Green Tree

Short Sale Telephone: 877-816-9125   |   Short Sale Fax: 877-612-2422
Document Submission Email: shortsalearm@gt-cs.com

Note: Send documents to both fax and email.

Note: Assigned parties (Processors, Negotiators, Closers) have specific email addresses they can provide, if pressed.

Required for Initiation

All documents must be emailed and/or faxed directly to the lender.

To initiate the process, fax:

  1. PSA
  2. HUD
  3. Buyer Pre-Approval/Buyer Proof of Funds
  4. Borrower financial information (see Doc Pac)
  5. Listing Agreement
  6. 4506T Form
  7. MLS Sheet

The Process

Green Tree negotiates with three structure phases: Processing, Negotiation and Closing; however, first the file needs to be referred for a short sale.

Before your file is assigned to a Processor, it will be with a Customer Relationship Manager. Call daily to have the CRM “refer for a short sale.”

Processors: Collect additional documents, request document corrections, order appraisal, complete the file

Negotiators: Respond to the offer, respond to investor fee caps, determine relocation incentive eligibility, request investor-specific requirements, determine cash contribution requirements

Closers: Issue final HUD approval at the close of the transaction

Timeline for Approval

  1. Manually fax short sale package, push your Customer Relationship Manager to refer for a short sale (4-7 days)
    1. Note: Frequent calls help the file move
  2. Relationship Manager assigns a Processor, Processor reviews for corrections/additional document requests, orders BPO (7-14 days)
    1. Note: Frequent calls help the file move
  3. Complete file (with BPO) forwarded to negotiator for review (3-7 days)
  4. Negotiator reviews and responds to offer (2-5 days)
  5. Negotiator submits offer for approval to investor (2-3 days)
  6. Investor reviews and issues approval (5-10 days)

Four Lender Specific Tips

  1. Ask how to send documents: Each party assigned varying preferences for how they prefer to receive documents.
    1. As soon as you speak to your assigned party, ask: “How would you like to receive documents?”
  2. Use the phrase “refer for short sale” after you initially submit: Files not pushed to the short sale department can remain untouched. After you fax the documents:
    1. Call daily to ask for your relationship manager to refer over.
    2. Any party can refer for a short sale, so if you can’t reach your assigned party, ask anyone to help you.
  3. Include an MLS Sheet in all submissions: Typically, Green Tree will request an MLS sheet to complete a package. Include this initially to save time.
  4. Speak to your assigned party/don’t waste time leaving Voicemails: Unlike other servicers, your assigned party will answer the phone, if called regularly. They have access to more information than other customer service reps:
    1. Call repeatedly to get to your assigned party.
    2. Don’t leave a voicemail; just call every few hours until your party answers.

Value Dispute Procedure:

Lender counters the offer higher than the parties believe the property is worth.

  1. Respond to lender's counter with the buyer's highest and best
  2. Provide an independent appraisal or full agent MLS sheets for three comparable sales (providing all characteristics), and if available, three active comparable property MLS sheets
  3. Provide a CMA report
  4. Comparable requirements:
    1. Closed sales no more than six months old
    2. Similar in size, age, condition and characteristics
    3. Within one mile proximity of the subject property; OR
  5. If there are Repair/Hazard Issues:
    1. Provide a line item repair estimate from a licensed contractor or engineer on business letterhead with the costs to cure the damage
    2. Provide photos of the damage
      1. Note: Excessive photos will be rejected
      2. Place photos in a zip file if sending more than three
  6. Time given to provide documents for value dispute: 24-48 hours
  7. Potential wait time for value dispute results: 2-4 weeks
    1. Note: This time can be expedited if you provide a complete dispute package and follow-up every 2-3 days.

Lender Specific Documents

Lender Escalation Procedure

Compared to other lenders, escalations will likely not be necessary with Green Tree.

If a file hasn’t been notated or moved in 10-days:

  1. Request the name and phone number of your assigned party’s supervisor
  2. Leave a voicemail for the supervisor asking for movement
  3. If no response from the supervisor in 3 days, fax a written request to the main fax line

Best way to receive a response: Call your assigned party regularly.

Closing Process

  1. Send final HUD for approval: Green Tree reviews the HUD-1 Settlement Statement for final approval 48 hours prior to closing.
    1. In second position, Green Tree does not require final approval.
    2. Note: Notice of HUD approval will typically be received via fax from Green Tree.
  2. Sign and Return Final Closing Materials: Green Tree’s approval letter provides closing instructions and final closing docs should be emailed to: finalhud@gt-cs.com (sometimes gt.final.hud@gt-cs.com) and/or faxed to 855-854-5146 (per the approval letter).
    1. E.g. Short Sale Arms Length Affidavit, HAFA Affidavit, Approval Letter, Insurance paperwork etc.
    2. Send the documents to the Negotiator (Typically: firstname.lastname@gt-cs.com or firstinitiallastname@gt-cs.com)
  3. Processing Tips:
    1. Include loan number in the subject line of all email correspondence
    2. Include a forwarding address for the seller

Approval Extensions

To request an extension of an approval:

  1. Reach out to your contact listed on the approval letter via email to make request
  2. Call and email to follow-up daily (Negotiator’s typically very friendly and easy to work with)
  3. Approval extension will be received via fax