• Report: #623301

Complaint Review: Green Tree Servicing

  • Submitted: Wed, July 14, 2010
  • Updated: Sat, July 31, 2010

  • Reported By: smcd402 — Proctorville Ohio USA
Green Tree Servicing
PO Box 6172 Rapid City, South Dakota United States of America

Green Tree Servicing GreenTree Mortgage Refusing to Provide Payoff for Loan!!! Rapid City, South Dakota

*Consumer Comment: Time for a class action suit

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I have an equity line of credit with Green Tree.  It was originally with Irwin Home Equity, but several years ago, they went out of business and Green Tree took over my loan.  I have always paid this loan, which btw, has an extremely high interest rate and also has a balance that seems to go up with each payment rather than down.  On possibly two occassions, I have been five days late in paying, which actually falls within their so-called "10 day grace period."  During those five days, I have been harassed by the company, who call literally every 1/2 hour, all day.  As bad as this is, it has now gotten much worse. 


I am currently in the process of obtaining another loan through a different company who will pay off my equity loan through Green Tree and provide me with a much better interest rate.  My loan is ready to close, all but one factor...Green Tree.  The company has attempted to get a payoff amount from Green Tree for the past month and 1/2.  Green Tree refused to give it to them.  The issue is that they do not have access to the original contract that was made between myself and Irwin Home Equity in 2006.  Apparently, Green Tree took over the loan when Irwin Home Equity closed, but failed to keep any records...so they say!  There records, as I am told by representatives from Green Tree, are kept in a "vault."  And it seems that no one can access this vault.  My original contract with Irwin Home Equity said that if I prepay the principal on my loan before the first five years, then I am required to pay a penalty for early closure.  The fee is based on six months of interest for the amount being paid off or $500, whichever is greater.  I have no problem paying this, but Green Tree says they do not have a copy of this part of the contract because it was an addendum that is now tucked away in this mysterious vault.  And according to them, they can't get to it and have no idea when they will be able to.  So, they aren't able to provide the company I am trying to refinance through, or myself a payoff amount so that I can pay off the loan in full.  I have faxed in my copy of the original contract with Irwin Home Equity, which expressly defines the penalty, but they will not accept it.  They also will not allow me to pay off the principal without the penalty fee, even though they have no record of this part of the contract.  Sounds to me as if they are stalling and/or not doing their job on purpose, so as to prevent me from obtaining another loan and paying off this loan, and therefore losing the astronomical amount of profit they would otherwise continue to receive from me for years and years to come.  I have called and called, and am told there are no supervisors or any other numbers, departments, or anything to contact.  I can sent in a dispute letter, but that is the only option I am given.  Apparently they don't want anyone to payoff their debts...


This report was posted on Ripoff Report on 07/14/2010 09:07 PM and is a permanent record located here: http://www.ripoffreport.com/r/Green-Tree-Servicing/Rapid-City-South-Dakota-57709/Green-Tree-Servicing-GreenTree-Mortgage-Refusing-to-Provide-Payoff-for-Loan-Rapid-City-623301. 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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#1 Consumer Comment

Time for a class action suit

AUTHOR: mr. c - (United States of America)

i originaly bought my home in march 1998. i got my loan with Bank of America,which then switched to Greenpoint to Green Tree. i hit financial hardship and started getting calls from them. when they refused to work with me, i just stopped answering my phone. they started calling and harassing my family. i was fimally foreclosed on in august 2006. granted it was a huge wieght off my shoulders,the phone calls kept coming demanding payment. i disconnected my number and heard nothing for about 3 years. then one day i got a collection letter demanding payment in full. i responded by telling them "i'm not paying on something i do not have ownership of anymore and to stop harassing me." so far i hven't heard or got any letters from them. its just a matter of time before they start again. i think its time for everyone who has been ruined by these people its time to file a class action suit. its time to band together and show these idiots we are not rolling over for them. if any body has any ideas on how to get this rolling respond.
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