Regular payment on mortgage is necessary to pay from borrower to lender. Mortgage has long period that may affects financial condition. Sometimes, the payment cannot be available in further years due to loss job or other issues.
In this case, lender will try to do short sale. Moreover, Greentree Mortgage short sale may be the borrowers’ idea because they realize that mortgage cannot be continued.
What is short sale? It is sale of property that falls short from the rest of debt. Basically, short sale attempt to fill mortgage, but lender only gives the price as high as principal loan.
After the short sale, all debt might be completed, but there is a chance that borrower still has debt. To know more about Greentree Mortgage short sale, read the next sections.
Greentree Mortgage Short Sale Overview
What is difference between short sale and foreclosure? Short sale comes from lender, borrower, or both. Initially, borrower sees that further payment cannot be done due to some reasons. In this case, they will apply to do Greentree Mortgage short sale.
You need to prepare documents and requirement for such purpose. Greentree Mortgage will review and assess whether the short sale is eligible or not. Document will be evidence that there is issue or intention regarding short sale process.
Greentree Mortgage loan consists of principal loan and interest. After Greentree Mortgage short sale, both will be closed completely. Borrower does not have loan or mortgage, but still has the right to obtain it in the next year.
Actually, short sale gives a slightly bad score for credit, but it’s still eligible to apply. On contrary, foreclosure is not recommended because all process will be exposed to public and through court. Borrower has bad score than will affect applying next mortgage.
Greentree Mortgage short sale is only option to overcome difficult issue. Clients may choose various services to keep home. One of them is refinance. Short sale transfers ownership from borrower to lender, but there is relocation support.
Refinance will keep mortgage, but with different term. This is good choice to extend period with lower payment that’s suitable with financial status.
Refinance also has some procedures to follow. You need to prepare when deciding to apply and provide eligible documents as support.
One key issue about Greentree Mortgage short sale is the type of loan. As you know, only certain loan is capable to turn into short sale. You should know what loan you choose as mortgage from Greentree Mortgage.
There are conventional, veteran loan, FHA mortgage, and USDA mortgage. Each of them has various terms, rates, and procedures. You need to consider the rate and period of mortgage. Short sale has purpose to pay the debt. Moreover, the longer period gives much amount to be fulfilled.
In order to support client about Greentree Mortgage short sale, there is customer service number. Greentree Mortgage contact center is available at 865-596-8858.
You can visit website at www.greentreemortgage.com for prior information about mortgage. For further service, customer service will point you into the proper solution.