Short Sale With Greenpoint Mortgage Funding
Has anyone had experience with Greenpoint Mortgage. We are thinking to approach them to buy a loan in foreclosure. They are second in line, but first to foreclose. If anyone dealt with them, and know contacts in loss mitigation dept., please reply.
Yes, please give info on this company. I am new to ss and have come into contact with a family friend who has Greenpoint. Mort payoff is around 385k, they tried to sell last year at 330k, not sure how much $ in repairs, but fixed would comp out around 530k. Owner contacted lender and told my realtor that it would entertain a short sale. But from what I read here, this would not be a shortsale because of the amount of equity.
Has anybody been successful in getting a discount on a note with Greenpoint?
Thanks...
Finding out who owns the mortgage/note is the first step...
If Greenpoint owns it, they may be more flexible and receptive. However, if they service the loan for an investor who owns the mortgage, they may be less inclined to recommend that their client 'bail' out.
[addsig]
Invstrinwa
Can't sell for 330 but comps for 520 after rehab. That is exactly the kind of property that lenders want out of and will short sale. They are not in the business of rehabbing.
Good Luck
We just found out that the mortgage is owned by investor, Greenpoint is just servicing it. We are still thinking to pursue it, by finding out investor information from Greenpoint and approaching them. How likely is that?
If the Investor (who owns the mortgage) is in the real estate acquisition business... your Offer to purchase will serve to confirm that they have a good deal on their hands....
Quote:
On 2004-08-12 08:06, TheShortSalePro wrote:
If the Investor (who owns the mortgage) is in the real estate acquisition business... your Offer to purchase will serve to confirm that they have a good deal on their hands....
Even if the offer is low?