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Green Tree Servicing LLC any experience on settlement with them?

Discussion in 'Stop Foreclosure and Tell Us Your Story' started by lvlocal, Sep 21, 2010.

  1. lvlocal

    lvlocal LoanSafe Member

    I am trying to settle my 2nd mortgage which is with GreenTree Servicing, LLC.
    I owe about $70K. Whether your doing a short sale, Deed in lieu, loan modification.
    Please share your experience with them. I would greatly appreiate it.
  2. Alex Ferreras

    Alex Ferreras LoanSafe Greeter

    If possible id move away from them. Searching for similar threads I found multiple bad reviews about them:

    http://www.loansafe.org/forum/stop-...ree-servicing-second-mortgage.html#post273341

    http://www.loansafe.org/forum/deed-...way/12344-greentree-servicing.html#post230660

    http://www.loansafe.org/forum/repor...-servicing-llc-mortgage-fraud.html#post218229

    http://www.loansafe.org/forum/stop-...035-green-tree-servicing-joke.html#post135900

    perhaps it might be some individuals themselves who are just having rotten luck with them. I'm not to familar with this specific company myself, just thought I'd help you to get some information from people who have also worked with Green Tree Servicing LLC.

  3. lvlocal

    lvlocal LoanSafe Member

    Thank you Alex. If you come across anybody elase who have dealt with them, please let them know about this thread.
  4. Housebroken13

    Housebroken13 LoanSafe Member

    Hi,

    I have a 2nd with Greentree. My 1st with BOA was modified earlier this year. I had a 1 year mod with GT but has since expired and I cannot afford the increased payment.

    What is your account status currently?

    As of right now I am 2 months behind. I did send a QWR to them, and an additional letter but have not heard back yet. Between the value of my home and what I own on my 1st and 2nd combine I am over $100K upside down so i think them taking an action to foreclose is unlikely since as of right now it is "unsecured" as a result. A Chapter 13 lien strip is also an option if need be. I have no intention of doing a short sale as this is my primary residence.

    My understanding is if you short sale they want 5% of the sales price which the 1st servicer usually won't give up easily. I would love to offer them a settlement of 10% of the balance which is around $42K, not sure how long it would take for the account to be sent to collections.
  5. airahcaz

    airahcaz LoanSafe Member

    I'd also like to know as I have the same issue.
  6. jedebelen

    jedebelen LoanSafe Member

    YAHOOOOOO!!! Just got a fax from Green Tree!!! from $92,465.46 to $10,000.00!!! will realease in full settlement.... Wow :) feels like heaven...

    1st mortgage = modified Indymac 2.25% 1-5yrs / 6 - 3.25% / life 4.25%

    2nd mortgage = from 90k+++ to 10k settlement!

    THANK YOU!!! LOANSAFE... your the BEST!
  7. airahcaz

    airahcaz LoanSafe Member

    please please tell us how, and important steps, lessons learned, etc :)
    I also have a 2nd 100K w Greentree
  8. Housebroken13

    Housebroken13 LoanSafe Member

    That's OUTSTANDING so they settled for 10% of the balance. Was that your initial offer, would love to see a copy of the letter you sent plus some tips. How far behind were you on payments?
  9. jedebelen

    jedebelen LoanSafe Member

    Thanks everyone.... I just followed every step from different situation here in Loansafe... I'm behind by 3 mos.. initial verbal offer of 3k (loansafe style) denied over the phone... sent a formal letter of 5k, called me back again denied... after 2 weeks they I sent another letter (loansafe style/using same format just changed the amount) offering them 10k... after 2 weeks they called me and asked for my fax number... and wala... 10k settlement!
    Just be patient and let them know that you are ready to move out of your house!
  10. jedebelen

    jedebelen LoanSafe Member

    Hi...
    My initial offer is 3k via phone conversation, denied right away as expected... then I sent a letter offering them 5k... again got another call from the same guy... denied!... again sent another offer using same format just changed the amount to 10k... after 2 weeks same guy called me and ask for my fax number.... settlement of 10k and will release the the loan after recieving the payment! all I did is to follow everything from this forum... mix them with different person's situation and a lot of patience... :)
  11. Housebroken13

    Housebroken13 LoanSafe Member

    Thanks for the info, I sent an offer letter today via Certified Mail, let see what they come back with. Would prefer not to simply do it over the phone.
  12. jedebelen

    jedebelen LoanSafe Member

    oh the reason why I told them my intial offer is because they asked me over the phone how much will I be willing to offer them.... as per loanafe, start low :) so I did...
    by the way how much is your loan? and how much is your initial offer?
  13. Housebroken13

    Housebroken13 LoanSafe Member

    My loan balance is for 46,000, I offered $2500. Do you recall the name of the person you spoke with over the phone or what department they were from, perhaps I will call?
  14. jedebelen

    jedebelen LoanSafe Member

    his name is keith... but the one who's handling my case is Leeann but I think they have a different person assign to each case?
  15. Housebroken13

    Housebroken13 LoanSafe Member

    It's Keith Anderson I have his contact info.
  16. airahcaz

    airahcaz LoanSafe Member

    I think 10% is the magic number, no? Citi will also settle for 10%. Regardless of what you start with, just hold firm that 10% is the offer, and that you will hold to 10%, they can come back to you on it?
  17. Housebroken13

    Housebroken13 LoanSafe Member

    My first offer that I sent in yesterday was for a little over 5% so I'm interested to see what they come back with. Of course there is always the fear that they may move to foreclose, but I guess that's a risk that needs to be taken to get rid of this bad debt, start to repair my credit, and move on with my life....
  18. Housebroken13

    Housebroken13 LoanSafe Member

    I would also add that I am consulting and possibly hiring an attorney just in case.
  19. airahcaz

    airahcaz LoanSafe Member

    they won't foreclose, and if they do, it will be years
  20. underwaterinWAstate

    underwaterinWAstate LoanSafe Member

    Please tell me more. We have Green Tree for our 2nd (80/20) just changed this month from BoA to Green Tree (grrr). We are current on our loans but underwater. We have considered foreclosure for over a year. I would love to settle with GT prior to missing payments. Is this what you did? please advise. Thank you!

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