Questions for those who successfully settled with Green Tree

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UnderwaterInLV

LoanSafe Member
Apr 12, 2012
70
1
8
Las Vegas, NV
Last year, I began making payments to Green Tree instead of BofA. Based on the address of my house, Fannie Mae owns the mortgage according to their online lookup tool. This means Green Tree is servicing my mortgage which is now owned by Fannie Mae, correct? And BofA is out of the picture completely?

Next, I read that Fannie Mae owned loans cannot participate in the principal reduction alternative (PRA) under the Making Homes Affordable programs.

I read on this forum about several people who were successful in "settling their mortgage" with Green Tree for 10%, or even less. What $$ number were these 10% settlements based on? The balance of the mortgage? The current market value of the home? The difference between the balance and the value of the home?

Were any of your loans owned by Fannie Mae? If so, how could Green Tree have been authorized to settle for such low dollar amounts? In other words, if PRA isn't available under Fannie Mae, how could a 10% settlement be possible?

What were the tax implications (think 1099s) of these settlements? Impact on credit? What did Green Tree provide to you to indicate that the loan was satisfied, etc..?

Let me also state that I'm current and have never been late on my payments.
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
When I had posted the settlement thread link in your other thread you had indicated that it would be for second liens only. In this post are you referring to settling your first lien and only mortgage on the property? Fannie Mae doesn't offer principal reductions even as a part of their modification process. Also the 10 percent settlements that members are speaking of are on their HELOC loans and second liens, not on first liens.
 

UnderwaterInLV

LoanSafe Member
Apr 12, 2012
70
1
8
Las Vegas, NV
No, when you posted the link, I indicated that your link indicated that they were for 2nd mortgages. I have one and only one mortgage, this is not a HELOC. So just to be clear - you are saying that the settlements I read about with Green Tree are NOT on 1st mortgage primary residences?
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org