I owned......or still own (I am not sure) a 1992 single wide in a rented park. I relocated to a different state for employment purposes back in January of this year.
After unsuccessful attempts at trying to sell this home, prior to moving, had failed, I was starting to feel the strain of trying to keep up with 2 house payments.
Around March my income did not allow me to keep up with all of these individual payments so I started to become behind in my lot rent and then in my loan payments as well. At that time I decided the best thing for me to do would be to turn the mobile home back over to the finance company...GREENTREE of Course.
Well that was the worst decision I could have made.
After I signed and had notarized a "Greentree Letter of Surrender" in March stating that I would voluntarily give up the home to avoid additional legal fees(even though I was already behind in payments) the problem did not resolve.
Greentree sent one of their repossession representatives to the home and determined that the value of the home was no where near the remaining balance of the loan (which it could never be...with a 17percent finance charge and a depreciation greater than that of a motor vehicle) it wasn't even close, so they wrote it off.
Greentree put a for sale sign in the window and walked away, they refuse to take legal ownership of the home......so it still just sits there!!
Basically I gave up rights to the home but remain responsible for it, now I not only owe the balance of the loan, I also owe the rent for the mobile home park space in addition, for as long as the home sits there or until Greentree confirms ownership.
Reasons being, 1. they don't want to pay to have it moved, 2. they refuse to pay the mobile park rent & fees 3. they don't want to pay any remaining taxes owed to the borough, all fees that would have to be paid prior to moving the home and upon taking ownership.
Which in fact they initially told me that would all be taken care of through their repossession department.
Now as the situation stands, the home sits on the mobile lot accumulating rental fees and also county taxes.....and is still my responsibility.
Greentree refuses to return calls to the mobile home park management to allow the park to take ownership of the home and/or have the ability to move it.
They wont even respond to requests asking for a status on the situation.
So to sum it up, Greentree wrote off the balance of my mobile home loan, left the home sit empty in the mobile park, won't release the title to the park but at the same time refuses to take responsibility for the home.
This leaves me in a situation where I remain responsible for the property even though I signed the home over in March and I continue to be responsible until the title is removed from my name.
I am still researching the legalities of this entire situation and hopefully am able to resolve it soon.
My only advise to you reading this is...steer clear of Greentree, this company makes a living taking advantage of people who have limited financial resources and uninformed consumers alike, they are in a sense just a collection agency. Even though they have taken over Greenpoint business or renamed themselves, they cannot change the original terms of your loan, even though that's what they threaten over the phone when trying to collect a late or not quite late payment.
Best thing to do is hang up and look at your original promissory note, especially if you have a mobile home loan.