I have ready many of the complaints listed on this site about Green Tree, and I think I may have one that takes the cake. Here goes:
In 2000, I was going through a rough divorce and was trying to find a decent place to live with my 2 kids. I found a repo'd manufactured home that I liked and decided to buy.
The original purchase price of the home was approximately $43,000. Being a first-time buyer with poor credit and few options, I didn't negotiate price or look for alternate financing, so I ended up with a 17% (yes, that says SEVENTEEN PERCENT) interest rate loan for 25 years. (Boy, did they ever see me coming or what?)
Over the last 6 1/2 years, I have been late a few times, but have always made arrangements to get caught back up and have not made a late payment in over a year. One might ask why I never refinanced - the answer is simple: my house is too old (20 years), and it is in a trailer park. No one will touch it.
I have contacted Green Tree on several different occasions asking them to consider temporarily lowering my interest rate, which they did once for me, but when I was laid off from my job and got behind on payments they immediately hiked the rate right back up. The excuse I get for not lowering my rate at this point is that my home doesn't qualify.
I have paid well over $40,000 in payments in the past 6 1/2 years (not including my lot rent) for this home, but if I were to pay it off, I would need to give Green Tree over $48,000. I couldn't sell this house for half of that amount! I pointed that out to Green Tree, and their response was to contact them to work out a payment arrangement.
Green Tree doesn't care about me, or any of it's other customers. Green Tree is in the business of making money, and they will do anything they can to do so. At this point in my life, I would never recommend anyone purchase a manufactured home (or trailer, or mobile home, or whatever else you might want to call it), but if they insisted that was what they wanted to do, I would warn them to steer clear of Green Tree. It would be better to rent an apartment for the rest of your life than to tangle with this company.
Swartz Creek, Michigan