• Report: #345952

Complaint Review: Conseco - Green Tree

  • Submitted: Mon, June 30, 2008
  • Updated: Tue, March 24, 2009

  • Reported By:Conroe Texas
Conseco - Green Tree
332 Minnesota St. Ste. 610 St. Paul, Minnesota U.S.A.

Conseco - Green Tree randomly increased payments without warning, kept inaccurate records, & evicted me erroneously St. Paul Minnesota

*UPDATE Employee: Some of these problems are of your own making--Conseco no longer in Mortgage Business

*UPDATE EX-employee responds: dont know where to start

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I bought a mobile home in 2002 financed by Conseco. At first the payments were manageable, but it wasn't long before they sold my loan to someone else (according to them) and suddenly my payments increased markedly. I was now paying over $600 a month for a mobile home that was on rented property that was costing me and additional $300 per month. Then, they couldn't get their paperwork right and they constantly told me that I hadn't made payments that I knew I had made, so I was constantly charged late fees that I didn't owe.

Before long, I was told that my insurance had lapsed, and they added their own insurance on my note, which was outrageous, and I was told there was nothing that I could do about it because my contract required that I carry insurance. I tried to tell them that I had not had a lapse in coverage, but they required me to carry theirs until the situation could be cleared up, and noone could seem to tell me when that would be.

By the time I got bogged down with late charges that should never had been and insurance charges that should never had been and taxes that were never corrected because I was never provided the paperwork to be able to file a proper homestead exemption in a timely fashion, I was in a hole that I couldn't get out of. I went away for the weekend and when I came back someone had ransacked my house. It looked like I had been robbed. I guess they had sent their people to ready the house for foreclosure and simply rummaged through it to see what all of value was in it. They had left the door unlocked so that anyone could have stolen what was left inside.

Fortunately, I had moved most of my stuff because I knew I was about to be evicted, but I had not completely moved out yet. What was left in the house was completely destroyed and left in piles in the middle of the various floors. Then they sold (according to them) a 28 X 76 foot doublewide that didn't have a mark of any kind and had a huge wooden porch built on it for $20,000 and filed a $27,000 foreclosure on my record that until this day keeps me from being able to buy a house.

I was notified after I had financed the house that the interest rate that Conseco was charging me was over the allowable limit, but it was too late for me to do anything about it. They take advantage of poor people, single women after divorces, and people with bad credit who don't have other options because they know they can. By the time they get finished with us, we are ruined for years. Someone ought to be able to stop them.

Conroe, Texas

This report was posted on Ripoff Report on 06/30/2008 01:39 PM and is a permanent record located here: http://www.ripoffreport.com/r/Conseco-Green-Tree/St-Paul-Minnesota-55101/Conseco-Green-Tree-randomly-increased-payments-without-warning-kept-inaccurate-records-345952. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 UPDATE Employee

Some of these problems are of your own making--Conseco no longer in Mortgage Business

AUTHOR: Mrpicture - (U.S.A.)

#1. - Companies sell mortgages all the time...not illegal.

#2. - Every mortgage under the sun says if you let your insurance lapse, the mortgage holder has the right to purchase insurance and charge you for it (normally at a much higher rate than if you had purchased it yourself). This is not only legal, it is good business...they are protecting their investment, since you did not.

#3. - In 1998, Conseco FINANCIAL purchased Green Tree financial (GTF). The owners of GTF LIED on their financials: they had many non-performing loans that were hidden from Conseco Financial. This subsequently caused Conseco Financial to go into bankruptcy.

In 2003, Conseco emerged from bankruptcy: this is found on the FREE LIBRARY website: http://www.thefreelibrary.com/Conseco+gets+approval+to+leave+bankruptcy.(Companies)(Brief+Article)-a0109904858

"A plan for reorganizing a firm during the Chapter 11 bankruptcy process has been approved by the court, paving the way for the company to come out of bankruptcy as an insurance-only operation."

Conseco no longer has a mortgage business, so take care when slandering the company, lest you be served with a civil suit.

I am not a direct employee of Conseco, but work for a subsidiary, PMA.
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#2 UPDATE EX-employee responds

dont know where to start

AUTHOR: Xxxxxxemployee - (U.S.A.)

Kathy--loans are sold all the time there's nothing illegal about that. The question becomes did you stay at a fixed rate or an ARMS? fixed is a plus arms will ruin you without a doubt. As far as your payments, they can tell you the last pymnt received and how it was made. If you make your pymnts thru your bank they should be able to give you a print out your last chekcs. late fees are accrued in 2 ways: per diem which is so $ much you're charged for each 15 or 30 days past due, accrual is an extremely high charge that can vary each month so look at your contract, its all stated. Insurance can lapse, if you have your own simply have the co fax a copy of the dec page ( please keep a copy for yourself) you have to fax fax fax from your end as well as the insurance until GT gets it. I will admit that they are very slow on getting the fax because it needs to go to the insur dept, and they dont always get the fax because its sent to your acct rep which cant help you they'll end up confirming they did get it and then trasfer you to the insur dept. they will verify with your landowner if the home is vacant, if it is then they send someone out to inspect and then remove the home. its a loss for GT because they have to write it off to the IRS as a loss and you're taxed at a gift rate of 20% which can do serious damage to your credit. This is not meant to upset you, single parents, with or without kids that dont have the best of credit look at a mobile home as being next best thing to a reg home but its not, what started out as a good idea end up costing you alot and before you know it the home has lost its value and you're stuck making pymnts or you lose it. I'd rather live in an apt or rent a house before i ever purchase a mobile home.
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