Getnew - I can see how our situations are somewhat similiar. We were so upside-down, the second was completely unsecured regarding equity. I knew they would not foreclose because they would have to pay off the first to do so. The BK Trustee asked us at our 341 hearing what we were going to do with our properties (we have 4 rentals and our primary residence). I told him I had applied for modifications on all of them. If we were grated the mods and the rent could pay for the mortgages, we would keep them. Otherwise, we would have to surrender them. The Trustee did nor pursue it any futher.
I truly believe the key to our settlement with Green Tree was the debt was already discharged in BK and we were 7 months behind on our first loan. Green Tree knew the property was heading to foreclosure and they would get nothing. They did not know I had applied for a loan mod. Once we were granted the loan mod on the first, I didn't share that info with Green Tree.
Green Tree sent my attorney a reaffirmation which we didn't sign. The loan modification from the first lender had verbage of a reaffirmation but the lender did not instigate a reaffirmation hearing prior to our discharge so the loan is not reaffirmed.
In my opinion, you may have difficulty settling with Green Tree prior to your BK discharge. The way I see it, after the discharge, Green Tree won't have much to hold over you. The cards will be stacked in your favor. They will know you are no longer responsible for the debt so they can't collect from you or even get a deficiency judgement. They won't foreclose because it makes no sence financially. They won't even be able to get much money by selling your debt to a "jobber" because a discharged debt is not worth much. So, when it comes down to it...settling with you will make the most sence. Of course, because of variables in our two situations, there are no guarantees your situation will turn out like ours. You need to decide if it's worth taking the risk.
One last thing...I was also asked to send in all my financial information for them to consider a settlement. I told them I was discharged of the debt and, therefore, my financial situation was not relevant. I would only send them a hardship letter. They backed down from their request.
Here is all the Green Tree contact info I found on another website. I emailed everyone on the list. Randy Shannon, EVP of Operations called me. He told me they wouldn't settle for any less then 50% of the debt. I told him "fine", I guess I'll let the property be foreclosed on. I waited several weeks and received a call from Green Tree asking me if I still was willing to settle the $62K debt for $3,376.
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
Green Tree Servicing LLC
345 Saint Peter Street
Saint Paul, MN. 55102
Green Tree
Loss Mitigation
1-800-643-0202
Good luck to you!
I truly believe the key to our settlement with Green Tree was the debt was already discharged in BK and we were 7 months behind on our first loan. Green Tree knew the property was heading to foreclosure and they would get nothing. They did not know I had applied for a loan mod. Once we were granted the loan mod on the first, I didn't share that info with Green Tree.
Green Tree sent my attorney a reaffirmation which we didn't sign. The loan modification from the first lender had verbage of a reaffirmation but the lender did not instigate a reaffirmation hearing prior to our discharge so the loan is not reaffirmed.
In my opinion, you may have difficulty settling with Green Tree prior to your BK discharge. The way I see it, after the discharge, Green Tree won't have much to hold over you. The cards will be stacked in your favor. They will know you are no longer responsible for the debt so they can't collect from you or even get a deficiency judgement. They won't foreclose because it makes no sence financially. They won't even be able to get much money by selling your debt to a "jobber" because a discharged debt is not worth much. So, when it comes down to it...settling with you will make the most sence. Of course, because of variables in our two situations, there are no guarantees your situation will turn out like ours. You need to decide if it's worth taking the risk.
One last thing...I was also asked to send in all my financial information for them to consider a settlement. I told them I was discharged of the debt and, therefore, my financial situation was not relevant. I would only send them a hardship letter. They backed down from their request.
Here is all the Green Tree contact info I found on another website. I emailed everyone on the list. Randy Shannon, EVP of Operations called me. He told me they wouldn't settle for any less then 50% of the debt. I told him "fine", I guess I'll let the property be foreclosed on. I waited several weeks and received a call from Green Tree asking me if I still was willing to settle the $62K debt for $3,376.
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
[email protected]
Green Tree Servicing LLC
345 Saint Peter Street
Saint Paul, MN. 55102
Green Tree
Loss Mitigation
1-800-643-0202
Good luck to you!
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