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GreenPoint Mortgage / 2nd mortgage

1 P.O. Box 79363 City of Industry, CA, United States Review updated:
Contact information:
Phone: 7063230315

I have a 2nd mortgage on my home that I can no longer afford or pay for. It is in an upside down loan now and I have vacated the property and my realtor is still trying to sell it on a short sale. It has been on the market 10 months and no offers. I have moved out of state from where my home was, have no job, and moved in with my son and daughter-in-law. This company calls me 3 and 4 times a day. I have written them a certified letter and spoken to them numerous times. I do not know what they want from me. I have told them over and over again that I will keep them posted on the sale of the home (if it happens). Not even the 1st mortgage company is harrassing me as I have written to them the same letter and spoke to them with the same information. I am tired of the harrassing calls and they have called late at night because I still have a CA area code on my phone. I have told them that I am in the Eastern Time Zone now, they did not care.
What can I do?

Mi
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Comments

  • Di
      4th of Nov, 2008
    0 Votes

    I have an nteresting Question: Why would a second trust deed holder pursue a trustee sale? My first trust deed with Greenpoint is defaulted and a sale date has been posted. After numerous conversations with Greenpoint I have requested a reinstatement with the arrearages owed be negotiated and tacked on the back end of the loan. I am waiting on their approval and also a foreclosure sale date postponement to handle all of this in time before I should lose the home. I’ve had to stop paying my second trust deed at about the same time I stopped paying my Greenpoint loan payment. Now they are threatening foreclosure but no NOD filed yet. It has been 8 months since I’ve paid them.

    If I cure the first and reinstate the loan and the second trust deed were to go to sale wouldn’t they have to take back the property subject to the first? Currently there is enough equity in the home to cover the first but only a fraction left over for the second trust deed. As the market continues to slide it makes no sense to pursue a sale and right of security.

    First T.D. is with Greenpoint for $370, 000 and the second is a HELOC with WAMU for $185, 000. The home’s value is approx. $425, 000. I have a buyer for the home in the event Greenpoint won't reinstate my loan as a back up plan again requiring the postponement to negotiate a short sale with the second trust deed holder.

    The only choice I seem to have is to stop all payments and allow the home to foreclose, reinstate the first T.D. only until the second does ??? or sell the home and pay off the first and ask for a short sale on the 2nd. Any suggestions? Should I worry about the second trust deed making a manuever that I'm not aware of causing me more harm than good. Should I negotiate a forebearance with the second until the market rebounds? That is the only way they have a chance of a return on their loan except to pursue a judicial foreclosure where they have a chance at claiming a deficiency judgement against me personally.

    My head is spinning. Can someone help me??

    Also, Greenpoint informed me today that they are selling many, many of their loans to Countrywide. They are unable to assist me due to their staff working on packaging up the loans for sale to Countrywide. Interesting. They said my loan was not one of those loans being sold.

  • Ep
      12th of Nov, 2008
    0 Votes

    CAUTION!!! When dealing with greenpoint, look out. They will act like they are working with you on the short sale and will delay delay delay, stop communications and then will have your home auctioned off like it was nothing to them.. They do not care about the homeowner! They get paid more by foreclosing than by doing a short sale. Look at their servicing agreements...it is in black and white!

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