Greentree - Success On Second Mortgage

pggolf

LoanSafe Member
#1
Have not posted in a while, but finally have success with the most difficult of them all - GreenTree Servicing.

It happened yesterday. I am in sales and was super excited about a big contract that finally came in on the last day of the month. I called my wife to tell her the great news, and she said "Yeah, that's great. But I can beat that."

She proceeded to read to me a letter that had arrived via Federal Express from GreenTree:

"We are please to inform you that that we have approved you Home Equity account for a principal forgiveness program. This program is available to you because your previous servicer, Bank of America, has reached a settlement with the Department of Justice. You will receive a full forgiveness of the remaining principal balance of $85,196.49 on your Home Equity account. This means that this amount will no longer be required to satisfy the lien, and we will also waive any outstanding fees and accrued interest."

Yes, here news beat mine.

Good ol' GreenTree is funny, though. They included a sentence that said 'If you choose not to accept this offer, please contact us at our toll free number." Like, why they hell would you not accept it?!

I started following guidelines outlined in this forum for dealing with GreenTree about 3 1/2 year ago. At that time, the housing market was already starting to recover, and we were no longer upside down. However, this forum assured me that it would cost GreenTree $50K to foreclose, so not to worry.

I tried offer lump sum settlements to GreenTree a couple times over the past two years, both of which they declined.

Home prices in my neighborhood started to get higher and higher, and I was now beyond the $50K threshold and GreenTree could potentially come out ahead if they foreclosed. I was saving up more money to potentially settle for 50% of what I owed.

And then the letter came. What a relief. But, I will believe it when I see it and the lien is clear. Looks like it will take another 90 days or so for this to happen.

Thanks again LoanSafe forum for all the advice, stories and help. And for anyone that had a second mortgage with BofA, hopefully you will get the same relief that I did.
 

bigfrog

LoanSafe Member
#2
I am an atheist. But I believe there are higher beings, who regulate fairness.. flow of "What comes around, goes around."

Congrats on your successes. Keep up the hard works.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
#3
Awesome news and what a way to end the mortgage drama. Good thing you had patience to hold out until the end.

Congratulations and thank you for sharing your success story with the LoanSafe community. That is the way to pay it forward because many people could use the motivation and especially when dealing with Greentree.

Peace be with you.
 

dg008

LoanSafe Member
#4
Well I got my official settlement letter in the mail today. They received all my offers and never responded. I did however call them on the last offer which they declined but did say they would accept 10%(which I didn't have) they gave a he-ho and never called me again. After weeks, I just contacted them they avoided calls and emails..I reached out to another source and then received this letter. There's a lot of verbiage but ultimately it says lien release, consider note settled in full...report on credit report as balance settled for less than full amount.

Now to worry about taxes. What should I be concerned about?