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Green Tree Second

Discussion in 'Mortgage Complaints' started by CA Troubles, Feb 24, 2014.

  1. CA Troubles

    CA Troubles LoanSafe Member

    I'm please to say I was able to get my First with BofA adjusted through HARP last year. Dopped my % over 2 points.

    Now my second with Green Tree is another issue. They will not work with me. I sent them my financials about 8 months ago and they denied my request for modification. Afetr reading TomEason's post on "Startegy for Settling your 2nd" I know now that was awaste of time and probablt may have hurt me if I decide to stop paying my second. Here is what I have:
    1st BofA = $373K balance, payments $2,260
    2nd GT = $117K balance @8.5%,, payments $880
    Zillo has estimated my value at $367K

    Our income has been consistant we just got caught not thinking when we took out the second to reduce some credit debt and home improvements a couple years ago. Since then our Credit cards are back up and if not for the BofA HARP Refi we would not be in our house now. We really want to keep our house, not sure thats the right call but my wife and I have put so much into it. Oh, we are current on both loans, but not making any head way on the 2nd since we are paying only the interest. We missed one second payment last year but have since barely caught back up.

    1.) Is utilizing the "Startegy for Settling your 2nd" something still working?
    2.) Should I concider this strategy? I could get about $10-12K from my retirement 401K or my family if I'm really nice.

    I hope I put this in the right catagory
    CA Troubles
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Welcome and thanks for joining the LoanSafe community CA Troubles.

    Of course the Strategy is still working and given your situation you'll likely settle for as little as 5-10 percent of the outstanding balance. GT is in no position to foreclose and in our state secured junior lien holders cannot pursue you personally in lieu of foreclosure. The only thing I recommend you do at this point is contact a local RE agent for a CMA, while Zillow estimates are generally fairly accurate, it's not uncommon for them to be off tens of thousands of dollars.


  3. CA Troubles

    CA Troubles LoanSafe Member

    Thanks for the advice. You were right about Zillow. My niece is a RE and her Sale Comparision Analysis came in at $419,496. Knowing this value now I'm wondering if this is a smart strategy? Should I go through a Realistate Laywer?
    CA Troubles
    Last edited: Feb 27, 2014
  4. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    That's why it's always good to get an accurate estimate, now you know exactly where you stand. However, you're still $70K underwater and I would definitely recommend following the "Startegy for Settling your 2nd." There's no need to waste any $$ on an attorney to help you with negotiations..

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