Report: #240012

Complaint Review: Green Tree Servicing

Submitted: Wed, March 21, 2007
Posted: Mon, November 14, 2011

Reported By: Johnnie — Sparta Tennessee U.S.A.

Green Tree Servicing

345 St. Peter St. St. Paul, Minnesota U.S.A.

Phone: 800-643-0202
Web:
Category: Mortgage Companies

Green Tree Servicing My 4 Million Dollar Mobile Home St. Paul Minnesota

*Consumer Suggestion: Amortization Schedule

*Author of original report: 11 years still no better

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1Author 1Consumer 0Employee/Owner

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You would think a Mobile Home that cost 4 million dollars would have to be plated in Gold but it is not.I financed it through Green Tree Services for a total of around $37,000 in 2000. Since that time I have made all my payments and to date I am not behind at all. After watching my payments with them I have found that since 2000 I have paid a grand total of $26 and some odd cents toward the principle. That figures out to around $3.17 cents per year I am paying in principle, the rest is interest. At this rate it will take me approximately 9875 years to pay this off. If you figure with my payments being $427.68 a month it comes to a grand total of $4,223,596.61 in total payments I will have made.

John
Middle, Tennessee
U.S.A.

This report was posted on Ripoff Report on 03/21/2007 07:06 AM and is a permanent record located here: http://www.ripoffreport.com/r/Green-Tree-Servicing/St-Paul-Minnesota-55102/Green-Tree-Servicing-My-4-Million-Dollar-Mobile-Home-St-Paul-Minnesota-240012. 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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REBUTTALS & REPLIES:

1Author 1Consumer 0Employee/Owner

Updates & Rebuttals

#1 Consumer Suggestion

Amortization Schedule

AUTHOR: Jay - (United States of America)

SUBMITTED: Monday, November 14, 2011

POSTED: Monday, November 14, 2011

Hi. I read your post and I thought I could shed some light on the subject for you. What you are describing is a standard amortization. The way it works is the first 5-10 years of any mortgages, the majority of the payments is going to pay interest. Around year 13-16 it should be about equal and the last half of the term the majority paid will be principal. I am not a fan of Green tree and their business practices either. However, in your situation I do not believe that anything shady is going on. If you would like further explanation I would suggest you contact Green tree and request a copy of your amortization schedule so that you can see it in print. I hope this helps.

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#2 Author of original report

11 years still no better

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

SUBMITTED: Monday, October 24, 2011

POSTED: Monday, October 24, 2011

I am now 11 years into this loan and still have not paid a $1000 toward the principle. Byers beware this company is a crooked institution. If anyone has any suggestions on anything I can do please let me know!!

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