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lilly0623
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 Posted: Thu Jul 02, 2009 2:05 pm Post subject: Applied for Short Sale with GreenTree on Mobile Home... |
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I recently applied for a short sale with GreenTree servicing for a mobile home that I bought from them 10yrs ago. Since purchasing the home I have never been more than 15 days late and I have paid in more than $25000. The original contract shows that only $26000 was financed at 10%. but my payoff is still more than $25000?!?!
My husband is in the military and we had to move from Georgia, where the mobile home is, to Texas over 4 years ago. We now have orders to Idaho and are trying to sell the home we purchased in Texas. Until the mobile home in GA or home in TX sells, we will have 3 house payments. If GreenTree approves the SS, how will it affect my credit? |
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 jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Thu Jul 02, 2009 7:41 pm Post subject: |
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Hi lilly,
A short sale will lower your credit score by 75-100 points. Moreover, you'll also be responsible to pay off the deficient amount resulting from the sale of the property. If you're unable to pay the deficient amount, the lender may garnish your wages.
You won't be able to purchase a property immediately after short sale. You will have to wait for at least 2 years to buy a new property.
Thanks |
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everyman
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| Posted: Wed Oct 07, 2009 9:32 am Post subject: Garnish wages |
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| Green tree can not garnish wages. That would be illigal. |
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