Greentree / Conseco Rip Off Majority payment put to interest. Hardly anything to principle Rapid City South Dakota

We have a second mortgage with Greentree. It is not on a mobile home, but a stick built home. We had an addition built 9 years ago for $21,000. Currently we still owe $19,627. I am not behind in any payments. My "due date" is on the 15th of the month. I usually send my payment out on the 3rd (i receive social security payments). In the year of 2006 (making all payments before due date.) $229.29 was put towards principle. $2,227.71 was placed towards interest. I send $210.00 in per month.

According to greentree they received my January payment of $210 on the 10th. $10.35 was placed towards principal and $199.65 was placed towards interest. We have contacted the company and was told that the payment had to be received 30 days after the last payment or extra money is taken for interest. Why even have a due date. Or make my due date for 30 days after the last payment. They don't do this because they want to keep every penny that they can. I also make my check for a even $210 per month, this is usually a few dollars more than is due.

The company has never placed that money towards additional principal. They minus it from the next months payment. This way the few extra dollars will not help pay off the balance of the loan faster. I have NEVER heard of an mortgage company that works like this. Due to my financial situation I can not refi my home and get rid of this "rip off" company.

I would love to be included in any class action law suit that would be applied against this company. At this rate my children will still be paying on this loan when I am 90 (granted I am only in my mid 30's).

The company takes advantage of people. They never charge a late fee, because they just keep the whole payment. I have yet to find a online bill pay that greentree accepts. My thoughts is because I would be able to set up direct payments for every 30 days. They wouldn't beable to keep the majority of my payment then. DO NOT sign with this company...That would be my advice.

Ronald
Madison Hts, Michigan
U.S.A.