I cannot believe I found this website! Now I know that there are others going through the same or similar crap I am now going through with Conseco Finance. My story is a long one, so I'll try to give the abbreviated version.
In 1999 when I applied for a loan with Conseco and went to sign the contract, the loan rep informed me that the account would be split in to two separate loans (which gives me a total of three mortgages). I was foolish at the time and didn't question it. I was just so happy I was approved and would be able to pay off some debts. It didn't take me long afterward to come to the realization that I made a serious mistake and that I was paying an astronomical interest rate with them. The principle balance is not shown on the monthly billing statement. When I called for a payoff once, the woman seemed to be offended and asked me why I wanted it.
I was laid off in November and am still unemployed. Conseco was notified in writing and over the phone about my employment situation and lack of income. I'm on the auto-dial system, so the phone calls are constant. I only answer it when I've received my unemployment check and only after I've already paid my first mortgage and electric bill. My payments to Conseco at this time are one week late, so obviously, I made the best possible effort to get all of my bills paid. My unemployment compensation expires in a couple of days and my $7.70 per hour part-time job won't cut it.
After speaking to some really rude and nasty Conseco collections folks, I requested to speak to a manager. She told me to apply for an extension and to do a check by phone in the amount of $179 for a "processing fee". She told me I'd be notified of the decision and I'd be removed from the auto-dial system while the extension request was being reviewed. I paid the fee. The phone calls continued. After three weeks, I found out from one of the Conseco collections folks, that the request had been denied three weeks before. What happened to my $179?
I decided to put my home up for sale because I couldn't keep up with my monthly expenses and more importantly, I wanted to sever the relationship with Conseco for good.
The day before settlement I was told by my agent that the payoff total was $8,000 more than the appraised value of my home. I was hysterical. The payoff on my first mortgage was fine, but it was obvious to me that Conseco added excessive fees and interest to my payoff.
Still hysterical, I called them and was transferred to a guy who told me about a short sale. He told me that I couldn't go to settlement and that they would not release the lien. He told me that I would have to fax proof of everything from my being laid off to the signed contract between me and the buyer. He gave me a fax number. I repeated it to him. I drove to a fax machine. The fax (30 pages) didn't go through. It wasn't a fax number. I called to get what I thought would be the correct fax number. The pages when through. I didn't get a response, so I called Conseco.
Dave Conseco told me to hold on while he checked to find my faxed information. I held for 10 minutes and was disconnected. I called back. They couldn't find Dave. I left a voice mail. Dave didn't return my call.
I finally got in touch with the Loss and Litigation Department. The woman there, BW Conseco told me to re-fax everything to her. I drove to a fax machine. I faxed 30 pages. Two days went by. I called BW Conseco to confirm receipt. She hadn't picked it up from the fax machine. Said she'd call back. I called her the next day. She said she'd have someone in her office to review it so they can determine how much of a "loss" they would incur on the short sale and I would get a call. I did not get that call.
I have a buyer for my home who can't move in. My furniture is in storage. I'm sleeping on a day bed mattrice on the floor. I'm broke and I'm angry. When I think about how much money I've given Conseco, I cannot believe they could tack on such outrageous fees to my payoff. If I have to file for total bankruptcy to get rid of them, I am prepared to deal with the consequences that come with that decision.
I certainly question there ethics, customer service policies, and their organizational abilities. They seem to lack all of the above. Anyone I know that is looking to refinance or to take out a loan of any type, I tell them to steer clear of Conseco Finance. It would be the worst mistake they could make. Conseco needs to reorganize and re-evaluate their business practices or just simply disappear.
Juanita
Suitland, Maryland
U.S.A.
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