Conseco is a company that preys on single homeowners, seniors and minorities. I know someone from each of the categories that have gotten suckered into a loan with this company. It happened to me. I have a first and second mortgage with them. Of course each time they made the numbers sound so appealing and just what I needed. "I was vulnerable." They knew they shouldn't have loan me that much money because 70% of my net income was going to the loan. And of course Conseco does not collect for taxes and insurance so I had to pay that separate from the mortgage payment.
When I got in financial trouble and asked Conseco if I could skip a payment. They said "oh yes, we'll just add it on to the end of your loan." That sounded great. About a week later I get a call from them wanting to know when I was going to pay the $275 for skipping a payment. How ridiculous is that? First of all the customer service person didn't tell me there was a fee. That was the beginning of my unhappiness with the company. They never put your balance on the monthly statements.
After talking with another company about refinancing, they had to call Conseco to find out my balance because Conseco is not even listed on my credit report. I got deeper into debt trying to keep up with the high payments. I lost a second income that I was receiving. I explained this to Conseco, but they had no empathy for me. They just wanted their money. With the mortgage rates being so low, I asked Conseco to modify my mortgage. Of course, no problem.
Their idea of a modification (reaffirmation) was for me to skip 4 months of payments. That would've been great except they were offering me Nov - Feb, I was still sending them money. And too bad I didn't know about this until February and I had to resume payments in March with the additional fee added for the modification, I would now be paying them over $1300 a month out of my $1700 pay.
They offered me the same interest rates (14.7 & 10.84) as was on the original loans. No I did not sign the reaffirmation. Well I filed for Chapter 7 bankruptcy from my other creditors. I want to keep my house and continue paying Conseco. Of course once they were notified of my bankruptcy they have started sending me these letters with these outrageous amounts on them that I owe and need to pay or they will have to exercise the loan agreement.
I will take responsibility for not being an informed consumer and putting myself deeper into a hole. I keep hearing if you're having problems paying just let the creditor know. Well it does no good to let Conseco know. They loan folks money knowing they will not be able to make the payments. I'm telling everybody I can - do not do business with Conseco Finance or any of its subsidiaries.