I financed a mobile home through Greentree in 1997. The price was $24500, single wide home. Today is July 8 and I am looking at my July statement and my principal balance is: $24953.13. Why 8 years later do I owe more than I orginally paid? I couldnt tell you. I went around and around with them about it to no avail.
My husband and I decided to buy a house 2 years ago, and attempt to sell the mobile home. This was close to impossible when you have a 5 or 6 year old that cost the same amount that someone might go onto a lot and buy a new one for. We did however have several people who were willing to assume the loan, and tried to get approved by (at that time Conseco... As they are Greentree are interchangable) however no matter how good their credit or what they might be willing to pay down they were refused.
We felt that it was because we have never made a late payment and they were unwilling to let us off the hook. So, we bought the house anyway and the company we financed through was willing to assume the mobile home loan and house loan as one, IF we could get Greentree to take a smaller amount than what they were asking, and since we were giving them MORE than what our orginal loan was for... PLUS all the money we have sunk into them over the last 8 years (which and this will shock you... Totals to around $20,768.74) give or take a few cents. I didnt think it was too much that they might at least knock off a few thousand dollars if they were getting paid off... But they refused. We couldnt add $25000 to the cost of the house... So we ended up renting out the mobile home for the payment.
I think we should just let them have the damn thing back since they arent willing to work with us on anything. What I want to know is... Has anyone willfully surrendered a home back to them? What happens besides that it is still considered a re-possesion on your credit? I just cant see hanging onto this home for 20 more years while we pay it off, and then find that it isnt worth $2000 because of its age. No need to respond that I was stupid to sign on the dotted line, I already know that.
Oh... One more thing... When you sign with Greentree and Conseco Finance you sign away your rights to sue them with a jury trial... Think thats because most people having any dealings with them know what they are?
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