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Current on Your Mortgage? Short Sale Denied!
 





 
 
Borrower:  Elderly gentleman at retirement age
 
Property:  Florida home that was rented out, tenants vacated
 
Lender:  Green Tree Servicing
 
Hardship:  Major expenses due to spouse being in head-on collision. She will require extensive medical treatment for years and require relocation for appropriate care. 
 
Mortgage status:  Payments kept current from savings.  Account drained from $35,000 to $3,000.
 
Seller’s Logic to Make Payments:  “I am keeping up my end of the mortgage agreement in good faith”
 
Green Tree Conclusion: Short Sale Denied
 
Green Tree Investor states:  “We are willing to take a hit if you are willing to take a hit on your credit.  You are current with your payments.  Short sale denied.”
 
You think I am making this up?  I am not.  This homeowner contacted his lender before asking me to sell his home as a short sale.  He was told he could continue to make his payments and his short sale would be considered.  Yet, he was denied.  Guess what?  After I notified him of the denial, he said he will no longer be making his mortgage payments.  He held up his end of the bargain ... more

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