• Report: #828910

Complaint Review: Green Tree servicing

  • Submitted: Thu, January 26, 2012
  • Updated: Mon, February 06, 2012

  • Reported By: Luis — Ragley Louisiana United States of America
Green Tree servicing
Green TreePO Box 6172 Rapid City, South Dakota United States of America

Green Tree servicing Not Financially Keen, Keen Enough to Know Crooks! Rapid City, South Dakota

*Consumer Comment: Greentree servicing interest charged vs principal

*Consumer Comment: Did you really mean this?

*Consumer Suggestion: The answer is easy - sell the house

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As a Active duty Infantry Soldier in 2001, I was transferred to Lake Charles, LA, to perform recruiting duties. The local area was unfamiliar to my family and me. I was in a bind because I had 2 daughters and a wife living in a motel until I was situated. I decided that my best action was to by land and a manufactured home out in the country. Unfortunately, my debt ration was to low. Under stress I called my Father for assistance with a co-sign. It turned out that my dads credit and 12% interest rate was not compatible. My Father  went ahead and let me sign for him. Although, intending to refinance later since I was in a homeless position due to me Army Transfer. Well, that opportunity never came. Green Tree bought the loan from Conseco, and I have been paying faithfully through out my career in the Army; over $5000.00 interest for ten years now, and cannot claim any taxes on it because the house is not in my Name. [continued below]....
..... Out of those 10 years, I resided in the house only for three years. The rest were spent living in Government Housing on  military installations. I have struggled for years paying on a house I was not living in. And three of the seven years were spent in Iraq. Issues with GreenTree Servicing: -a. No refinancing- b. cannot take fathers name off contract- c. I will be paying for a Mansion and it is only a 68x26 Manufactured home -d. My Father needs this contract changed in my name. e. I am paying for a home that valued at $55000.00 and still owe $48000. 00 + after 13 years. Currently, living in the home and retired honorably from the Army Infantry for 22 years. Can anyone of you kind citizens offer any ADVICE?

 
 


This report was posted on Ripoff Report on 01/26/2012 08:44 AM and is a permanent record located here: http://www.ripoffreport.com/r/Green-Tree-servicing/Rapid-City-South-Dakota-57709-6172/Green-Tree-servicing-Not-Financially-Keen-Keen-Enough-to-Know-Crooks-Rapid-City-South-828910. 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

Greentree servicing interest charged vs principal

AUTHOR: Barbara A - (United States of America)

I too am a victim of overpaid interest. I pay my morgtgage on or before the due date and after over 14 years paying on a 28x70 mobile home that financed for 59,000 but still owe 51,000. Its a shame. I don't see how I will ever pay this off at this rate. The principal never seems to go up. How can a customer pay off a loan in 30 years like this. I was told serveral years ago my principal would be around $95 dollars if paid on time. That's no true because if you pay early one month and on time the next month thay take most of the payment and apply it to interest. If there is anyone who can help up pleeeeese do!!!!
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#2 Consumer Comment

Did you really mean this?

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

First off I do thank you for your Military Service but at the same time it has NOTHING to do with your report.

My Father  went ahead and let me sign for him.
- You are aware that this is a PUBLIC web site and it appears that you have basically said that you forged your fathers signature.  Even if you had his permission this sure does not make you come off looking too good.  I also wonder how your CO would have reacted if they got wind of this report while you were Active?

As to the rest of your "RipOff".  How or the reason you got the house doesn't matter.  How many years you have or have not lived in the house doesn't matter.  Who is paying the mortgage doesn't matter.  It matters who is legally responsible for it. 

Because you are not on the Mortgage you realize you are not getting any "credit" for it.  But that also means that you have no "responsibility" for it either.  You could technically just walk-away and not pay a single dime more.  Now the effect on your father would be quite drastic, but you would come out fine.

The ONLY way you are going to be able to get this house in your name is to get approved for a loan on-your own.  You are not going to find any finance company who would be willing to just turn over responsibility of the Mortgage to someone who can't get approved for a loan.
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#3 Consumer Suggestion

The answer is easy - sell the house

AUTHOR: Steve - (USA)

" Out of those 10 years, I resided in the house only for three years" - have you rented it out the other 7 years, or was your family staying there? If not, this sounds like a terrible decision; next  time you move, you should rent instead of buy. I mean, the army is obviously moving you around a bit, so buying is not the way to go. 

"My Father  went ahead and let me sign for him" - I take it you mean that HE signed the loan, and it is totally in his name? This sentence is confusing.

Anyway, the lender is doing nothing wrong here; you cannot just "change the name" on a loan no matter who the lender is. 

Given that a lot of your figures do not add up (you say you have been paying interest for 10 years, but owe 48000 after 13 years, etc). I would advise against you buying a house again, and always renting. It is much simpler, and you will not risk being in a situation like this. 
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