- Report: #229334
Complaint Review: GreenTree
Related Reports
Featured Ripoff Reports
Ripoff Reports
Ripoff Report on CBS 19
Ripoff Report on CBS 19 - Global Marketing Alliance
Ripoff Report on ABC 15 - Smart Shopper
Ripoff Report - Girls Gone Wild
Ripoff Report on Fox 11 - Car Repair
Special Features
-
Doctored Reviews is designed to help patients, doctors, and websites understand the problems created by Medical Justice, a company trying to restrict online patient reviews, and to offer some ways that let patients freely talk about their healthcare experiences. -
The government should serve voters, not corporate special interests. Public Citizen works to empower ordinary citizens, reduce the influence of big corporations on government, open the government to public scrutiny, and hold public officials accountable for their misdeeds. -
WHAT YOU NEED TO KNOW ABOUT THE BBB: NOT a government agency as listed in your local phone book. Instead the BBB is a private non-profit / franchise operation. 20/20 exposes the BBB, Hamas Terror Group Gets 'A' Rating - BBB is running a "pay for play" scheme.
| GreenTree PO Box 6172
Rapid City, South Dakota U.S.A. |
|
Green Tree Servicing No payment towards principle in 6 years, all interest Rapid City South Dakota
*Consumer Suggestion: Since you plan to look at your loan docs,
*Consumer Suggestion: Since you plan to look at your loan docs,
*Consumer Suggestion: Since you plan to look at your loan docs,
*Consumer Suggestion: Since you plan to look at your loan docs,
*Author of original report: Type of loan
*Author of original report: Green Tree Servicing No payment towards principle in 6 years, all interest Rapid City South Dakota
*Consumer Comment: What type of loan is described in your contract??
Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™
I noticed on a tax document I received from Green tree that in 2005 no money was directed towards the principle of the loan for that year. I called Green Tree and asked why that was and I got this big spill on a simple interest loan. I was also told not only was all my payments going to interest but I was still in the rears on interest; meaning I was not paying enough to even cover the interest.
I asked for a breakdown of all the payments I made and they agreed to send it. Upon receiving this form I was mortified! Not only were no principle payments were made in 2005 but also after 6 years of making payments to Green Tree in excess of $30,000 only the first 2 had principle payments. I had made a Grand Total of $25 toward owning my Home.
I realize most money of the first payments is for interest but not one penny towards the principle in over 5 years?
Johnnie
Sparta, Tennessee
U.S.A.
I asked for a breakdown of all the payments I made and they agreed to send it. Upon receiving this form I was mortified! Not only were no principle payments were made in 2005 but also after 6 years of making payments to Green Tree in excess of $30,000 only the first 2 had principle payments. I had made a Grand Total of $25 toward owning my Home.
I realize most money of the first payments is for interest but not one penny towards the principle in over 5 years?
Johnnie
Sparta, Tennessee
U.S.A.
This report was posted on Ripoff Report on 01/08/2007 10:37 AM and is a permanent record located here: http://www.ripoffreport.com/r/GreenTree/Rapid-City-South-Dakota-57709-6172/Green-Tree-Servicing-No-payment-towards-principle-in-6-years-all-interest-Rapid-City-Sou-229334. 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.
Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.
Click Here to read other Ripoff Reports on GreenTree
Search for additional reports
If you would like to see more Rip-off Reports on this company/individual, search here:
Search Tips#1 Consumer Suggestion
Since you plan to look at your loan docs,
AUTHOR: Thomas - (U.S.A.)
SUBMITTED: Monday, January 08, 2007
also go to Wal-Mart [or where ever] and buy a Texas Instruments Business Analyst "BAII Plus", about $35
Read the instructions and you should see how simple it is to calculate any loan.
Keys of interest:
N = number of periods (months) 30 Yr = 360
I/Y = Interest per Year as a %
PV = Present Value
(The beginning loan amount)
PMT = The payment
(Usually a minus number, as it reduces PV)
FV = Future Value
(Used for a balloon note. But a 30-Yr or 15-yr fixed standard mortgage should have FV = 0.0)
STO = Store
(STO I/Y to enter interest/yr.)
RCL = Recall
CPT = Complete
(STO-N, STO-I/Y, STO-PV; CPT-PMT to get the payment with STO-FV = 0.0)
Then you can calculate FOR YOURSELF what you now have, and then what you would have to pay/month for, say, a 15-yr and/or 30-yr standard mortgage.
Read the instructions and you should see how simple it is to calculate any loan.
Keys of interest:
N = number of periods (months) 30 Yr = 360
I/Y = Interest per Year as a %
PV = Present Value
(The beginning loan amount)
PMT = The payment
(Usually a minus number, as it reduces PV)
FV = Future Value
(Used for a balloon note. But a 30-Yr or 15-yr fixed standard mortgage should have FV = 0.0)
STO = Store
(STO I/Y to enter interest/yr.)
RCL = Recall
CPT = Complete
(STO-N, STO-I/Y, STO-PV; CPT-PMT to get the payment with STO-FV = 0.0)
Then you can calculate FOR YOURSELF what you now have, and then what you would have to pay/month for, say, a 15-yr and/or 30-yr standard mortgage.
Respond to this report!
What's this? #2 Consumer Suggestion
Since you plan to look at your loan docs,
AUTHOR: Thomas - (U.S.A.)
SUBMITTED: Monday, January 08, 2007
also go to Wal-Mart [or where ever] and buy a Texas Instruments Business Analyst "BAII Plus", about $35
Read the instructions and you should see how simple it is to calculate any loan.
Keys of interest:
N = number of periods (months) 30 Yr = 360
I/Y = Interest per Year as a %
PV = Present Value
(The beginning loan amount)
PMT = The payment
(Usually a minus number, as it reduces PV)
FV = Future Value
(Used for a balloon note. But a 30-Yr or 15-yr fixed standard mortgage should have FV = 0.0)
STO = Store
(STO I/Y to enter interest/yr.)
RCL = Recall
CPT = Complete
(STO-N, STO-I/Y, STO-PV; CPT-PMT to get the payment with STO-FV = 0.0)
Then you can calculate FOR YOURSELF what you now have, and then what you would have to pay/month for, say, a 15-yr and/or 30-yr standard mortgage.
Read the instructions and you should see how simple it is to calculate any loan.
Keys of interest:
N = number of periods (months) 30 Yr = 360
I/Y = Interest per Year as a %
PV = Present Value
(The beginning loan amount)
PMT = The payment
(Usually a minus number, as it reduces PV)
FV = Future Value
(Used for a balloon note. But a 30-Yr or 15-yr fixed standard mortgage should have FV = 0.0)
STO = Store
(STO I/Y to enter interest/yr.)
RCL = Recall
CPT = Complete
(STO-N, STO-I/Y, STO-PV; CPT-PMT to get the payment with STO-FV = 0.0)
Then you can calculate FOR YOURSELF what you now have, and then what you would have to pay/month for, say, a 15-yr and/or 30-yr standard mortgage.
Respond to this report!
What's this? #3 Consumer Suggestion
Since you plan to look at your loan docs,
AUTHOR: Thomas - (U.S.A.)
SUBMITTED: Monday, January 08, 2007
also go to Wal-Mart [or where ever] and buy a Texas Instruments Business Analyst "BAII Plus", about $35
Read the instructions and you should see how simple it is to calculate any loan.
Keys of interest:
N = number of periods (months) 30 Yr = 360
I/Y = Interest per Year as a %
PV = Present Value
(The beginning loan amount)
PMT = The payment
(Usually a minus number, as it reduces PV)
FV = Future Value
(Used for a balloon note. But a 30-Yr or 15-yr fixed standard mortgage should have FV = 0.0)
STO = Store
(STO I/Y to enter interest/yr.)
RCL = Recall
CPT = Complete
(STO-N, STO-I/Y, STO-PV; CPT-PMT to get the payment with STO-FV = 0.0)
Then you can calculate FOR YOURSELF what you now have, and then what you would have to pay/month for, say, a 15-yr and/or 30-yr standard mortgage.
Read the instructions and you should see how simple it is to calculate any loan.
Keys of interest:
N = number of periods (months) 30 Yr = 360
I/Y = Interest per Year as a %
PV = Present Value
(The beginning loan amount)
PMT = The payment
(Usually a minus number, as it reduces PV)
FV = Future Value
(Used for a balloon note. But a 30-Yr or 15-yr fixed standard mortgage should have FV = 0.0)
STO = Store
(STO I/Y to enter interest/yr.)
RCL = Recall
CPT = Complete
(STO-N, STO-I/Y, STO-PV; CPT-PMT to get the payment with STO-FV = 0.0)
Then you can calculate FOR YOURSELF what you now have, and then what you would have to pay/month for, say, a 15-yr and/or 30-yr standard mortgage.
Respond to this report!
What's this? #4 Consumer Suggestion
Since you plan to look at your loan docs,
AUTHOR: Thomas - (U.S.A.)
SUBMITTED: Monday, January 08, 2007
also go to Wal-Mart [or where ever] and buy a Texas Instruments Business Analyst "BAII Plus", about $35
Read the instructions and you should see how simple it is to calculate any loan.
Keys of interest:
N = number of periods (months) 30 Yr = 360
I/Y = Interest per Year as a %
PV = Present Value
(The beginning loan amount)
PMT = The payment
(Usually a minus number, as it reduces PV)
FV = Future Value
(Used for a balloon note. But a 30-Yr or 15-yr fixed standard mortgage should have FV = 0.0)
STO = Store
(STO I/Y to enter interest/yr.)
RCL = Recall
CPT = Complete
(STO-N, STO-I/Y, STO-PV; CPT-PMT to get the payment with STO-FV = 0.0)
Then you can calculate FOR YOURSELF what you now have, and then what you would have to pay/month for, say, a 15-yr and/or 30-yr standard mortgage.
Read the instructions and you should see how simple it is to calculate any loan.
Keys of interest:
N = number of periods (months) 30 Yr = 360
I/Y = Interest per Year as a %
PV = Present Value
(The beginning loan amount)
PMT = The payment
(Usually a minus number, as it reduces PV)
FV = Future Value
(Used for a balloon note. But a 30-Yr or 15-yr fixed standard mortgage should have FV = 0.0)
STO = Store
(STO I/Y to enter interest/yr.)
RCL = Recall
CPT = Complete
(STO-N, STO-I/Y, STO-PV; CPT-PMT to get the payment with STO-FV = 0.0)
Then you can calculate FOR YOURSELF what you now have, and then what you would have to pay/month for, say, a 15-yr and/or 30-yr standard mortgage.
Respond to this report!
What's this? #5 Author of original report
Type of loan
AUTHOR: Johnnie - (U.S.A.)
SUBMITTED: Monday, January 08, 2007
30 year fixed interest full Amortization loan
Respond to this report!
What's this? #6 Author of original report
Green Tree Servicing No payment towards principle in 6 years, all interest Rapid City South Dakota
AUTHOR: Johnnie - (U.S.A.)
SUBMITTED: Monday, January 08, 2007
Was told it was a Simple Interest Loan. I havent pulled the contract to check correct wording
Respond to this report!
What's this? #7 Consumer Comment
What type of loan is described in your contract??
AUTHOR: Thomas - (U.S.A.)
SUBMITTED: Monday, January 08, 2007
There are fixed-interest 15-yr, fixed-interest 30-yr, ARMs, etc. loans, and also interest-only loans with a balloon payment at their end, and so forth. I got one solicitation for a loan with about 1/2 the payment of the fixed loan we have now. The catch was that the payments would increase over time and after 30 years we would have paid A LOT MORE MONEY while the debt would still be there. But they only discussed the rosy first 5 years of payments. I had to figure the rest of the loan out for myself. Let the buyer beware!
So what type of loan IS described in your paperwork? Did you focus on getting a loan with a low, low payment and thereby wind up with an interest-only balloon-note loan?
So what type of loan IS described in your paperwork? Did you focus on getting a loan with a low, low payment and thereby wind up with an interest-only balloon-note loan?
Respond to this report!
What's this? 
