LoanSafe Member
Dec 17, 2009
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I started looking into doing a HARP refi about 7 weeks ago or so on my primary home and my investment property. Their both serviced by Bank of America. As far as I know I had to try through them since my DTI was calculated currently at around 70%.


The 1 I wanted done the most I'm so happy to report has been done, which was the investment.

Now I just need to get my primary done but as luck would have it, right when I called B of A to do a HARP on it, they had just transferred my mortgage over to Green Tree!!!! **bleep** NOOOOOOOOooooooooooooo!!!!!!

It's crazy because my investment property was with B of A, and when I called to do a HARP on both properties, it had turned out that they transferred my loan to Green Tree not more than a couple of days ago!

My timing was horrible.

Anyways, I have a 1st and 2nd on my primary, and they both happen to be with Green Tree. B of A sold my 2nd to them a couple of years ago, and just recently, starting this month my 1st is now with Green Tree.

Anyways, I was only able to do a HARP with B of A since they owned my mortgage, my DTI is right around 70%. I'm getting by, and paying it down, but it won't be down to the 50% level till around January or so.

Thank fully they just extended the HARP deadline another 2 years!!!!

So that's a HUGE relief!

So since I'll have more options in about 8 months, I'm going to look into doing a HARP refi with anyone but Green Tree!!!

So anyways, since I have no other choice it seems at least right now, I've tried contacting Green Tree about a HARP refi, but all the horror stories I've read about them are true. No 1 answers their phone. And when you're waiting for them to pick up the call drops. And if you do get through they tell you you need to apply online for a HARP refi.


Which I've done 3 times now. And each time I get an email back saying there is no program for me!! WTH? Their web sites and everything about them is so generic.

Even the emails I get back saying they don't have any program for me is signed with the same exact looking signature from 3 different people. It's a signature that looks like it was just stamped on there. The font looks the same for everyone's signature. Name is just different is all.....!


So I've given up on Green Tree for a harp refi since they seem to be pathetic, and will just proceed to lower my DTI to an acceptable level so that I can just ditch them and go with someone else in 8 months or so.


Quicken offered me a great rate and closing costs, but like I said my DTI at around 70% is too high.

But it occurred to me and this is my new worry...

If you have a 2nd, the lender you're trying to do a HARP refi through, they have to go get the holder of the 2nd loan to do a subordinate right?

MY new worry now is what if I'm able to get a HARP through a different lender like Quicken for example, but once they contact Green Tree on my 2nd, Green Tree won't answer their phone or whatever else, and my new potential HARP refi will go nowhere. And if they do happen to answer their phone, what's to stop them from saying no, since they own both the 1st and 2nd on my home?



Green Tree HAS GOT TO subordinate my 2nd loan since they hold it right? If they don't, my HARP refi will fall through? Correct?

So I'm hoping some of you have had experience doing a HARP refi with Green Tree as the servicer of your mortgage.

Hopefully some of you here had been able to get away from Green Tree to another bank, with Green Tree having been the holder of your 2nd mortgage.


What really worries me is now that Green Tree holds both my 1st and 2nd mortgage, that they're probably not going to agree to do a subordinate on my 2nd since if they did that, they'd lose out on me with them being the holder of my 1st mortgage as well.


It seems to me and looks like now that Green Tree holds both my mortgages, their trifecta is complete, and now I have no hope at all at getting a HARP refi done at all. :(

I can't help but wonder if this was Green Tree's master plan all along. Buy up everyone's 2nd's on their homes, and then later on down the line buy up their 1st's as well. That way people can't do a HARP refi either with Green Tree, or with some one else!



Any input would be awesome.

Thanks everyone.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
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San Diego, California
www.LoanSafe.org
So I'm hoping some of you have had experience doing a HARP refi with Green Tree as the servicer of your mortgage.

Hopefully some of you here had been able to get away from Green Tree to another bank, with Green Tree having been the holder of your 2nd mortgage.


What really worries me is now that Green Tree holds both my 1st and 2nd mortgage, that they're probably not going to agree to do a subordinate on my 2nd since if they did that, they'd lose out on me with them being the holder of my 1st mortgage as well.


It seems to me and looks like now that Green Tree holds both my mortgages, their trifecta is complete, and now I have no hope at all at getting a HARP refi done at all. :(
Welcome and thanks for joining the community!

I think you are worrying about this a little too much my friend and the refinance may come easier than you think, whether this be with Green Tree or another mortgage servicer. Generally, from my understanding with HARP the requirements are more lenient if you go through your current servicer, and Green Tree should definitely be willing to subordinate if you are approved on the 1st mortgage. I would recommend contacting a member here by the name of Erik Sandstrom, he has worked on tons of HARP refis and can definitely lead you in the right direction! You can find his info in the thread below.

http://www.loansafe.org/forum/refinance/48248-harp-most-commonly-asked-questions-answered.html
 

yadfgp

LoanSafe Member
Dec 17, 2009
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Sorry for the rambling...

Basically what I'm hoping for is anyone's experiences with having to deal with HARP that are with Green Tree.

And also about being able to do a HARP refi out of my 1st with Green Tree with a different lender. Just seems that since my 1st and 2nd are with Green Tree, it seems like since they hold both loans, they have no reason to subordinate my 2nd if I were to do a HARP refi with a different lender. Because if they did subordinate, well then that means they'd lose out on all the interest they would get off my 1st, since they would no longer be holding it. :(
 

yadfgp

LoanSafe Member
Dec 17, 2009
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Thanks Evan.

I hope you're right.

I've done lots of searching for insight from others on this sort of thing and I've had no luck in finding anyone else in a similar situation.

I'll shoot Eric an email I guess.
 

yadfgp

LoanSafe Member
Dec 17, 2009
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Can anyone at least answer this for me that knows?

I've been doing lots and lots of reading up on Green Tree and am just horrified at all there is.

Anyways, in regards to my fear about not being able to do a HARP refi with a different lender, due to Green Tree not willing to subordinate the 2nd...

Is it true that all Green Tree does is just collect payments for my loan, they don't actually own my loan? Since my home is with Fannie Mae, Fannie Mae are the ones who actually own my loan, so in essence, they are the ones collecting interest on my 1st and 2nd, and NOT Green Tree???

If that's true, then it may make sense for Green Tree to be willing subordinate my 2nd, since they wouldn't really stand to lose anything by losing their 1st on my home I guess right?
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
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San Diego, California
www.loansreduced.com
Hi Yadfdp,
Sorry to hear about the confusion you've been going through with not only GreenTree but Quicken. I have been working with the HARP refinance program for years through the Open Access designed program which is for any lender besides your own. If you take a direction like that, you will have better interest rates available and usually different ways to structure the loan which are not eligible for HARP Same Servicer.

Now there is many differences between the programs and from my knowledge of the "Same Servicer" program they have many less restrictions. They should only be checking your credit and verifying that you're employed and then funding the new loan. I wasn't sure that they required tax returns or income verification however they may get that information when doing either a verbal or written verification of employment. The max back end debt ratio for the HARP program is 55%, it was higher earlier when the program was released.

GreenTree should subordinate, the application just needs to be done accurately. I've done many subordinations with them, their fee is the highest and the turn times are around 4 weeks to get back. It doesn't make sense for them not too, right now you're more at risk of short sale or foreclosure than post the refinance.

If you have any questions, I'm always happy to help.
 

yadfgp

LoanSafe Member
Dec 17, 2009
38
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0
Hey Erik!

Thanks for taking the time to answer my concerns!

That's very informative and I'll definitely take what you said into consideration. :)