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I guess we will chat about one of the more thrilling short sale loans that we have worked on lately. It did not take very long and it wasn’t very hard, but it was exciting how we went about completing the deal.
Here are the fine points. First mortgage servicer, Bank of America. Investor, Bofa. Second lender, Green tree, previously serviced by GMAC. For those of you that haven’t worked a GreenTree file, they are a bit more tricky than your usual lender. With this specific short sale, GreenTree was due nearly $139,000 and Bofa was owed nearly $600,000. The home was worth about $350,00
Here is a pointer. Anytime we see GreenTree in second position we attempt to work as fast as possible. Something with a second mortgage in the $100,000 range is going to be harder.
GreenTree is more insistent than most. They started by declaring that they needed 5% of the buy price. We told them that wouldn’t occur and they submitted it for 10% and came back with an approval for $13,000. We learned that the BPO was at or less than the offer. Nevertheless, when we submitted it to Bofa, they said ‘no’ to the second’s demand but offered $9,000. That is not a bad offer usually, but when you are dealing with Green tree it isn’t good enough.
In the end we were able to get it accepted. Nevertheless, be aware that Green tree is buying lots of Bofa loans. This is a clear illustration of why you have to know the backer on your files. It makes the procedure much easier when you know precisely who you are working with.
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