You might think on my 60th birthday that I would talk about something other than a short sale. But if you know me, you would know how nuts that thought would be. Because I talk about short sales all day long. Just ask my husband. He's sick and tired of it. And now he's gonna be locked in an oceanfront cottage with me because we're off to the coast to celebrate. I tell you, this man is a saint.
I had this photo taken last week at Ella Dining Room & Bar, back at the tender age of 59.99. I am no longer in my 50s today. That is kind of a weird feeling. Turning 50 was no big deal. In fact, I talked about it so much that when I turned 49 I thought I had turned 50. My office staff put up balloons and hung "you're 50" posters, and it turned out I was only 49. That was kind of embarrassing. I actually had to subtract the year 1952 from the present year to figure out my age.
Doing the math is important. Especially in a short sale. For example, when a lender like Green Tree in a short sale says it will send your file to charge-off if you're 6 months delinquent, you should pay attention. If you're in the middle of a short sale and trying to close, the file will most likely go to charge-off. It doesn't matter if you have a short sale approval letter. It doesn't matter if you are in the midst of a HAFA short sale. Green Tree doesn't seem to care. It will send your file to charge-off at the 6-month mark.
People say that Bank of America owns Green Tree, but that's not necessarily true. I believe Bank of America is perhaps its largest stockholder, though. Bank of America has sold many, many underwater loans to Green Tree. Green Tree services those loans and is a collection company. Green Tree will call and hound borrowers to death demanding payment. Clients tell me Green Tree is rude and obnoxious, and might even threaten to stop the short sale if a client doesn't pay. But that latter part would be a lie. They don't have that intent. However, they can delay it.
If you're in a short sale with Green Tree, don't get too close to that 6-month charge-off date because you might have to start over. Sometimes, making a payment is to your advantage. It's an area I'd like to see lawyers look into and determine whether Green Tree's demands for payment in order to approve the short sale might violate California Civil Code 580e. In my book, it looks like Green Tree is demanding a seller contribution.
But I don't practice law. I'm not cranky enough. I am crazy enough to be a Sacramento short sale agent, though.
Photo: Elizabeth Weintraub 2012
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