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Green Tree bought my loan from B of A and I am thinking about doing a strategic foreclosure to get caught up on all of my other bills. Does anyone know how long it takes Green Tree to actually foreclose and change the locks on the property?
Currently $80,000 underwater with no visible appreciation anywhere on the horizon. Our family wants to move back to our hometown within the next 12-18 months.
Green Tree bought my loan from B of A and I am thinking about doing a strategic foreclosure to get caught up on all of my other bills. Does anyone know how long it takes Green Tree to actually foreclose and change the locks on the property?
Currently $80,000 underwater with no visible appreciation anywhere on the horizon. Our family wants to move back to our hometown within the next 12-18 months.
You're $80,000 underwater, I'm $200,000 less then what my value was three years ago. I have clients that are $600,000 under water. Value is determined by the value around you. You probably have foreclosures in your neighborhood, causing your value to drop. Within the next few years as our economy rebounds, values are going to climb because people are buying.
Allowing a foreclosure to happen will 100% destroy your financial future, where you will pay more for things over the next ten years.
Your saying a strategic foreclosure, so you can get caught up on other bills? This would be a very stupid move on your part, doing a foreclosure so you can pay other debt.
I don't feel that writing a book on how to do a strategic default. If you looking to walk away, the best thing is a deed in lieu. After 6 to 8 months, walk away free and clear.Your credit is damaged, not as much as a full foreclosure. It will be easier to rebuild yourself later.
You probably cannot afford an attorney. You asking the question how long it takes, tells me you have little experience in dealing with banks. Major factors include being in a judicial or non judicial state, how busy their loss mitigation department is, and simply will they make a profit or will it cost them more to foreclose.
Leaving your home either though a deed in lieu and foreclosure. The lender will most likely be sending out a 1099C, which is cancellation of debt form. That you have to pay taxes onthe difference of what was owed and what the bank sold it for. You need to look ar the IRS website to see if you can write this off.
Again it would be stupid for your future if you did a foreclosure. If your young, you have time, the older your have less time.
Green Tree bought my loan from B of A and I am thinking about doing a strategic foreclosure to get caught up on all of my other bills. Does anyone know how long it takes Green Tree to actually foreclose and change the locks on the property?
Currently $80,000 underwater with no visible appreciation anywhere on the horizon. Our family wants to move back to our hometown within the next 12-18 months.
Once GreenTree sees you are paying your other bills they will sue and your only other choice will be bankruptcy. Since bankruptcy is imminent anyway then why bother getting "caught up" on your other bills that will be discharged anyway?
My timing on real estate this past decade leaves much to be desired. Moved out of Arizona just as the market was crashing 6 years ago and could not drop the price of my house fast enough. So I have already had one deed in lieu and it really did not affect my credit that much. Took my credit rating from good to fair. Right now the only thing affecting my credit is trying to pay off the cards and loans from 6 years ago trying to pay two mortgages and support two houses.
Also have a relative that is one of the best real estate attorneys in the western United States that gives me tons of free legal advice. He will probably recommend a deed in lieu as well. From talking to him in the past, many people in places like Arizona, Nevada and California have multiple foreclosures or deed in lieu's and in the long run will not affect my credit much at all or my ability to buy another house in a few years.
My basic question still is how long does Green Tree normally take to get the ball rolling on a deed in lieu? Just want to know so that I can start looking for a moving truck and a rental home.
My timing on real estate this past decade leaves much to be desired. Moved out of Arizona just as the market was crashing 6 years ago and could not drop the price of my house fast enough. So I have already had one deed in lieu and it really did not affect my credit that much. Took my credit rating from good to fair. Right now the only thing affecting my credit is trying to pay off the cards and loans from 6 years ago trying to pay two mortgages and support two houses.
Also have a relative that is one of the best real estate attorneys in the western United States that gives me tons of free legal advice. He will probably recommend a deed in lieu as well. From talking to him in the past, many people in places like Arizona, Nevada and California have multiple foreclosures or deed in lieu's and in the long run will not affect my credit much at all or my ability to buy another house in a few years.
My basic question still is how long does Green Tree normally take to get the ball rolling on a deed in lieu? Just want to know so that I can start looking for a moving truck and a rental home.
Green tree - my paralegals tell me on HAMP situations they are easy to work with. Other situations they are a problem, they do not like to lose money!!!
It is good you have been it touch with an attorney (Relative). So you already know the Deed in Lieu process - being denied for a mod, then a 90 day listing. It was good your credit didn't take a noise drive as it would with a foreclosure.
Your relative might be a very good attorney, wining battles in the court room. The next time you talk to him, ask him how many cases he's won outside the court room... Point - the problem is with the lender, not with the courts. It is up to the Lender to approve a deed in lieu, the courts have nothing to do with this.
In the years I've been working with mortgages - the worst credit "mid score" I've seen was a 317. I looked at his application, called him and asked what him wanted to do. Listened to is story, then told him he needs to learn how to invest in himself. The call ended and I threw has paper work in the trash. The point I am trying to get across to people, life is too short. Walking away from problems and taking the easy way out. As you age, it gets harder to correct passed problems.
Your goal of pay off the cards and loans, these tells me you have little or no cognition or knowledge of any kind about loans. A mortgage is secured against a home, you don't pay, the home is foreclosed. An auto loan is secured against a car, you don't pay, it is repossessed. Both these types of loans are installment type of debt. Credit cards are different because they are non-secured debt obligations, the interest rate you pay is determined by your credit score. The lower, the more you pay. The higher the less you pay. These type of debt obligation is called revolving debt. It is very easy to settle at a lower amount then what you owed. Averaging $00.30 on the dollar.
Ultimately the amount owed basically determines how far they are going to harass you to pay. Because this type of debt is non-secured, they cannot do anything. Worst case after a year taking this to court an get a judgment, which remains on your credit report until paid.
The advice your relative gave you about people having multiple foreclosures or deed in lieu's and in the long run will not affect credit or the ability to buy another house in a few years. What he said is far from the truth...
Three things are looked at when purchasing a home. The Credit, The LTV, and The DTI ratios. With deed in lieu's, you need to wait at least two years, and be-able to put at least 20% towards your down payment. 4yrs and they be-able to put 10% down towards a down payment. When there is a foreclosure - it could be well over seven or eight years before you are able to obtain a mortgage to buy a home again. Also the required down payment is probably going to close to 35%+ for a down payment. In either case your credit score will determine the interest rate / how much you end up paying.
trying to pay off the cards and loans from 6 years ago trying to pay two mortgages and support two houses.
So 6 yrs ago you were underwater on your Arizona house and walked away from it. (deed in lieu). Then shortly after you bought a new house in a different state...and now you would like to walk away from that house so you can pay your other bills?
A wise man once said, "you have to let stupid people fail or you will have an entire country of stupid people".
Green tree - my paralegals tell me on HAMP situations they are easy to work with. Other situations they are a problem, they do not like to lose money!!!
It is good you have been it touch with an attorney (Relative). So you already know the Deed in Lieu process - being denied for a mod, then a 90 day listing. It was good your credit didn't take a noise drive as it would with a foreclosure.
Your relative might be a very good attorney, wining battles in the court room. The next time you talk to him, ask him how many cases he's won outside the court room... Point - the problem is with the lender, not with the courts. It is up to the Lender to approve a deed in lieu, the courts have nothing to do with this.
In the years I've been working with mortgages - the worst credit "mid score" I've seen was a 317. I looked at his application, called him and asked what him wanted to do. Listened to is story, then told him he needs to learn how to invest in himself. The call ended and I threw has paper work in the trash. The point I am trying to get across to people, life is too short. Walking away from problems and taking the easy way out. As you age, it gets harder to correct passed problems.
Your goal of pay off the cards and loans, these tells me you have little or no cognition or knowledge of any kind about loans. A mortgage is secured against a home, you don't pay, the home is foreclosed. An auto loan is secured against a car, you don't pay, it is repossessed. Both these types of loans are installment type of debt. Credit cards are different because they are non-secured debt obligations, the interest rate you pay is determined by your credit score. The lower, the more you pay. The higher the less you pay. These type of debt obligation is called revolving debt. It is very easy to settle at a lower amount then what you owed. Averaging $00.30 on the dollar.
Ultimately the amount owed basically determines how far they are going to harass you to pay. Because this type of debt is non-secured, they cannot do anything. Worst case after a year taking this to court an get a judgment, which remains on your credit report until paid.
The advice your relative gave you about people having multiple foreclosures or deed in lieu's and in the long run will not affect credit or the ability to buy another house in a few years. What he said is far from the truth...
Three things are looked at when purchasing a home. The Credit, The LTV, and The DTI ratios. With deed in lieu's, you need to wait at least two years, and be-able to put at least 20% towards your down payment. 4yrs and they be-able to put 10% down towards a down payment. When there is a foreclosure - it could be well over seven or eight years before you are able to obtain a mortgage to buy a home again. Also the required down payment is probably going to close to 35%+ for a down payment. In either case your credit score will determine the interest rate / how much you end up paying.
Good Luck
.
HELP. I have been trying to do a deed in lieu with BofA since October. They keep running me around saying they didn't get the paperwork. They did. Now they've sold my loan to Green Tree. I had to move out of AZ to take a job. I managed to keep my mortgage and cc debt current for 4 years with no job, but I did get disability. Now, I got a job out of state and could not sell (underwater) and could not rent it out because I could not afford to paint the interior. So now I have a job, have kept all my cc debt that ballooned over the four years to pay for school and recovery, but still I pay it. Now I have a job and can't pay for the house in Az. I'm older and i need to get a deed in lieu. I very worried they'll come after my retirement so I haven't touched it... it's a state retirement and I have not taken it out for fear they will steal that money from me. BUT I need to take it out to supplement the low paying job to survive and keep current with my cc bill. So they have once again today said they did not receive my paperwork and I got the greentree notice of new servicer. I cannot afford an attorney! What am I supposed to do. In 10 I got a refi under hamp or hemp or something and Bofa sold my loan to fannie mae but were still the servicer. Now greentree will be the servicer and I'm super scared they are going to attach my pay and my retirement. Can they do that or can they just take the house back. I've already managed to move so it is empty. I was trying to give it back asap since it is underwater and can't sell and can't rent. What should I do now?
The lenders always "lose" your paperwork it is a game they play to drag it out as long as possible. Delay and deny is what most people asking for a modification face. Deed in lieu of foreclosures are rarely approved by the lenders. You need to look into the foreclosure laws in arizona to see how lenders foreclose in your state. If they do a trustee sale that usually means they can't sue you after foreclosing and depending on if you have refinanced your loan or not you may owe taxes after foreclosing.
My husband took a job in another city. We rented out our home, and rented in the new city. In June 2012 he lost his job. We used up most of our savings and severance pay to keep up with the mortgage payments. We refuse to touch our retirement savings because that would mean we could not take care of ourselves when we retire.
We called Green Tree Servicing in July to inform them of our job loss. We tired to do a Deed-in-lieu before we were desperately behind in payments. GT told us not to list the house for sale yet to try for the deed in lieu. We were finally told after 4 months that we could not get the deed in lieu because the house was not listed for sale. We finally stopped making payments in December of 2012. GT just filed foreclosure papers with the courts here in Florida [We are 6 months behind]. However, we have a pending short sale. This is the 2nd offer we have had - the first offer was for an amount above current market value and GT drug it out until the buyers walked. We have new buyers now and they are in for the long haul - it has been 4 months and these buyers say they are not going to walk so green Tree is trying to foreclose before the short sale goes thru. At least it looks that way. Thing is - they have less of a loss if they short sale rather than go to court.
GT never tells you all the paperwork you need at once they drag it all out as long as they can trying to break you. Then they tell you all the paperwork is too old and you have to start all over again. In my case each time the paperwork is over 105 pages. Loss Mitigation my butt.
We are older [60's] and there is no work in the area where our home is - but we were told we have to live in the home in order to get any help. So we moved back and guess what we have gotten no help just the run around. These banks were fined 25 billion for their practices and that money was suppose to help people in our position. And let's not forget they also receive bail-out money. And some of the banks are also insured in case a person forfeits on their loan. Can you believe that. If they have insurance on my loan they would be made whole anyway.
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