Green Tree Servicing LLC any experience on settlement with them?

[Housebroken13]

These dips**ts keep calling me but I blocked number long time ago. Seems there is a push to do settlements before the end of the year. They need to contact me in writing w/ an offer.

[Arthur Snow]

I live in MI. My HELOC went into default with BOA at $56k and then sold to Greentree in 2010. I immediately wrote GT and told them not to call me only write. I never heard nothing from GT and had a "paid charged off" by GT on my credit report. I am now being sued by GT thru a MI lawyer for $50k. What should I do? How much do you think GT will settle for with lump sum payment?

[TomEason]

I live in MI. My HELOC went into default with BOA at $56k and then sold to Greentree in 2010. I immediately wrote GT and told them not to call me only write. I never heard nothing from GT and had a "paid charged off" by GT on my credit report. I am now being sued by GT thru a MI lawyer for $50k. What should I do? How much do you think GT will settle for with lump sum payment?

Thanks for your post. Sorry to hear GT has sued you. If I were you, I'd be sure to answer the complaint, even if only a General Denial in pro se. I recommend you have your answer filed before you even think of speaking with GT or the lawyer. Settlement talks can occur during any phase of litigation, but you won't have any leverage until you've prevented GT from taking a default judgement by filing your answer.

[Housebroken13]

Thanks for your post. Sorry to hear GT has sued you. If I were you, I'd be sure to answer the complaint, even if only a General Denial in pro se. I recommend you have your answer filed before you even think of speaking with GT or the lawyer. Settlement talks can occur during any phase of litigation, but you won't have any leverage until you've prevented GT from taking a default judgement by filing your answer.

You must be in a non judicial state if these hacks are suing you. Do you have any equity in the home?

[Arthur Snow]

You must be in a non judicial state if these hacks are suing you. Do you have any equity in the home?

I don't have the home anymore! it went in foreclosure on the only HELOC. Or it was lost to taxes. I don't own it.

[MNunderwater]

>Tom, Thank-you for all you do!
80/20 in2006 for a total of 254,000. Both were serviced by Countrywide. Then both wentto BOA.
- Bank of NewYork is the investor of 1st being serviced by BOA. Owe $201,000
-2nd is now serviced by Green Tree and owned by BOA. Owe $46,000
-House is worth 160,000 now.
-Aug 2012 BOA agreed to modify 1st from a 6.5 to 2% for remaining 24 years (in house modification) (1^st is Not a Fannie or Freddie)>
GreenTree will not work with me. Have been denied 8 times for any type of modification, refinance, etc.. I was wondering if anyone has a 2nd owned by BOA but Green Tree is the servicer - any forgiveness letters or settlements? I have never made a late payment on either mortgage since I bought the house in 2006.My credit score is 755. Both payments are now 62.5% of my income and was 100% before mod with BOA in Aug 2012. Even doing mod on 1st with BOA I never had a trial period - just went right into 2% and I kept payments current. Wondering what to do with 2nd mortgage serviced by Green Tree and owned by BOA, which is 100% underwater? >
I just sent Green Tree a letter to settle with me for 5%, if they did not respond by Dec 1 2012 I would file for bankruptcy.My plans were to file chap 13 and have the 2^nd lien stripped? Wondering if I have made the right decision or do you have any other recommendations? I would like to keep house and still making current payments to my 1^st. Live in Minnesota

[TomEason]

>Tom, Thank-you for all you do! 80/20 in2006 for a total of 254,000. Both were serviced by Countrywide. Then both wentto BOA. - Bank of NewYork is the investor of 1st being serviced by BOA. Owe $201,000 -2nd is now serviced by Green Tree and owned by BOA. Owe $46,000 -House is worth 160,000 now. -Aug 2012 BOA agreed to modify 1st from a 6.5 to 2% for remaining 24 years (in house modification) (1^st is Not a Fannie or Freddie)> GreenTree will not work with me. Have been denied 8 times for any type of modification, refinance, etc.. I was wondering if anyone has a 2nd owned by BOA but Green Tree is the servicer - any forgiveness letters or settlements? I have never made a late payment on either mortgage since I bought the house in 2006.My credit score is 755. Both payments are now 62.5% of my income and was 100% before mod with BOA in Aug 2012. Even doing mod on 1st with BOA I never had a trial period - just went right into 2% and I kept payments current. Wondering what to do with 2nd mortgage serviced by Green Tree and owned by BOA, which is 100% underwater? > I just sent Green Tree a letter to settle with me for 5%, if they did not respond by Dec 1 2012 I would file for bankruptcy.My plans were to file chap 13 and have the 2^nd lien stripped? Wondering if I have made the right decision or do you have any other recommendations? I would like to keep house and still making current payments to my 1^st. Live in Minnesota

Thanks for your post and for that kind remark. If it were me I wouldn't even consider BK. Your 2nd is way underwater and GT won't FC. I wouldn't communicate with GT. You could eventually seek to settle your 2nd by following the guide at post #1 in the following thread. Good luck! Strategy for Settling Your 2nd

[MNunderwater]

Tom - Thank-you
I answered the phone yesterday and it was Green Tree. I have been avoiding all phone calls from them - get 1 a day at work and 2 on my cell phone a day. My cell phone only tells me the # that is calling and the # they called with yesterday is not the typical #. (I am self employed outside of my day job and I have to answer the phone in case its a client. Sometimes if I dont answer my clients calls they don't leave messages and I can loose business.)
She (Green Tree) asked me first when I was going to make my November payment? This would be the first time in my life I have ever missed a payment! I told I was not planning on it, I sent a letter to Green Tree explaining this. She said she knows that I sent in an offer to settle but she needs updated financials. I told her I have been sending in financials for over 2 years to get a modification and the last time was for September. I told her I am done with your denials to get a modification and now Green Tree has till Dec 1 to agree to a settlement or I am filing for bankrupcy and getting you lien stripped. She said you need to send in your last 2 pay stubs for Oct and your bank statement for Oct. We will not agree to a settlement until we recieve these and if you do not want to send them in - then go ahead and file for bankrupcy. Now what? Thank-you

[TomEason]

Tom - Thank-you I answered the phone yesterday and it was Green Tree. I have been avoiding all phone calls from them - get 1 a day at work and 2 on my cell phone a day. My cell phone only tells me the # that is calling and the # they called with yesterday is not the typical #. (I am self employed outside of my day job and I have to answer the phone in case its a client. Sometimes if I dont answer my clients calls they don't leave messages and I can loose business.) She (Green Tree) asked me first when I was going to make my November payment? This would be the first time in my life I have ever missed a payment! I told I was not planning on it, I sent a letter to Green Tree explaining this. She said she knows that I sent in an offer to settle but she needs updated financials. I told her I have been sending in financials for over 2 years to get a modification and the last time was for September. I told her I am done with your denials to get a modification and now Green Tree has till Dec 1 to agree to a settlement or I am filing for bankrupcy and getting you lien stripped. She said you need to send in your last 2 pay stubs for Oct and your bank statement for Oct. We will not agree to a settlement until we recieve these and if you do not want to send them in - then go ahead and file for bankrupcy. Now what? Thank-you

Thanks for your post. All the advice I can offer is in my last post. IMHO you have it easy; do nothing at all.

[Arthur Snow]

I live in MI. My HELOC went into default with BOA at $56k and then sold to Greentree in 2010. I immediately wrote GT and told them not to call me only write. I never heard nothing from GT and had a "paid charged off" by GT on my credit report. I am now being sued by GT thru a MI lawyer for $50k. What should I do? How much do you think GT will settle for with lump sum payment?

Greentree lawyer replied by mail immediately saying that their client will agree to a 50% settlement with monthly payment but no longer than 12 months. Also credit will be reported as "Account Settle (or paid) for less than amount or something like that. I am going to counter at $10k because I still can't afford that. Any advice?

[airahcaz]

airahcaz
If GT bought a 2nd loan from CW or somebody, they can't sue while they have a secured loan; they must foreclose first. Then, and only if they conduct a judicial foreclosure), they sue the borrower to seek a deficiency judgment. At least that's the way it works in CA. However, there are no lenders ever using judicial foreclosures on small residential loans in CA.

But what about in NJ?

[airahcaz]

You must be in a non judicial state if these hacks are suing you. Do you have any equity in the home?

Also being sued. GT filed a summons and I didn't get an answer filed in time before a judgment. $4000 later in legal fees, an attorney was able to reverse the judgment but the litigation is ongoing.

Tom, or anyone, would really appreciate your thoughts as would hate to keep giving good money to the attorney. GT refused to settle for 20%!

[TomEason]

Also being sued. GT filed a summons and I didn't get an answer filed in time before a judgment. $4000 later in legal fees, an attorney was able to reverse the judgment but the litigation is ongoing. Tom, or anyone, would really appreciate your thoughts as would hate to keep giving good money to the attorney. GT refused to settle for 20%!

Thanks for your post. As you know, all FCs in NJ are done judicially. The lender sues the borrower to initiate the FC process. Is that why GT sued you? It's unfortunate you were compelled to retain a lawyer to vacate the default judgment. Now that's done, I recommend you cashier that lawyer and continue in the litigation in pro se. Please know that FCs in NJ have been taking in excess of 2 years. Good luck to you!

[airahcaz]

Thanks for your post. As you know, all FCs in NJ are done judicially. The lender sues the borrower to initiate the FC process. Is that why GT sued you? It's unfortunate you were compelled to retain a lawyer to vacate the default judgment. Now that's done, I recommend you cashier that lawyer and continue in the litigation in pro se. Please know that FCs in NJ have been taking in excess of 2 years. Good luck to you!

No, GT sued to collect via a civil suit. I suppose they thought they'd get the default judgment with ease as their first tactic. My attorney convinced me to provide them my 401K balance, which I wholeheartedly regret.

As for being compelled, did you mean 1) I should have ignored the summons and default judgement or 2) that I could have ridded the judgement myself?

Lastly, I don't know what you mean to "cashier" the lawyer, and if I should continue defending the suit myself, which could be tough?

Thanks

[TomEason]

No, GT sued to collect via a civil suit. I suppose they thought they'd get the default judgment with ease as their first tactic. My attorney convinced me to provide them my 401K balance, which I wholeheartedly regret. As for being compelled, did you mean 1) I should have ignored the summons and default judgement or 2) that I could have ridded the judgement myself? Lastly, I don't know what you mean to "cashier" the lawyer, and if I should continue defending the suit myself, which could be tough? Thanks

Thanks for your post. Sorry you've been sued for a GT 2nd; I'd assumed the GT loan was a first. When I say "compelled" to spend the $4K in lawyer fees, I mean it's unfortunate you didn't answer the complaint in time. You could have done that in pro se (not all difficult) and avoided the default judgment and the cost of vacating it. I might recommend you use online dictionary; sorry but I am not one.

[Sean70]

Hello TomEason,

I have been following the advice given here and I was able to successfully HAMP my first mortgage with INDYMAC.

Home in FL
Zillow Estimate - 208k
1st Mortgage INDY - 263k
2nd Mortgage GT - 80k

I realize my first is still underwater, but I am happy with the HAMP mod, as I want to keep my home. They will forgive around 30k of the 263k over a period of three years, so long as I make my modded payments. I feel that is fair.

My question relates to my second with GT. I have been following the guidelines, don't talk to them, ignore them, forget they exist. When I stopped payments over a year ago, I was bombarded with collection calls for months. That stopped after receiving no response. Now that I am HAMP'ed on my first, I am receiving periodic calls again (straight to voicemail) from a different person from GT. She only leaves her name and a number to call her back at. She doesn't mention anything about a possible settlement, so I have been remaining true to the strategy. Ignore, ignore, ignore.

I am happy to keep following this advice for as long as it takes to reach a settlement, but after reading a few posts about people getting sued, I wanted to pipe up and ask if I should be calling back at this point or not. Or stay the course.

Thank you so much for the time and effort you've put into helping people.

[MNunderwater]

Tom,
I am also wondering the same thing that Sean70 asked. Avoiding all calls from GT but I get the same messages as Sean70. She leaves name and number to call her. I have no idea what department she is calling from. I am also following advice from the settlement guidelines, but when do I know if they are calling for a settlement deal or not. I will stay the course, but also curious when I know if settlement is why they are calling?

The last letter I received from GT was that GT is not required to accept less than the full payoff or to accept payments outside the terms of the loan agreement. In order for any settlement consideration or modification, GT must follow lender or investor guidelines. Certain predetermined criteria and documentation must be recieved to pursue either of these types of requests.

Again, keeping the guideline course but how do I know when the calls are for a settlement?

[TomEason]

@ Sean70: Congratulations for the HAMP mod on your 1st. Please know that I'm not up to speed on FL mortgage and FC laws. I do know a couple things. One of those is that a secured 2nd is legally allowed to sue the borrower in lieu of FCing (can't do both). FL is one of only a very few states that allow this. Hence, in your state, there are likely a few more borrowers who get sued. You might consider consulting with a good FC defense lawyer. @ MNunderwater: Per the Strategy, if the GT caller doesn't mention a settlement offer in their voicemail, I recommend you not return the call. I further recommend you pay no attention to any letters received from GT unless the letter includes a settlement offer. If there is a settlement offer, I recommend you send a return letter countering their offer. Good luck to you both.

[Sean70]

Thanks for the reply, Tom. Much appreciated.

I was under the impression that if my home value was less than the amount of my 1st mortgage, then my 2nd mortgage is considered unsecured? If so, then I should probably stay the course and ignore GT. The GT caller did not mention anything about settlement, so if my 2nd is indeed unsecured, I will wait them out.

[TomEason]

Thanks for the reply, Tom. Much appreciated. I was under the impression that if my home value was less than the amount of my 1st mortgage, then my 2nd mortgage is considered unsecured? If so, then I should probably stay the course and ignore GT. The GT caller did not mention anything about settlement, so if my 2nd is indeed unsecured, I will wait them out.

Thanks for your post. FYI, your 2nd is NOT unsecured. In a Ch13 BK case, if a junior loan is completely underwater, the bankruptee can ask the court to "strip" that loan. However, that action isn't guaranteed and is available only in a Ch13 case, which I might add, is an onerous experience. Again, it may behoove you to consult with a good FL FC defense lawyer.

[airahcaz]

Thanks for your post. Sorry you've been sued for a GT 2nd; I'd assumed the GT loan was a first. When I say "compelled" to spend the $4K in lawyer fees, I mean it's unfortunate you didn't answer the complaint in time. You could have done that in pro se (not all difficult) and avoided the default judgment and the cost of vacating it. I might recommend you use online dictionary; sorry but I am not one.

Spoke to my attorney today - I was served a summons for a second mortgage on a house that wasn't my primary at the time last year, even though it is my primary now (we've moved Aug of last year). Thus, this is how they avoided having to FC on the first mortgage first. So now the attorney is trying to file a motion that they should have pursued FC first. I agreed to continue with her for another month to see what happens. She has also offered payment of 1/3rd or a 33% settlement over 10 years to GT, and if they accept, attempting to settle the balance again in a few years. Thoughts?

[Sweetlaureng]

Hello,

I am new to LoanSafe and finding it all very interesting. I have been following all of the Green Tree and 80% / 20% loan forums for NJ. I have read the post re: the "2nd loan strategy" given by TomEason. It all sound VERY wonderfully cut and dry, but I have been hearing mixed end results and have a few questions.

Details of my saga:
1st loan HAMP'ed= with Wells Fargo in 2009= owe around $220K
2nd loan (original) 15 year arm - GREEN TREE = 68K
NJ Home Value =$199K (Zillo)
went from purchase price of 295K - in 2007

My 80% loan was HARP'ed in 2009, at 5.5% but I am not eligible for the HAMP 2 because of the loan origination/cut off date ...which is another frustrating battle. I am ineligible for ANY type of lower rate re-fi because house is underwater. Also, we can scratch our original plan of combining both loans into 1...since our house isn't worth what we owe!

Since buying our home in 2007 we have had I have had the 20% loan with Green Tree. Unfortunately, we were scammed. We were told both 80/20 loans were 30 year fixed rates and I could refinance rates fairly quickly. A few years later while doing HAMP on 1st, I found out my 2nd with Green Tree is a 15 year ARM and my interest rate remains at a high 9%. I have about 9 years to figure it all out before I owe Green Tree 58K on the last day of the 15th year (yah right)!

I have had 2 - 1 year loan modifications with Green Tree. They have refused to give me another temporary modification or a permanently modification on the loan.

We had twins 3 years ago, and now cannot afford our mortgages due to overtime cut backs after SANDY (from my husband paycheck), $1450 a month in pre-school/daycare, and rising gas / toll prices, credit card bills. We are now overextended and stuck.

We want to stay in our home...but want to settle with Green tree for 5-10%.

My question remain:

1. If I stop paying Green Tree and have no contact with them (as in your strategy)...will they
A. Garnish our wages
B. Serve us with a lawsuit
C. Settle

4. Can the 2nd loan reposes the house, if you keep paying the 1st?

2. And how long can the process take? I plan on paying my 1st and not being late on that so that I stay current!

Any advice, stories of success would help as I decide if I should pay the payment this month or not! OR -- any suggestions of other options that can help us lower our mortgages would be helpful. We want to keep our house but cannot afford it!

Thanks so much!
sweetlaureng>>

[TomEason]

Hello,I am new to LoanSafe and finding it all very interesting. I have been following all of the Green Tree and 80% / 20% loan forums for NJ. I have read the post re: the "2nd loan strategy" given by TomEason. It all sound VERY wonderfully cut and dry, but I have been hearing mixed end results and have a few questions. Details of my saga:1st loan HAMP'ed= with Wells Fargo in 2009= owe around $220K2nd loan (original) 15 year arm - GREEN TREE = 68KNJ Home Value =$199K (Zillo)went from purchase price of 295K - in 2007My 80% loan was HARP'ed in 2009, at 5.5% but I am not eligible for the HAMP 2 because of the loan origination/cut off date ...which is another frustrating battle. I am ineligible for ANY type of lower rate re-fi because house is underwater. Also, we can scratch our original plan of combining both loans into 1...since our house isn't worth what we owe! Since buying our home in 2007 we have had I have had the 20% loan with Green Tree. Unfortunately, we were scammed. We were told both 80/20 loans were 30 year fixed rates and I could refinance rates fairly quickly. A few years later while doing HAMP on 1st, I found out my 2nd with Green Tree is a 15 year ARM and my interest rate remains at a high 9%. I have about 9 years to figure it all out before I owe Green Tree 58K on the last day of the 15th year (yah right)! I have had 2 - 1 year loan modifications with Green Tree. They have refused to give me another temporary modification or a permanently modification on the loan. We had twins 3 years ago, and now cannot afford our mortgages due to overtime cut backs after SANDY (from my husband paycheck), $1450 a month in pre-school/daycare, and rising gas / toll prices, credit card bills. We are now overextended and stuck.We want to stay in our home...but want to settle with Green tree for 5-10%. My question remain:1. If I stop paying Green Tree and have no contact with them (as in your strategy)...will they A. Garnish our wages B. Serve us with a lawsuit C. Settle 4. Can the 2nd loan reposes the house, if you keep paying the 1st? 2. And how long can the process take? I plan on paying my 1st and not being late on that so that I stay current!Any advice, stories of success would help as I decide if I should pay the payment this month or not! OR -- any suggestions of other options that can help us lower our mortgages would be helpful. We want to keep our house but cannot afford it!Thanks so much! sweetlaureng>>

Thanks for your post. In answer to your questions: No person or entity can garnish wages or attach any assets without first getting a judgment, and of course,the lender can't get a judgment without suing you. In NJ, a secured junior lender cannot sue the debtor; that lender must first FC. And since your 2nd is completely underwater, the lender won't FC. As far as settling with your 2nd lender, I recommend you just follow the guide at post #1 of the following thread. There's no rush; patience is key. You might also visit the Success stories thread. Good luck. http://www.loansafe.org/forum/debt-s...ling-2nds.html

[airahcaz]

Thanks for your post. In answer to your questions: No person or entity can garnish wages or attach any assets without first getting a judgment, and of course,the lender can't get a judgment without suing you. In NJ, a secured junior lender cannot sue the debtor; that lender must first FC. And since your 2nd is completely underwater, the lender won't FC. As far as settling with your 2nd lender, I recommend you just follow the guide at post #1 of the following thread. There's no rush; patience is key. You might also visit the Success stories thread. Good luck. www.loansafe.org/forum/debt-settlement/37996-strategy-settling-your-2nd-94.htwww.loansafe.org/forum/debt-settlement/40564-success-stories-settling-2nds.html

Tom,
Not so sure, as i am being sued without GT having FC on the first. I believe they are doing this since they have served me a summons for a second mortgage that used to be my primary home, but wasn't my primary home at the time I was served. However, we now live in that primary home for the very loan that they are suing for. Does it matter if they are suing for a second mortgage that wasn't for your primary home at the time one was served?

[TomEason]

Tom, Not so sure, as i am being sued without GT having FC on the first. I believe they are doing this since they have served me a summons for a second mortgage that used to be my primary home, but wasn't my primary home at the time I was served. However, we now live in that primary home for the very loan that they are suing for. Does it matter if they are suing for a second mortgage that wasn't for your primary home at the time one was served?

Thanks for your post. As all FCs in your state are judicial, lenders initiate the FC process by suing the borrower. Is that the case here, or is that secured 2nd lender suing you in lieu of FCing? Since you've retained a lawyer, why not ask her about it? Good luck.

[airahcaz]

Thanks for your post. As all FCs in your state are judicial, lenders initiate the FC process by suing the borrower. Is that the case here, or is that secured 2nd lender suing you in lieu of FCing? Since you've retained a lawyer, why not ask her about it? Good luck.

Yes and yes, lender suing on the 2nd in lieu of FC, guess I'm the only one on this board with such a unique GT issue/suit. I have, however, learned more on these boards than from any attorney.

[Sweetlaureng]

Tom, Since I am so new to this forum, can you please tell me what FC means? THX for your response....Lauren

[Arma8472]

Hello Morri,

Noticed that your foreclosure was awhile ago now (Aug 08). I know you are in communications with GT, but thought I'd mention something that might be worth considering is that you may be near or passed the Statue of Limitations in your state for them to conduct a lawsuit. It may vary in states, though I'm fairly certain in mine, that clock starts at the END of the redemption period. Also, making even a mini payment or possibly acknowledging to them that you still owe them the debt could reset the clock. If it's something you are interested in looking into look at the specific laws in your state, court cases if you can find any, goggle search, etc. to get specific information for your situation. Good luck!

Two sites to confirm they give the same info and check what the statue specifically says.

Chart: Statutes of Limitations in All 50 States | Nolo.com
Statute of Limitations on Debt Collection Sorted by State

[Arma8472]

Hello Sweetlaureng,

FC = Foreclosure. The conditions usually need to be ideal to make it worth it for a 2nd lien holder to pursue the FC. From the numbers you provided it doesn't. Good luck.

[Sweetlaureng]

Hello Sweetlaureng,

FC = Foreclosure. The conditions usually need to be ideal to make it worth it for a 2nd lien holder to pursue the FC. From the numbers you provided it doesn't. Good luck.

Thanks for your response..after I wrote it..I figured it out! I feel so silly now! My question is how could the 20% even pursue foreclosure if I am current on the 80% loan?

[driftwood]

Sweetlaureng, a 2nd that is completely underwater won't pursue FC because they would lose more money than the outstanding loan amount. If that is your case I strongly encourage you to read the first post on the following thread: Strategy for Settling Your 2nd

Based on my own experience and from reading others experience with them, I will say though Green Tree is the worst when trying to reach a settlement. If that is your end goal, you may need to be more patient than if dealing with other lenders.

[Sweetlaureng]

Driftwood, Oh boy! What was your experience if you don't mind me asking (is it listed on a post # above)? And what state are you in? I know NJ is a recourse state which has me worried...but I couldn't pay GT this month if I tried! It's getting that bad! - THX

[Sweetlaureng]

Hello Housebroken,
I am in the same EXACT situation as far as loans and home values go...but what is a QWR? Also, what contact have GT had with you being 2 months late? Have you just ignored them as suggested by this forum or did you talk to them to try and settle? - Sweetlaureng

[driftwood]

Driftwood, Oh boy! What was your experience if you don't mind me asking (is it listed on a post # above)? And what state are you in? I know NJ is a recourse state which has me worried...but I couldn't pay GT this month if I tried! It's getting that bad! - THX

Essentially before I found the great advice from the people on this forum I tried to settle my 2nd with GT. They service my 2nd which is owned by BOFA via Countrywide acquisition. My home is in CA and more than $250K+ underwater, so I tried to negotiate a payoff while I was current, suggesting to GT they would get nothing in the event of a FC. It took nine months of back and forth, sending and resending docs before we even started a negotiation on the amount. They were super "nice" about the whole thing but wouldn't really budge. The constant resending updated docs really got me frustrated not to mention how little their people really know, something I learned once I started reading these forums.

From the various GT stories I have read on these forums, its my opinion that GT is one of the more difficult lenders with which to reach settlement. I don't mean to be discouraging but just watch out for their borderline tactics. Personally I think the GT senior management has this philosophy that really believes the longer they harass the borrower and postpone reaching a settlement the greater chance the situation will turn to their favor.

Personally after I found this forum I decided I was giving GT too much power and backed out my settlement negotiation. It was so gratifying to hear their surprise when I realized I have more leverage than they do. In my situation in CA my 2nd is a non-recourse loan. My new plan is to walk away from the house and I will start that process missing the first payment in April. Strangely enough I am actually looking forward to GT calling me for payments so I can tell where to go.

Good luck.

[Sweetlaureng]

Ok..I am only 22 days late and they started harrasing me on day 14. I am ignoring them like the forum said...BUT THIS IS NOT EASY.. I want to tell them I can't pay or something but I guess that won't stop the harrasment. Today I got a call saying that I needed to get back to them before they decide to move in a different diretion? What direction would that be? Ahh..to much stress!

Essentially before I found the great advice from the people on this forum I tried to settle my 2nd with GT. They service my 2nd which is owned by BOFA via Countrywide acquisition. My home is in CA and more than $250K+ underwater, so I tried to negotiate a payoff while I was current, suggesting to GT they would get nothing in the event of a FC. It took nine months of back and forth, sending and resending docs before we even started a negotiation on the amount. They were super "nice" about the whole thing but wouldn't really budge. The constant resending updated docs really got me frustrated not to mention how little their people really know, something I learned once I started reading these forums.

From the various GT stories I have read on these forums, its my opinion that GT is one of the more difficult lenders with which to reach settlement. I don't mean to be discouraging but just watch out for their borderline tactics. Personally I think the GT senior management has this philosophy that really believes the longer they harass the borrower and postpone reaching a settlement the greater chance the situation will turn to their favor.

Personally after I found this forum I decided I was giving GT too much power and backed out my settlement negotiation. It was so gratifying to hear their surprise when I realized I have more leverage than they do. In my situation in CA my 2nd is a non-recourse loan. My new plan is to walk away from the house and I will start that process missing the first payment in April. Strangely enough I am actually looking forward to GT calling me for payments so I can tell where to go.

Good luck.

[driftwood]

Ok..I am only 22 days late and they started harrasing me on day 14. I am ignoring them like the forum said...BUT THIS IS NOT EASY.. I want to tell them I can't pay or something but I guess that won't stop the harrasment. Today I got a call saying that I needed to get back to them before they decide to move in a different diretion? What direction would that be? Ahh..to much stress!

Typical GT in my opinion. I have not stopped payment as yet (I will start the process in April) but I generally pay my 2nd on the last day of the grace period each month, the 15th. I like making them squirm because they start calling usually around the 8th or 9th asking for the payment. I always tell them the same thing

Me: "It will be there before the 15th."
GT rep: "Why cant you pay it now?"
Me: "Because I have until the 15th, that is the grace period on your statement is it not?"
GT rep: "Is there some reason you wait until then? When do you get paid from your employer?"
GT rep: "That should be in your file, if you dont know that already I won't be disclosing it to you now. Have a good day." click.

So in summary GT will harass you as much as you let them. Block their number or ignore it. Or just tell them you don't have the money right now and not sure when you will get it.

I have to admit I don't know NJ laws but I see from an earlier post, TomEason said in NJ they cannot sue unless they FC first. If I got that correct then their threat to "move in a different direction" is nothing more than an attempt to scare you into paying or giving them more information.

I am sorry to hear its stressing you out, it is a stressful thing to do what you are doing but you can limit their ability to effect you. Spend your time doing the research and confirm what GT can really do. You'll definitely get comfort and confidence with the entire process if you know the laws and you formulate a strategy for the moves they can make.

Good luck.

[airahcaz]

Ok..I am only 22 days late and they started harrasing me on day 14. I am ignoring them like the forum said...BUT THIS IS NOT EASY.. I want to tell them I can't pay or something but I guess that won't stop the harrasment. Today I got a call saying that I needed to get back to them before they decide to move in a different diretion? What direction would that be? Ahh..to much stress!

Is this your primary home? If so, they have no recourse, and simply ignore. I am also in NJ.

[RexMorgan]

Is this your primary home? If so, they have no recourse, and simply ignore. I am also in NJ.

Does 'primary home' make a difference in Cali? And what's the definition of 'primary home'?

I'm thinking of renting our underwater place out before going delinquent. We've lived in it for 8 years at this point.

Thanks!

[Sweetlaureng]

Yes, it is our primary home and I do not want to walk away! I want to settle! So for me it's risky and playing with fire but I am glad you live in NJ! Are you in same boat? What is your story or link to your situation? Thx

[Sweetlaureng]

Tha j's for your advice! Good luck to u too!!