• Report: #242955
Complaint Review:

Gree Tree Loan Company

  • Submitted: Sun, April 08, 2007
  • Updated: Thu, May 17, 2007

  • Reported By:Sioux Falls South Dakota
Gree Tree Loan Company
1155 Centre Pointe Drive, Suite 7 Mendota Heights, Minnesota U.S.A.

Gree Tree Loan Company Charged so high of interest on loan that I cant pay off pricipal Ripoff Mendota Heights Minnesota

*Consumer Suggestion: What do the original documents say?

*UPDATE EX-employee responds: Greed Tree Financial

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My name is Les from Sioux Falls, South Dakota. I purchased a 1995 16 x 80 Dutch Manufactured home on February, 20th, 1996. To this day on April 8th, 2007, I still owe over $32,000 on the home. I could never pay off any of the principal because I was always paying on the interest as the interest rates are so high.

I have tried selling the home a number of times during my years in the home but nobody wanted it because I still owed on the balance of the loan.

I would like to get out of the loan all together and move to a different city because I have a new job but I am stuck until the loan gets paid off and that might take a long time at the rate we are going trying to pay off the principal!

I hope you can help as I want to put this purchase behind me and move on with my life. Thanks!

Sioux Falls, South Dakota

This report was posted on Ripoff Report on 04/08/2007 01:17 PM and is a permanent record located here: http://www.ripoffreport.com/reports/gree-tree-loan-company/mendota-heights-minnesota-55120-1268/gree-tree-loan-company-charged-so-high-of-interest-on-loan-that-i-cant-pay-off-pricipal-ri-242955. 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 Consumer Suggestion

What do the original documents say?

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

Not to defend Green Tree Servicing but what do the original documents say and what type of loan is it? When I purchased my manufactured home, the agreement told me the interest rate (9.24% fixed), the monthly payment ($316.54) and the term (144 months).

There are some lenders who will refi your loan even if you don't own the land (do a Google search) provided your credit is good. Your only other choice is to pay more each month and specify that the overage be applied to the principal. You might have to fight with Green Tree Servicing to get them to actually do it right.

I have to agree with Gene. My original loan was with Green Point. After they sold it to Green Tree Servicing, I've had horrible problems. If you believe that Green Tree Servicing is acting illegally, contact their state's attorney general's office and banking regulation office. You may also need to hire private council.
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#2 UPDATE EX-employee responds

Greed Tree Financial

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

I can't believe this huckster company is still in business. I used to work as a collector for this company 9 years ago and found that their business practices are shady and unethical. I can see why Conseco washed their hands of them.

I don't know what your exact case is, but I would suggest looking over your loan documents especially the Truth in Lending documents that all lending institutions are required to disclose at the time of signing. My experience has been that if a consumer pays more than just the interest on their loan, they can susbstanially over a period of time reduce their principal balance.

Since manufactured homes are a depreciable asset, your chances of finding someone to assume the loan or pay it off may be scant at best. I do wish you luck in trying to find a way to settle this matter with them.

As far as Greentree's "customer service" goes, it was nothing more than reprehensible and shoddy. Since I was a collector there, I found that the management team was nothing more than shady in their business practices. Every week there was someone who was being escorted from the building under a cloak of secrecy.

With the direction the subprime lending industry is headed, it would not surprise me if Greentree fell by the wayside leaving their employees in the dust. Now that I left that hellhole of a state called Minnesota for greener pastures in Southern California (which is my home state), I laugh at their misfortune.
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