Hi All -
This is a rather strange question. I have been following the strategy to settle my second. My situation is as follows:
1st mortgage - current - balance $16,000
2nd HELOC - GreenTree Servicing (ugh) - balance $31,000 - currently 4 months late
Rental Property - Approx. value of home $42,000
Property Location - Pennsylvania
I've been following the radio silence with GreenTree after sending them a cease & desist. My goal is to settle for 5% of the balance with GT.
Earlier this year, we had water damage and recently filed a homeowners claim for the repairs. This is now a rental property, and we need the insurance proceeds in order to make the repairs. We expected the claim to go smoothly, the expected amount of the claim will be right around $11,000. However, I just found out that both the first and second mortgage holders will need to endorse the check. I'm sure this will not be an issue for the first lienholder, but is it possible that GreenTree will cause problems & refuse to endorse the claim check? I've seen information regarding the stipulations that some first lienholders place before releasing their endorsement, but I've not really come up with anything for second HELOCs.
Anyone have any experience/knowledge with this type of issue?