Special offer

If You Can't Believe a Green Tree Rep, By Gosh, Whom Can You Believe?

By
Real Estate Agent with Elizabeth Anne Weintraub, Broker DRE #00697006

Why do people want to believe the bank is their friend? Those warm fuzzy days of friendly banksters are history. You especially can't believe what you hear from a bill collector such as Green Tree.

I know of Sacramento short sale agents who won't touch a Green Tree short sale with a 10-foot pole, but I'm not one of them. I routinely get Green Tree short sales approved. Even though Green Tree can be very aggressive. I hear from my Sacramento sellers how Green Tree treats them. They hound them to death.

Green Tree calls over and over to demand payment. And why not, it's their right to do so if the loan they are servicing has not been paid. What I object to is the outright lies told by Green Tree representatives. They know people will believe them. They know how to intimidate. They don't lean back in their fat-ass chairs to blow smoke rings in the air and squeeze stress balls for nothing.

See, the thing is a short sale seller is a responsible person. A non responsible person will walk away. A short sale seller is trying to do the right thing. This type of person has probably never been late with payments or had a single credit ding on a credit report until he or she tried to do a short sale. It's almost like throwing a baby mouse into a snake-infested den. The defenseless get devoured.

Speaking of which, have you ever seen a snake regurgitate? A snake's jaws open wider than you would ever imagine. You can watch the bulge in the snake's body move up the line in spasms. It's really a disgusting but fascinating event. I once saw a snake swallow a frog whole and then vomit it back up. The frog hopped away. A short sale seller isn't so lucky after Green Tree gets done with them.

Green Tree told a seller yesterday who had a Notice of Default filed in April that she was 30 days from auction. Its rep said there was no reason to go after a short sale. The agent emailed me to ask if she should pursue the seller for a listing. The answer to that question is no. But not because Green Tree lied and not because it's a Green Tree short sale, but because the seller is not motivated. A short sale agent is here to assist not to manipulate.

There is a federal law protecting consumers that says bill collectors are not supposed to lie. Fair Debt Collection Practices Act. But who enforces that law? Sellers have told me that Green Tree has pressured them to make a payment by saying their short sale will get denied if they don't. They get away with this crap. And they'll continue to get away with it as long as people continue to misplace their trust in undeserving sources.

Posted by

elizabeth weintraub

 

 

Weintraub and Wallace Realtors

 

 

Elizabeth Weintraub reviews

 

 

 

Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

Comments(24)

Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

Let's face it, all debt collectors are liars. They are trying to get payment through any means. Too bad more consumers don't take the time to find this information on their own.

May 16, 2012 01:07 AM
Adrian Willanger
206 909-7536 AdrianWillanger-broker.com - Seattle, WA
Profit from my two decades of experience

Elizabeth, I can only image what the short sale seller is going through when they get a call and told that their short sale will be denied if they don't come up with x-amount of dollars. It is like throwing a baby mouse into a snake pit. Thanks for the information. 

May 16, 2012 01:41 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

You've left me with quite the visual today.  A snake eating a frog and then vomiting it back up, to have it hop away.  No.  That is definitely not how Short Sale Sellers are left after dealing with any bank.

May 16, 2012 02:15 AM
Sandy Acevedo
951-290-8588 - Chino Hills, CA
RE/MAX Masters, Inland Empire Homes for Sale

Hi Elizabeth, there is a lot of good stuff to learn here, the frog notwithstanding. :) Had not heard about Green Tree before, and I am glad that now I know!

May 16, 2012 02:49 AM
Kevin O'Rourke - Keller Williams Miami Beach Realtor
Keller Williams Miami Beach Realty - Miami Beach, FL
CDPE Miami Short Sale Agent 305-520-9436

Elizabeth, I am about to start working on my first Gree Tree file.  I did some research on them over at ShortSale Superstars and it seems like they are one of the worst companies to deal with.  Oh well, at least I am prepared mentally to deal with them and I have prepared the Seller also. He is exactly as you described above, still current on his payments even.  Lets see who chews and spits out who!

May 16, 2012 02:54 AM
Larry Bettag
Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 - Saint Charles, IL
Vice-President of National Production

It really is too bad that you're going through this.  Always wish that there was something better and easier, but unfortunately, that's part of why we got to where we did in lending.  Too bad.  Not fun to go through either!

May 16, 2012 03:23 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Elizabeth -- two resources your clients could contact when they are being mislead or they are not sure of the right response would be the state Attorney General's office, and (though I think they may have too much power and not enough oversight) the Consumer Financial Protection Bureau.

Thank you for the good overview.

 

May 16, 2012 03:29 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

haven't done a greentree short sale, but "back in the day" did many a manufactured home loan with buyers using them. 

May 16, 2012 07:26 AM
Kathy Stoltman
Ventura, CA
RETIRED

I have experience with Green Tree holding the second on a short sale and while I have heard horror stories about Green Tree, with this particular transaction they were very cooperative.

May 16, 2012 10:13 AM
Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

Elizabeth, haven't had to deal with Green Tree on a short sale, but the horrors that many Sellers go through on the way to the closing table in a short sale - well, that is a post unto itself.

Sharon

May 16, 2012 10:50 AM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

It's not every day that I can read a good blog that's gotten the blogger all fired up.  The images you've detailed are very descriptive and at least a frog has a chance.

May 16, 2012 11:12 AM
Kerry Jenkins
Prime Properties - Crestline, CA

I've not worked with Green Tree either. Trying to do one with CAL HFA and they keep coming back with a number that's not reasonable for the market. Lost 2 buyers so far...

May 16, 2012 11:39 AM
Evelyn Kennedy
Alain Pinel Realtors - Alameda, CA
Alameda, Real Estate, Alameda, CA

Elizabeth:

I haven't had the joy of working with Green Tree and I am not to sure I ever want to.  I am not fond of snakes, but I have seen a snake swallow a mouse in just the way you describe. 

May 16, 2012 12:36 PM
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County
I have one of those right now that they are saying will go to collection if the seller does not make a payment prior to May 25th. How timely.
May 16, 2012 12:52 PM
Phil Leng
Retired - Kirkland, WA
Phil Leng - Retired

Hi Elizabeth,

I take it you are not a raving fan of Greentree?

Just wondering?

Phil

May 16, 2012 07:03 PM
James Dray
Fathom Realty - Bentonville, AR

Morning Elizabeth first of all congrats on the feature.  Now with the issue at hand, seen it happen and it is not a good thing.  Enjoy the day

May 16, 2012 08:57 PM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The banks have two faces...the one that is advertised is linked to baseball, apple pie and mom with the pledge of allegiance thrown in. Now that other face may appear different to many but it acts like the grim reaper...

May 16, 2012 11:37 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Elixabeth, The banks do make it hard and to top it off their attitudes Stink. I had no idea that Green Tree was so hard to deal with. I have had very little contact with them.

May 17, 2012 01:10 AM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Elizabeth - Don't hold back.  Tell us how you really feel. LOL.  Seriously, the banks can be so difficult in many ways.  I'm working on one right now that's going fairly well, but we're not done yet.

May 17, 2012 02:16 PM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

We seem to live parallel lives, Melissa. I have another client who is almost 30 days from chargeoff with Green Tree. She's been pressured with threats of a chargeoff. We don't want to go to chargeoff, not in the middle of a HAFA. However, there is no guarantee the new collection agency will participate in HAFA. This poor seller doesn't have many options.

May 18, 2012 01:36 AM