• Report: #1105371

Complaint Review: green tree servicing

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  • Submitted: Sun, December 08, 2013
  • Updated: Sun, December 08, 2013

  • Reported By: H. Rouke — San Jose California
green tree servicing
345 St. Peter Street St., St. Paul, MN 55102 Phoenix, Arizona USA

green tree servicing green-tree-servicing lost deed St. Paul MN

*Consumer Comment: Interest Charges

*Consumer Comment: Who is holding the EMD?

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I saw a foreclosed house for sale, which sort of small, but nice.  It turned out it was owned by Green Tree Services.  No big deal it seemed.

 

I had heard that Green Tree had some customer service problems, but so what if I'm just buying a house from them?  I'll finance it through my credit union anyway.  So what's the matter that they're selling the property?  Well, it hasn't been so good.

 

Firstly, the realtor representing them continued to insist that there were 2 other offers on the table, each cash offers.  And that the only way my offer would even be considered by them was if it were a cash offer as well.  This made little sense to me, since my loan would be through my credit union, they would be getting the same large check written to them whether from me or my credit union.

 

Anyway, it's probably a little bit my fault, because the house seemed like a really good deal, I was pretty sure I could rent it out for about what my mortgage payment would otherwise be.  And I had the cash, in this case just shy of $140,000.  So I paid cash, and everything seemed like it was going how I thought it's supposed to.  Although everything seemed to take so long.

 

Well it turned out they didn't actually have the deed to sell the house.  That is just dumb.  Why even put it on the MLS?  So release escrow and give me my money back.  That should be simple.  but it's been four months now.  Now in fairness, my realtor got a letter from their guys saying this issue will be resolved soon in a few weeks.  I won't get the house, but I'll get my money back.  But 4+ months!  How can my funds be tied up in escrow that long?  I wish I had them in hand.  I would have had them invested in the market, or if I saw another property I liked better I could have invested in that instead.  How can this happen?


This report was posted on Ripoff Report on 12/08/2013 02:01 PM and is a permanent record located here: http://www.ripoffreport.com/r/green-tree-servicing/Phoenix-Arizona-85032/green-tree-servicing-green-tree-servicing-lost-deed-St-Paul-MN-1105371. 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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#1 Consumer Comment

Interest Charges

AUTHOR: Juli Throne - ()

Sorry to hear about your troubles with Green Tree. My suggestion is you need to have them pay you interest on the $140,000 that they have kept from you for 4 months until the time that they send you back your money.

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#2 Consumer Comment

Who is holding the EMD?

AUTHOR: FloridaNative - ()

Normally the seller's title company/closing attorney holds your EMD (earnest money deposit) in the case of the purchase of a bank owned home. The title company is obligated to return the funds to you in case where the seller can't deliver clear title to you. The contract will specify the dates by which the seller must comply. Make sure to communicate with them in writing. And, since it has been 4 months, I would get an attorney to represent you right away if it were me.  

You have two remedy's if the title company or closing attorney doesn't immediately return the deposit:

1) Take the title company to court

2) Report the title company to the Department of Insurance in your state (where the property is located) and still take them to court.

They can't keep your funds when the seller defaults, even on an AS IS deal. AS IS doesn't mean bad title.

By the way, if they didn't "have the deed" what that really means is they didn't foreclose properly so they don't own it.

It happens much more frequently than the average consumer would imagine. Especially now since the market meltdown in 2008. Many of the banks/investors 'owning' these properties want to work with cash buyers because they might get away with delivering bad title. It is never a good idea to accept the title insurance from the banks title company without your own attorney doing their own due diligence on the title work you are to receive. I have caught many of the servicers (this includes large banks as well as small one's) trying to deliver bad title to a cash buyer on a foreclosed loan. The seller will do as much as the buyer allows the seller to do.  Make the seller respond so you know where you are on this deal.  Be careful when buying a bank owned property. Good luck in your future purchases.

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