SPS/Green Tree

[gotasha]

Well, I have a 1^st mortgage with SPS and I am now 3 months behind. After going to the HUD workshop, working with their useless income and expense calculator and writing several letters I was “verbally” approved for a loan modification. They told based on my income and expenses that I am approved for the Obama plan and I will need to send in three payments of $3210.00 original payments were $4080.00 it will take them 3 months to get the loan modification together. Has anyone else heard of this? I also found out that my loan is owned by a group of investors and SPS is the servicer on my loan and can only do what the investors tell them too. Anybody have experience with them? Is this typical for a loan modification?

[gotasha]

I have a 2^nd loan with Green tree I feel very frustrated to say the least. They reviewed my financials and told me that they could not help me because at the time my first mortgager was uncooperative. Now, that I have gotten cooperation from my 1^st mortgager I resubmitted my documents this morning and now I wait for approval or disapproval again. I am trying to be an honest borrower and all I want is a little help. I know that I could file bankruptcy and not have to pay anything for the second because my house is appraised at $580,000 and I owe $729,000 of that $729,000 $145,000 is owed to the second. I would rather not do the bankruptcy but pay my contractual obligation on a modified schedule but I may not have a choice. This is really tough! Anybody have Green Tree and have gotten a successful modification or have any experience working with them?

[Jule215]

I'm 3mo. behind with Indymac, and they've asked me to send in payments that are aprox. 20% less than my original for 3 months, and THEN they'll look at a modification.

I'm not going to do it, because my modification would need to be greater than that, and I don't have the extra cash to send them for 3mo., and then either be denied, or have a less than satisfactory offer made to me.

However, I don't think it's out of the norm for them to ask you to make "good-faith" payments...Seems fairly commone, from what I've read.
Maybe someone else has more knowledge of the company you're dealing with and can advise you better.

( And I have offered to make payments while waiting for the modification to go through, but I've offered 38% of my income, and they aren't going for it yet, so we'll see).

[Vick2009]

Gotasha,

Good Morning. I also have a loan with SPS that was sold to them by Accredited Home Lenders. I am currently in foreclosure and I asked SPS to see if I qualify for the Obama 31% plan. They told me yes but still have to subit it for Management approval. I am waiting on a reponse.
They also told me to meke 3 payments and in the meantime, I have to submit my tax returns, paystubs and an irs form.
I am not sure if I should make the 3 payments because I am not sure if the mod would be approved after the 3 payments.
I have my second loan with Franklin Credit and I have not asked for assistance as of yet.
Seems as if our situation is similar.
Is your house the only one you own or you have another property?

[gotasha]

Hey Vick,

I think it is legit. I found this detailed infromation about the Obama plan and IT requires payments for three months to ensure that you can pay. Please read this document and it will help you. I also emailed the Ombudsman for further clairfication and I will post her name and email for others.

http://www.treas.gov/press/releases/...guidelines.pdf

Britta Nelson
Consumer Ombudsman Department
Select Portfolio Servicing
801-594-6285
ombudsman@spservicing.com
www.spservicing.com

[gotasha]

Hey Vick,

I am sorry that I didn't answer your other question. Yes, this is my primary residence. I did my homework with the Obama plan and there are many stipulations that lenders/servicers are bound by. Make sure you read up! So that you are ahead of the game. The Obama plan states that yuo must be current on those three payments and after the third they will begin the modification. If you are late or stop paying you are out of the program and that's it. You only get once chance for this program!

[snapple candy]

Yes, I think there is language about a "trial" period. But if the amount is still not affordable, then it is time to go back to the drawing board to achieve a realistic and sustainable payment. There is no reason they cannot tack delinquent payments on to back end of loan and you start making "trial" period payments for next three months.

[Vick2009]

Gotahsa,
I have two houses. I was living in one of them where my taxes were files and have that address. However, I moved out from that house and moved to the other house due to deadly threats from my tennant.
I now have my wife and I pay stubs, tax and all utilitiy bills going to the house I now live in which was my investment before.
Do you think they will look at the tax returns with the old address and not looking at my current pay stubs and bills where I live now to determine my primary residence?
I am very confused..... I am in foreclosure and a sale date in approxmiately 3 months away.

Any advise on this would be helpful.

[Jerseygirl]

Hi, I have been trying to work something out with SPS since last July. You can read my full story under "looking for help in NJ". We were denied a mod in Oct. We were told that we had sufficienct income. At that point we were not over 30 days late with our $3100.00 mortgage. In Jan. I worked with operation hope and SPS would not help us or cooperate with hope. Last month I decided to try again for a mod but this time I contacted the Ombudsman dept instead of the loan resoloution dept. We are now 4 months late with our payments. I heard from them last week that a mod offer has gone through the underwriters and is now with the investors for approval. I have no idea what the offer is, I have no idea if its based on the Obama plan or SPS plan. Obama plan was'nt out when we started this latest attempt 4 weeks ago. I am hoping to hear good news soon God willing!

[Vick2009]

Have you heard back anything from them? I am waiting to hear back.