Posted on: 02nd Jul, 2009 02:05 pm
I recently applied for a short sale with GreenTree servicing for a mobile home that I bought from them 10yrs ago. Since purchasing the home I have never been more than 15 days late and I have paid in more than $25000. The original contract shows that only $26000 was financed at 10%. but my payoff is still more than $25000?!?!
My husband is in the military and we had to move from Georgia, where the mobile home is, to Texas over 4 years ago. We now have orders to Idaho and are trying to sell the home we purchased in Texas. Until the mobile home in GA or home in TX sells, we will have 3 house payments. If GreenTree approves the SS, how will it affect my credit?
My husband is in the military and we had to move from Georgia, where the mobile home is, to Texas over 4 years ago. We now have orders to Idaho and are trying to sell the home we purchased in Texas. Until the mobile home in GA or home in TX sells, we will have 3 house payments. If GreenTree approves the SS, how will it affect my credit?
Hi lilly,
A short sale will lower your credit score by 75-100 points. Moreover, you'll also be responsible to pay off the deficient amount resulting from the sale of the property. If you're unable to pay the deficient amount, the lender may garnish your wages.
You won't be able to purchase a property immediately after short sale. You will have to wait for at least 2 years to buy a new property.
Thanks
A short sale will lower your credit score by 75-100 points. Moreover, you'll also be responsible to pay off the deficient amount resulting from the sale of the property. If you're unable to pay the deficient amount, the lender may garnish your wages.
You won't be able to purchase a property immediately after short sale. You will have to wait for at least 2 years to buy a new property.
Thanks
Green tree can not garnish wages. That would be illigal.
We have been through the worst experience with Green Tree they are very rude and will go out of their way to make your life miserable. I am in the process of trying to get refinanced through VA and will seek legal advice at this point. They have gotten everything so messed up with our loan in the past 15 years it will take an expert to figure it out. They used to call and herass me saying I had no insurance so they were going to make me purchase their. I ended up calling my insurance so many times the agent told me to give her the number and she was going to sit there and make the lady at Green Tree verbally tell her she got the fax. Until I told them I had the funds to hire a lawyer and the calls stopped. I checked my credit report once and it showed I had an auto loan with Green Tree and I disputed it and got it removed. It would take me forever to tell you the horror stories we have went through with them. I keep any and everything in a record file because and suggest everyone do this no matter the situation. Its your responsibility to protect yourself and if you don't then you can only blame yourself. I pay my bills if I owe them I do whats right but refuse to allow someone to take advantage of me. Do not allow these people to push you around know your rights and stand up to them!!
Thanks for sharing your experience about Green Tree with us!! :)