Two Loans with Two Lenders: Short Sale Closed with Bank of America & Greentree Servicing
This was a pretty difficult short sale, but we got it closed. Short sales with two different lenders can be tricky and time consuming. Often they have different or unique documentation requirements. Some lenders, such as Greentree Servicing require that their own forms be used, so the homeowner can be required to submit their financial information on two forms and in two different formats. Also some lenders, when they have a junior lien, will refuse to process the short sale until approval from the senior lien holder is received. And, then they often regard the amount offered from the 1st short sale lender as the first step in negotiation. Of course, if additional sums are requested by the 2nd short sale lender, it requires a complete re-approval from the 1st short sale lender. Greentree Servicing operates that way (they wait to process) and their processing is slow in addition to it all (30-45 days) which makes them one of the most difficult short sale lenders. You are often chasing your tail on Greentree short sales.
One thing is for sure, short sales with two loans and two different lenders require a committed buyer and seller and a determined short sale agent.
Before deciding whether to short sell your home, it is essential that you obtain legal and tax advice, and consult with an experienced local short sale agent. If you are considering a short sale of your Santa Maria, Orcutt, or Nipomo home and would like a short sale consultation, please call my office to schedule a meeting or a telephone consultation at (805) 938-9950.
Tni LeBlanc is an independent Real Estate Broker, Attorney, and Short Sale Agent. She is a Certified Distressed Property Expert (CDPE), Short Sale and Foreclosure Resource (SFR) and Certified HAFA Specialist (CHS) serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California.
* Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.
Copyright© 2012 Tni LeBlanc *Two Loans with Two Lenders: Short Sale Closed with Bank of America & Greentree Servicing*
