Green Tree, Green Tree Servicing most harressing, rude, and threatening company, bought my loan 4 months ago and nothing but trouble ever since, try to intimidate to get what they want St. Paul Minnesota

Steve I normally agree with your responses here, but all honesty you probably are a broker and hey I was too, so making sure brokers get more business I am all for it.

I have been in the business for 6 years, including owning my own company, underwriting, and working for a bank.

Banks will give you the best rate period. If you go to a branch office they will beat pretty much anyone. Why? It's simple, all banks must have a cash reserve on hand for withdrawls when the bank has an overflow of reserves they must lend it out. They will cut rates all day to lend out that money.

The catch: You have to be a prime borrower. Typically with 660 + and pretty much clean credit, free of current mtg lates,collections and bk's. They will lend on some reduced document programs with assets.

So your typical subprime, or "unique" borrower will not qualify. However some banks have started to get into "subprime" lending. What I mean by subprime is poor credit, bk, foreclosure, collections and judgements. Normally under 620.

Brokers are great for subprime or unique borrowers. They will shop around for 107% programs and higher DTI. You will still get a great rate but they will charge either yeild spread(points made on the back of the loan by raising you intrest rate) or by origination fees. Some even get quite a few "junk fees" It's the price you pay for getting your loan through a broker and possibly lower rate.

So I suggest trying your local bank first or a large direct lender and then a broker.

As far as the intial comment, the key is to always pay your mortgage on time and first. What is the point of paying for credit cards, collections, electric, water, or cars when you have no home. There is none.

You should always have a saving account with at least 2 months reserves (or more) to make sure in the event something happens you will be able to make your payment ontime.

Doryen,

First of all, as per the FDCPA exact verbage, it is a CEASE COMMUNICATIONS request, NOT a cease and desist.

Second, the FDCPA ONLY applies to THIRD PARTY debt collectors, NOT original creditors. Therefore, this is NOT a solution to Wanda's problem. Paying her loan is.

And, as far as banks go, only about 5% of the people that walk into a bank will get a mortgage, the rest will need a broker

That is what the realtor freind of yours was telling you, and you misunderstood. She did not tell you it was a legal requirement to go to a broker, she just knew your credit was trash and/or the property would not qualify for conventional financing.

To get conventional financing directly from a bank, you normally need at least a 720 credit score and no lates in 3 years. Some will do a 680 score with no major lates in the preceeding year. Most people do not fit into these categories alone, then there is the stringent DTI ratio that has to be met and is what kills most deals. There is also the LTV ratio that has to be right for the deal to work, and that is why you get pumped appraisals. After all, you DID want the deal to work, right?

That's the real problem here.

And, that explains why these lending companies are so aggressive. They absolutely do not want to get stuck with some dump out in the middle of nowhere on their books.

So, they hire nasty people to make your life a living hell. I guess those are the kinds of tactics that get results. Or else, nobody would use them. The collection industry goes with whatever brings in the most money.

In this case, hardball is better than softball, I guess.

Personally, I'd take a good hard look at reality here. Do you see yourself getting caught up and back on an even keel again? Or, slipping behind even further?

If your husband is injured long-term, what is the chance of getting back to smooth sailing again? Where's the money coming from?

It's best to figure this out right now. It takes quite a while for these companies to actually force you out of the home. You can use that time to start looking around for your next place to live. And, saving up your money by living mortgage-free.

I have watched people slip under, and get further and further behind. One day, they lose the home and end up with nothing. They handed away every dime they had, right up to the end.

Better to stop paying anything and start putting those mortgage payments into your right-a*s pocket. That way, you walk away with $15,000 when they finally take the home away.

It's a hard call to make. Nobody likes to admit any of this.

But, if you're on the Titanic, you better find a way to way to stay afloat when the whole thing finally breaks up and sinks to the bottom.

Personally, I laugh at these idiots and their stupid tree. See just how green their tree is when all their funds are tied up in non-performing loans.

Actually Wanda - the easiest thing to do is send a letter to Green Tree requesting a cease and desist. Basically all that means is you write in the letter, "My name is Wanda (last name), my account number is 78945614-5 (or whatever your account number is) and I am requesting that you no longer contact me via the telephone at my home, work, and mobile phones.

Sincerely,
Wanda (last name)

That's it! =)

Oh, one more thing:
I'm an Employee at Green Tree. I am what is called a Front End collector. I work on accounts that are 1-30 days past due. We're basically out-bound customer service and we offer payment plans to bring your account current. We're here to help and offer you options - we really don't want to take your house back (which honestly wouldn't happen unless you just stopped communicating with us and paying us altogether).

The easiest thing to do is setup a check by phone for withdrawal at a future date. It prevents further collections actions from being taken, plus it helps you to take control of your loan by making the payments on a date that works for you. As long as you get back under 30+ days past due you will be fine.

Any questions should be directed to 1-877-606-7483. Be sure to have your account number or full social security number ready.

Just change your phone# to an unlisted one!

AND..You can get this done for FREE if you tell the phone company you are getting threatening and/or harassing calls from an UNKNOWN caller.

Guys stop this back n' forth bickering!

Wanda has a true complaint. GreenTree! And folks....it DOES NOT matter if she lives in a Mobile home or in a Mansion. Nor, should you "sterotype" people who live in Mobile homes as "deadbeats!" I live in a mobile home, I work 2 jobs, and have for 5 years. This woman and her family are HUMAN! Like most of us..she is probably living paycheck to paycheck. With NOTHING in savings.


Either way, this company is NOT allowed to make calls before 8 am. Nor, speak to anyone else that is not listed on the application unless given prior approval. I know, I am in the same boat with them. Yea, I pay a note, but I am not on the contract. (period) ...and I still get rude collectors calling me.

Even from their own personal cell phones, and in their off times. My problem is: the contact was signed by another party that filed BK, I (apon request) stopped paying the note while the BK was in litagation. Which = 3 or 4 months last year. Now, I have picked up the note again but, GT is requesting I pay a higher amount than I ever have (I have paid the note for 7.5 years).

When I questioned this..I was told that I am paying for that buyers "legal fees". Why me? My name is not on the contract. Their response to that was "we're gonna get it out of who ever is in the home". Now, I'm sending smaller amounts each time just to see where they put my money. Even though I get nasty phone calls wanting more money, GT has to accept what you send.


Granted, if you don't send what they ask...they are right back on that phone the next day making another harassing call. They are cheating the people and getting away with it. I have put in a complaint with the Louisiana state attorney's office, maybe I will get resolution. In the mean time, Wanda keep your chin up, Roseanne, ...you go girl. I like the way you express yourself! As for Steve...(I smell male chauvinism!)..and Tom...well, give it up. Wanda's problem is at hand...remember her?

I will take that "fat dumb happy guy" at the bank who gets paid regardless of whether a loan is funded any day. Why? He has absolutely NO pressure on him to fund a loan that I truly don't qualify for. He is there to protect the bank's interests first. By default, he protects me from myself. All people want more than they have, it is human nature. Sometimes tough love is just what we need to make us realize our limitations. No one has died from renting a couple of years longer while they get that down payment together and perhaps receive an increase in wages to help it along.

An unscrupulous broker will almost always put me into some kind of a loan. He has to get loans funded or face starvation. He will put his interests above my own in order to do that. Whether it is a good loan for me is of no real interest to a broker. He won't be around to see my family cry when that foreclosure notice is delivered, will he?

Get real, people. There is a rash of foreclosures in this country today due to the fact that the industry has been largely deregulated and let run wild. Subprime lenders and servicers have devastated the working middle class with their tricky servicing and inexplicable fees, leaving many broke, homeless and with ruined credit that will haunt them for years. Much of this loosening of the regulations is directly attributable to the pull of Freddie and Fannie, those paragons of accounting accuracy and truth. Their Enron-esque maneuvers will cost all of us dearly in the near future. Property values are free-falling as they correct themselves from years of inflated appraisals.

We are just beginning to see the fallout. Wait around another five years as those ARMs that brokers and lenders love to push start coming around for adjustment. The working class is not making more money; it is making less than it did twenty years ago. Can't depend on wage increases to beat inflation considering that a real basic, fuel, is eating our disposable income up.

Banks are now eating billions of dollars a year (according to FBI figures) in what are being found to be fraudulent loans. Mortgage fraud is what organized crime is into now. Less risky than drug-running and more profit to be had. Scammers of all shapes and stripes are trying their hands at something to do with mortgages.

Ameriquest made over a billion dollars in profits in 2004. Then it fell off to mere millions. Now that the money is safely tucked away in some elite bank with a numbered account, the whole company is falling apart. There will be more of these company failures as time passes. A lot of that profit came from fraudulent loans.

You would be hard pressed to make me believe that anyone in the mortgage industry (including any pseudo "regulators" at the federal level) gives a crap about any of us. What they care about are their profits and they are not too particular about how they gather those profits.

You can look for a huge increase in the number of debt collection and scammy "credit counseling" companies to spring up within the next few years. Those centers will probably be manned by those who formerly pushed mortgage products at all levels. It will be more of the same. People with no conscience biting chunks of flesh from any available quarry.

But since you guys already know everything there is to know, you already know that RESPA is a toothless dog, don't you. RESPA violations just net more fines for the government and do little or nothing to protect consumers. Heck, HUD won't even say in writing whether it considers broker fees to be legal. Here is what it says: "HUD has never taken the position that yield spread premiums or any other named class of back-funded or indirect fees are per se legal." How is that for a statement with power? You probably already know that fraudulent HUD-1 statements are produced every day in every state, too, so I won't say any more about that, either.

Carry on. The times are a-changing. And not for the better.

Roseanne,

You still don't get it. A mortgage broker can beat a retail/bank all day long! I absolutely guarantee that. I have done it a hundred times!

Those companies you mentioned, are mostly direct lenders, and some are lender/brokers. You still don't quite know what a mortgage broker is or what he/she actually does.

A mortgage broker does not lend money. They broker other peoples money.

A mortgage broker takes ALL of the deals that a bank CAN NOT get financed, or WILL NOT finance, as was the case of your friend. Your friend did not qualify with any bank and NEEDED a mortgage broker.

Did you know that only about 10% of all people seeking a mortgage can get it directly from a Retail Lender/BANK?

Mortgage brokers or Broker/Lenders are about 90% of the total business out there. especially nowadays.

I have NEVER lost a deal to a Retail lender. NEVER. Not Once!

If some brokers are greedy and load up junk fees on a deal, that is too bad, but is not a normal course of doing business with most brokers.

The business is way too competitive for that today. It is dog eat dog out there and there is no way you can get away with it.

Supply and demand. If my deal was not good, the guy down the road or across the hall got it!

Those are the facts.

To begin with I've worked with mortgage brokers off and on for a number of years and they can't markup quotes from lenders because it's all on the HUD-1 in black and white for all the world to see.

Do mortgage brokers charge a percentage - Doh! of course they do and sub-prime borrowers have a higher percentage because of all the paperwork and run around the brokers have to go through to get them a loan.

Prime lenders require way less paperwork or time and most of the brokers I have dealt with only did prime loans. Some of the brokers had realtors and/or banks that used them simply because they were in the market and a lot of small time banks in rural areas don't have the connections for the best deals.

OK, Steve.... a friend of mine just purchased a home in Ohio. She was told by her realtor that she HAD to go through a mortgage broker to accomplish this. Direct lenders such as banks do not require the use of a broker. That was unclear and thank you so much for straightening it out.

Driven by the lure of large, easy profits, aggressive mortgage brokers have busy peddling high interest sub-prime loans or risky loan products such as adjustable rate mortgages with interest only options that cause the payment due at the end of the interest-only period to increase precipitously. Many states fail to supervise or license appraisers at all, leaving the field wide open for RE overevaluation fraud deals between realtors, brokers and appraisers. The predators split the profits.

A broker operating as an independent contractor adds a markup to the wholesale prices received from lenders, quoting a retail price to the borrower. The borrower does not know what the markup is. Higher markups = more profits for the broker. Brokers have a vested interest in NOT giving clients the absolute lowest rates. Lower rates = less profits. Subprime mortgages = the best profits, so many people who could easily qualify for direct bank lending at good rates are funneled into bad loans with usurious companies.

Of the top ten refinancing lenders, 60% were mortgage companies and/or subprime lenders. Among the lenders identified in the study Ameriquest, Countrywide, Household Finance, Beneficial, and Delta Funding have been criticized by many consumer advocacy groups for unfair lending practices.

The entire mortgage industry is rife with fraud from top to bottom. Florida is a cesspit of mortgage fraud. A national survey recently found Florida ranked second only to Georgia in all types of mortgage fraud. Thank God for Georgia, huh, Steve?!!

Roseanne,

Obviously you know absolutely nothing about the mortgage industry based on your posts here.

I was in the mortgage industry also. Here are the facts. First of all, no state "requires" the use of a mortgage broker. Second, it is NOT only mortgage brokers that get "pumped appraisals".

This is all on the individual loan officer whether he is a mtg broker or a salaried employee at your bank. It is a matter of personal ethics.

Do you know the reasons for going to a mortgage broker? You fill out 1 application and that mortgage broker shops it around to usually at least 6 lenders, sometimes as many as 30 lenders to get you the best deal.

Did you know that a mortgage broker can get you financed with a better deal than your local bank or credit union can? Thats a fact.

For example, a mortgage broker could get me a better deal, say from Bank of America than I could get by going in to BofA myself, and I am a BofA customer. This is because BofA lends on the retail market, where the broker operates from the wholesale market. Big difference.

Also, that mortgage broker will work harder to get you financed as they work on commission only. They do not get a salary like the fat dumb and happy loan officer at your bank. That slob gets paid whether he gets you financed or not.

Those are the facts.

Wanda,

As soon as you knew you were going to be late you should have communicated with them. Most Mtg Co's have a programs available for hardship circumstances.

If not, you can file a reorganization bankruptcy which will stop foreclosure immediately. However, if you are going to do this, you ned to do it today, as I'm sure the foreclosure is being filed as we speak.

Go see a BK Attorney TODAY. Otherwise, you WILL lose your home. ALL Banks operate this way.

I don't see the rip off here by Green Tree. Are they obligated to let you live in THEIR house for free? It seems to me that you are perpetrating the rip off here against Green tree.

ps...Is this a MOBILE HOME by any chance? I know that is what Green tree specializes in.

I think you may want to re-assess your lifestyle and live within your means. There is public assistance available, and there should have been insurance to cover your losses on your husbands car accident, right?

Gee, how does a busy mortgage broker have time to write at this forum? Don't you need to be out fixing deals with an appraiser to meet your target price or something? You know, jack it up into unreal figures for your commission. Inflate property values into the Twilight Zone for your own enrichment and all that.

Yeah, Tom, people need to pay their mortgage, sure they do. Everybody at this forum agrees with that, but life happens to people. You act like you think all your clients are planning to fail to meet their obligation from day one.

A mortgage is a long contract, soooo...maybe when people are signing the papers they are already secretly plotting default. "In ten years I will fall ill, lose my job, and won't pay the mortgage anymore"? Or how about this one "In five years a huge storm will wash my home out right out from under me and I just won't pay the rest of my contract"?

Mortgage brokers and their sickening deals with crooked appraisers have turned the housing market into a huge bubble that is steadily deflating now. That low hissing noise you hear is your income being flushed down the toilet, Tom. You picked a bad time to switch from one bottom-feeding "career" to another. People are "upside down" with their real estate values due to the scummy tactics used by brokers and appraisers and crap companies like Ameriquest over the past decade.

Better get back to that debt collecting job since you are convinced that everyone in the world is a deadbeat. I bet it is hard to toot your own horn from the bottom of that stinky stagnant pond you seem to enjoy wallowing in. Save your self-aggrandizing crap for someone who cares.

People like you have put a lot of people in a bad situation with real property and don't try to tell us how "good" and "honest" you are. You work for YOURSELF first while smiling at your clients to convince them that their best interests are your only interest. BULL$HIT! The only interest you have in any deal is your own pocketbook! Ramrod the deal through even though you already know it probably is doomed to failure. Tweak those numbers a bit here and there. Close, close, CLOSE at any cost, and be damned to those poor folks you are smiling at so hard.

Mortgage brokers are about as useful as teats on a boar hog. I cannot for the life of me figure out why some states require the use of the skanky "professional mortgage brokers". States like Ohio, which now has one of the highest rates of foreclosures in the country. Why? A great deal of foreclosures can be traced right back to the backroom deals entered into by the broker and appraiser. The "fake" appraised value is so inflated that a person cannot sell for what is owed against the property if they should encounter illness or loss of jobs.

You are a fine one to be here berating anyone. How many people have you put the screws to and then walked away from with your pockets jingling and a big smile on your face? A few, I would bet. Not your concern once the deal closes, right? Christ! Get some water wings and pull yourself up from that dank hole you live in. Maybe some air would help your crappy attitude. I suppose you are absolutely perfect, huh? Prove it! You can't, can you? No more than you can prove that any poster here is a deadbeat.

Maybe when your new "career" falls out from under you and you are having just a bit of trouble with your mortgage company over a late payment or two, you may be back here feeling differently. Maybe not. You will soon learn that foreclosure is exactly what some servicers desire...for the time being, anyway. Servicers flip property while hiding behind MERS to cloud the chain of title, and I know you know what that means. Soon it will not be a profitable game anymore, though, what with values plummeting and all.

Not everybody fell off the turnip truck yesterday, Tom. Florida is crawling and oozing with real estate fraud; some of the worst statistics in the nation are in Florida. In fact, some of the biggest scam companies in the United States make their homes in Florida. That state is notoriously lax on criminals. Crawl back into your swamp and worry about paying your own rent or mortgage. I don't think you have the credentials to preach to anyone here.

Green Tree will harrass you forever unless you get collections to stop legally. I was never one day late on my mortgage and when they took over our loan they started billing for stuff they couldn't even explain. I carry my own insurance which has never lapsed or been late, yet they kept trying to add thier own, when I didn't pay, the collection calls started. I had to get legal help to stop the calls. GOOD LUCK!! THEY HAVE NO PROFESSIONALISM AND NO REMORSE. COLLECTORS EVEN CALLED FROM PERSONAL CELL PHONES WHEN I QUUIT ANSWERING THEIR CALLS. I HAD TO GET ANY ATTORNEY BEFORE IT STOPPED.

My name is Tom. I was a debt collector for 16 long years, then became a loan officer, and now am a mortgage broker.

I think I can offer you a professional opinion here from both angles of the person trying to collect your mortgage, and from the mortgage industrys point of view itself.

The idea that you are 53 days late on your mortgage means someone from the lender has to be PAID to try to get you caught up to date. The lender doesnt WANT to have to call you, spend money and resources trying to get you to just do what you promised you would when you got the mortgage.

The fact you have issues may be valid, however, nowhere does the mortgage borrower have all kinds or presumed 'rights ' to be late or 'pay em when i can' .

I fear that your 'angle of view' is somehow validated with all kinds of 'debtor rights' that are non existant in reality.

Suggesting to your collector from the mortgage company that you 'will pay em when you can -or whatever you told em' does NOT immediatly validate your claim, nor is it any guarantee in stone to the lender.

Lets face it, you are 2 months due on your mortgage, and TELLING them when you are going to pay DOES NOT PAY THE MORTGAGE. Opening up your wallet, pulling out the legal currency , handing it over to the mortgage company in full, IS PAYING YOUR MORTGAGE.

Until you ACTUALLY DO THAT, expect the lender to rightfully keep bugging you.

Heres some basic reality. You can complain all you want to fit whatever you need, but it aint gonna wash in court in any shape or form.

Wanna get these guys off your back? PAY YOUR MORTGAGE. Nothing else works.

If you keep up your 'victim' stance, you are going to end up in forebearance or even worse, foreclosure, whining every step of the way . Then the only way you can save yourself will be to declare banko to stop the foreclosure that your lender DOESNT WANT TO DO in the first place.

The lender DOESNT WANT YOUR PROPERTY. Get this...... THEY WANT YOU TO PAY YOUR MORTGAGE.

Strange huh?

First of all, the "consumer" who wrote pay your mortgaage obviously did not read the whole letter. I was trying to pay my mortgage, and I suppose that person has never had financial difficulties.

Even if someone is having trouble that doesn't mean that people have the right to talk to you like you are dirt, that you belong with the garbage.

I also suppose that the "consumer" missed he 135 other entries stating mistreatment by the company, so unless you have a way to help fix the problems that this company generates, consumer suggestions can be like all opionions, worthless.

You were 53 days (almost 2 months late) in making your payment and you wonder why the company keeps calling you? They don't trust you. Keep up to date with your payments and the calls will go away.