Michael Gaddis recently obtained short sale approval for a Green Tree 2nd lien. The subject property was a rental and the 2nd lien was a recourse 2nd. Quite simply, recourse means that if the 1st lien holder forecloses the 2nd lien holder could pursue the homeowner. Thus the homeowner was worried that in the event of a foreclosure Green Tree would pursue him for and force him 1) to file bankruptcy or 2) to negotiate a settlment with Green Tree that would cost him thousands of dollars. The homeowner realized that the best opportunity for he and his family to resolve this situation was to try and get Green Tree to accept a settlement through a short sale. The homeowner also realized that this matter was too important to entrust to just any real estate agent so the homeowner chose Michael Gaddis, a real estate agent that is also a licensed California attorney. The homeowner felt that his best chances at getting this matter resolved would be if Michael Gaddis was handling the transaction. The homeowner’s decision to use Michael Gaddis paid off as Green Tree put up a staunch fight demanding unreasonable settlement amounts. Michael Gaddis kept putting pressure on them until, finally, a settlement was reached that was acceptable to all.
Jenny Winford July 23rd, 2017
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