• Report: #173680

Complaint Review: Greentree Serciving LLC

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  • Submitted: Sat, January 28, 2006
  • Updated: Mon, February 20, 2006

  • Reported By:SEARCY Arkansas
Greentree Serciving LLC
345 St. Peter St, St. Paul, MN St. Paul, Minnesota U.S.A.

Greentree Serciving LLC, Conseco misleading-lying representatives, CEO's department heads @ Green Tree Servicing LLC St. Paul Minnesota

*UPDATE EX-employee responds: The new Greentree

*UPDATE Employee: A bit of Clarification about Conseco and Green Tree.....

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My husband and I financed a doublewide originally with Conseco who went belly up and was bought out by GreenTree Servicing. We had been told we could re-finance in one year for better interest rates. Four years later we still have not been able to because GreenTree is not doing this at the time.

During these four years, we have fallen on bad times due to health-heart attack (husband) and multiple back problems and surgeries. I am now disabled and receive SSA checks. My husband have paid our loan faithfully until this past summer when we got behind.

However, we talked to IVA/EVA and set up deferred payment schedule with a guarentee (not in writing) from IVA/EVA and her supervisor that this would not show up on any credit report or internal note. Needless to say, two months ago we have on our credit report that we were 30-90 days late on our payments, WHEN we made arrangements with them to defer payments for 3 months, with no negative reports being made.

When we called to challenge the report and ask questions about it, why it was reported as a negative credit history, we were told that there was no documentation regarding the agreement or notes even about them calling and setting up this arrangement. They had no calls from anyone to us about the situation. I thought that when a company called you regarding payments etc., that notes were put in your record regarding who called, when, discussion, payment arrangements etc. The different individuals that call always seem to know this information etc now.

If we had known then what they were doing we would not have done the above arrangement. We made this arrangement at the suggestion of their representative. I wish now we would let them come and get the double and get it off our hands. We have found a company that is going to help us get this paid off in 6-7 years rather than 30. It will save us considerable interest and money. I fear that Greentree will say we still owe them monies when it is all paid for.

Well, lessons learned, but it still does not change the lies, the treatment, the disrespect you get from Greentree. I do not understand why they are not investigated and monitored.

Ken
SEARCY, Arkansas
U.S.A.

This report was posted on Ripoff Report on 01/28/2006 11:46 AM and is a permanent record located here: http://www.ripoffreport.com/r/Greentree-Serciving-LLC/St-Paul-Minnesota-55124/Greentree-Serciving-LLC-Conseco-misleading-lying-representatives-CEOs-department-heads-173680. 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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Updates & Rebuttals

#1 UPDATE EX-employee responds

The new Greentree

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

The New Greentree Bought Greenpoint Credit and in November on 2005 from Northfork Bank who had only owned it for one month when they bought Greenpoint Finance on October 1 2005. Greenpoint now has 25 Billion worth of loans. Its too bad they arent a publicly traded company or something would be done.....
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#2 UPDATE Employee

A bit of Clarification about Conseco and Green Tree.....

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

I am sincerely empathetic with your situation, and wish you the very best of luck in resolving the matter to your benefit. As we all know, there are currently hundreds upon hundreds of complaints against Green Tree, just as there were when Conseco originally purchased that company in 1998.

I wanted only to provide a bit of clarification with regard to your comment about Conseco going "belly up" and being "bought out" by GreenTree Servicing, as that is NOT a correct statement.

In 1998, Conseco purchased Green Tree Financial Corp., later renamed Conseco Finance, for $6 billion (yes, BILLION!).

Obviously, the decision to purchase Green Tree, not to mention the completely insane price Hilbert (former CEO) paid, very nearly destroyed Conseco entirely.

It was certainly the catalyst which resulted in Conseco joining the ranks of Enron and MCI, as the nation's third largest bankruptcy.

In March of 2000, Conseco made the announcement that they would try to sell Conseco Finance. Conseco officials later acknowledged, at the June/2000 shareholders' meeting, that selling Conseco Finance would be extremely difficult, if even possible.

Conseco filed for Chapter 11 bankruptcy on 12/17/2002, and was finally able to sell Conseco Finance (formerly Green Tree) on March 14, 2003, for $1.3 billion --- almost $5 billion LESS than Conseco had originally paid for it! The sale was to CFN Investments LLC and GE Consumer Finance.

The Securities and Exchange Commission subpoenaed Conseco Finance records the following September, finally releasing the results of a 19-month investigation on 3/10/2004. The SEC then sued former Conseco executives James Adams, and Rollin Dick, former CFO, the following day, 3/11/2004, for $5.6 million.

Conseco officially emerged from Chapter 11 protection on September 10, 2003.

In November/2005, Conseco reported tremendous 3Q05 results:

- Net operating income: $72.1 million, up 24% over 3Q04
- Net income applicable to common stock: $68.4 million, up 18% over 3Q04
- Eighth consecutive quarter of strong earnings
- Total new annualized premium (sales) up 9% over 3Q04.

On Friday, 2/3/2006, Conseco stock closed at $23.93/share! Our all-time low was under five cents!

We are recovering from our past mistakes.

Again, I wish you the best in your stuggle against Green Tree Servicing to "right the wrongs", but I did want to offer some clarification about the two companies.

Best wishes.
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