• Report: #229334

Complaint Review: GreenTree

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  • Submitted: Mon, January 08, 2007
  • Updated: Mon, January 08, 2007

  • Reported By:Sparta Tennessee
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??

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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.


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.

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REBUTTALS & REPLIES:
0Author 7Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

Since you plan to look at your loan docs,

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

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.
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#2 Consumer Suggestion

Since you plan to look at your loan docs,

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

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.
Respond to this report!
What's this?

#3 Consumer Suggestion

Since you plan to look at your loan docs,

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

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.
Respond to this report!
What's this?

#4 Consumer Suggestion

Since you plan to look at your loan docs,

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

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.
Respond to this report!
What's this?

#5 Author of original report

Type of loan

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

30 year fixed interest full Amortization loan
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#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.)

Was told it was a Simple Interest Loan. I havent pulled the contract to check correct wording
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#7 Consumer Comment

What type of loan is described in your contract??

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

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?
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