I bought a double wide manufactured home from a dealer and Green TreIe was the credit provider. This purchase was made right after my divorce that ended 27 years of marriage. I bought this acre of land in Los Lunas, New Mexico for a price of 40,000. I was a bit distraught over my divorce and looking for a place to live. The total bill was 103,000. It is a nice 2 x 6 constructed home on a permanent foundation. Green Tree financed the deal.
I was clearing only $1700 a month and the payment was about $900.
Soon I realized I had a lot of bills that I had made and had to go bankrupt ten years ago. I did but I exempted my manufactured home. Green Tree demanded that I sign a letter that would require me not to go bankrupt on that note for 15 years. My lawyer at the time advised me that I should sign because anyway I could always refinance withing a short time. No one will refinance a manufactured home that isn't your home of residence.
A new job came up where I was making twice as much money in take home pay. It was in Texas where I live now. I rented the manufactured home in New Mexico for a $250 monthly loss. That was all the market would bare. During this time I was losing my brother to cancer and was the only family member who could donate bone marrow. Insurance didn't pay those travel expenses. I got behind in the payments. Green Tree Charged my account about $4000 in legal fees and tacked in onto the principle owed. They then charged about $2000 in late fees.
OK, I continued to rent the place and requested they send me an itemization of the legal charges. They still, today, haven't complied with my request. My balance is $108,000. The house is in a location where there are few comparables but it will not get that money on sale. I will be in a short sale position on the house.
I believe that Green Tree financed the house on fraudulent appraisal values. I believe Green Tree will finance on any appraisal. I believe Greentree should have gotten their own appraisal.
I have been called and harassed. I have called them many times to explain the situation and all I contacted were rude disrespectful agents. I asked them to refinance me in order to make the rental more profitable for me. I have owned the house for 10 years. I have paid them well in excess of $100,000 and the principle hasn't been touched. At this rate the house will never be paid. What a deal for Green Tree.
I have tried with many different companies and they won't refinance on a rental property. I can't get out of this deal with Green Tree. They charge so much when I pay on the 15th of the month instead of the 1st and that is how they justify it.
I have to pay on the 15th. What happened to a 15 day grace period and a reasonable fee for being late like other mortgage companies do. I feel trapped.
I dislike this companies demeanor and its interactions with customers. I believe they set this up so people would fail and that they would get rich.
Something must be done about a company like this. It is a big purchase, the most expensive when you buy a home. Where are the government regulations? Where is Consumer Protection? HELP!!
El Paso, Texas