how to negotiate an attractive reinstatement with Green Tree when there is equity

surya jane

LoanSafe Member
Aug 2, 2013
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I have equity in my property. As best I understand I could sell the property or reinstate my first mortgage with Green Tree. The arrears amount is significant even though my foreclosure lawsuit dates 1/13. How likely are "they" to negotiate a settlement (waiving of attorney's fee, etc.) when there is equity in the property? Does Green Tree negotiate on FNMA's behalf??? I realize they do not wish to own property, yet... And when negotiating a reinstatement (or is this not the accurate term since I do not wish to pay the total amount shown on their documentation) I assume I do not have to qualify (unless desirous the terms be modified). A modification is out since my x is on the note and mortgage but not the title and unwilling to take part. If I determine I must sell do they ever reduce the balance on a sale (not a short sale) when there is equity? I doubt it as I wouldn't if I were them. The lawsuit is from B of A, my mortgage/note is now with Green Tree. It is sensible to try working with the lender on my own? If so, any tips? Who to talk to, who makes the final decision? If use an attorney, what is the typical fee? How do I find out who best to negotiate on my behalf with Green Tree? Perhaps negotiating a reinstatement is unusual so attorney's will have little experience? How do I insure the documents protect me as well (from deficiency judgement) if I am able to negotiate a reduction from the lawsuit amount? I had a hardship situation; ovarian cancer, divorce, loss of job and more, yet why would this matter now? Thank you and best wishes to all.
 

Evan Bedard

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ow likely are "they" to negotiate a settlement (waiving of attorney's fee, etc.) when there is equity in the property? Does Green Tree negotiate on FNMA's behalf??? I realize they do not wish to own property, yet... And when negotiating a reinstatement (or is this not the accurate term since I do not wish to pay the total amount shown on their documentation) I assume I do not have to qualify (unless desirous the terms be modified). A modification is out since my x is on the note and mortgage but not the title and unwilling to take part. If I determine I must sell do they ever reduce the balance on a sale (not a short sale) when there is equity? I doubt it as I wouldn't if I were them. The lawsuit is from B of A, my mortgage/note is now with Green Tree. It is sensible to try working with the lender on my own? If so, any tips? Who to talk to, who makes the final decision? If use an attorney, what is the typical fee? How do I find out who best to negotiate on my behalf with Green Tree? Perhaps negotiating a reinstatement is unusual so attorney's will have little experience? How do I insure the documents protect me as well (from deficiency judgement) if I am able to negotiate a reduction from the lawsuit amount?
Welcome and thanks for joining the LoanSafe community.

You do have several options to help bring your account current and avoid foreclosure. If given a "reinstatement" amount this will be a large lump sum payment that will satisfy the arrears in full. Maybe you are referring to a repayment plan? With a repayment plan you may pay a down payment (couple months or payments) and Green Tree will raise your monthly payment x amount for 6-12 months until the past due amount is paid off. Both are viable options that you can negotiate on your own and should definitely be doable if you have the money to do so.

I do not wish to pay the total amount shown on their documentation) I assume I do not have to qualify (unless desirous the terms be modified). A modification is out since my x is on the note and mortgage but not the title and unwilling to take part.
Have you pursued a modification in the past? If your ex is no longer living in the property they can sign a quit claim deed so you can move forward with a loan modification. However, a loan modification will not remove a name from a mortgage note or obligation..

f I determine I must sell do they ever reduce the balance on a sale (not a short sale) when there is equity?
Unfortunately, we have not seen a lender willing to reduce the balance in order to sale the property. If the proceeds of the sale do not cover the mortgage(s) balance, it will be considered a short sale..

How do I insure the documents protect me as well (from deficiency judgement) if I am able to negotiate a reduction from the lawsuit amount? I had a hardship situation; ovarian cancer, divorce, loss of job and more, yet why would this matter now?
You will not face a deficiency judgment unless the home is foreclosed on, and even then judgments are very rare in any state. What state are you located in?