Tag: Green Tree

How to Complete or Accomplish a Short Sale With GreenTree

Hello guys, this is Kelly Cook with the Cook & Associates Real Estate Advisors. We are part of The Real Brokerage and your short sale experts. We specialize in helping valley homeowners find alternatives to foreclosure through the means of a short sale. We have a passion for helping people out and one of the best ways we can do that in real estate is through a short sale.

It allows people to get out from under their mortgage debt and be Scott free through a short sale with only a scratch as opposed to a deep cut that some of these lenders try to inflict on our clients. Our number one goal is to protect our clients and to be sure moving forward in the future, they have no more liability owed towards the lender. So that is our passion and our goal here at the Cook & Associates Real Estate Advisors.

We’ve helped hundreds of homeowners throughout the years successfully short sell their property. Now the topic we are discussing today specifically is Greentree Lender Servicing. About four or five years ago, Greentree was pretty tough to deal with. Their systems weren’t really in place. They were buying a ton of bad debt such as non-performing loans. What was most frustrating is that they would buy them typically when we were right in the middle of a short sale with another lender.

In the last 12 to 18 months, Greentree has become much better to work with. In fact, when we get the short sales sold to Greentree and we resubmit everything to them, we usually get the short sale done a lot faster. We’ve been very successful with Greentree in getting full debt relief and full deficiency waiver for our clients so they are protected.

We deal with Greentree wherever they are across the country. We welcome your short sale or anyone you know who has a Greentree loan and considering a short sale. Again, I’m Kelly Cook with Keller Williams, your :k1: short sale specialists and we’re here to help. Contact us today, don’t delay. Give us a call at 480-442-9868. You can also email us at info@cookandassociatesaz.com or simply go to our Facebook page. We’ll get back to you as soon as possible. Thank you very much and I hope you found some good information here today.

Case Study: In Cave Creek Owed $915k to Green Tree and Chase

Location:  Cave Creek, AZ

Details:  Owner had two loans on his property.

  1. First loan had a balance of $665,000.
  2. Second loan had a balance of $250,000.
  • Total owed against the property:  $915,000
  • Our client’s house was short sold for $465,000.

Scenario:  This owner did not have protection under Arizona’s anti-deficiency statute.  Therefore, it was paramount that Kelly Cook and the Cook & Associates Real Estate Advisors negotiate well with the 2nd lien holder to not only grant a release of the lien on the 2nd loan; but to also and most importantly, get protection for our client (seller) by having the 2nd lien holder provide full mortgage debt relief and satisfaction.  Our main objective was to ensure that the 2nd lien holder waive their rights to ever come after the seller and pursue a deficiency judgment against them.

In many cases like this, there is a very good chance that the 2nd lien holder will ask for some sort of cash contribution toward their loss.  This number can vary dramatically, but a general rule of thumb is that the lender will ask for some amount equal to 10% of the outstanding loan balance.  The lender does this because they know they have leverage due to the fact they will have legal recourse to come after the seller if the property forecloses.  If this occurs, we use all of our techniques and experience of completing 300+ short sales to do all that we can to minimize this contribution amount for the seller.

Outcome:  Please see the attached SHORT SALE APPROVAL LETTER proving the details of our successful negotiations on this short sale.  We were able to get full debt relief for our client (seller) protecting him from ever being pursued for the difference the banks settled on.  In addition, we were able to negotiate a ZERO $0.00 contribution from the seller to bank!  $250,000 balance settled for only $9,000!  And… we were to negotiate $9,000 from the 1st lien holder to cover the $9,000 demand the 2nd lien holder required!  The seller got out from under all of his mortgage debt for ZERO, nothing out of pocket whatsoever!

Recap:  Our client, the seller was able to walk away from $450,000 of mortgage debt for absolutely NOTHING… not one dollar out of pocket!  All because he decided to pick up the phone and contact Kelly Cook and the Cook & Associates Real Estate Advisors.  We have many other examples just like this we would love to share with you as well.  We truly are short sale specialists working the Greater Phoenix, AZ area and would love to speak with you today about your current situation and how we can help!  Call today!

Actual Approval Letters

Click for Full Letter