Simple interest loans should be outlawed. They are usurious. When I got my loan I was newly divorced, a single mother and had a bankruptcy on my credit, Green Tree made this loan sound like it was a good thing for me. No one explained how they work, the interest rate sounded high, but they told me they would refinance for me after having a good payment record for a year. When I called them they laughed at me and said they don't do that. When I noticed that nothing was going to principle I tried making an extra 50.00 principle payment every month. But I still didn't get that posted to principle because it is a "simple interest" loan I was told. There was too many days between payments and they take all of the interest first.
I paid my payment every month on exactly the last day of the month and on more occasions then not it took over 2 weeks for my payment to get posted. Then I tried auto withdrawal from my bank, but when I added the extra principle payment there wasn't anywhere to mark that as a principle payment, so Green Tree took that for interest too. When I inquired about it, they told me I have to mark it as principle only. This only would work on payments made by mail. These payments weren't posted in a timely manner. So, in other words there was no way I could make extra principle payments. I tried making 1/2 a payment every 15 days, and that didn't work either... They didn't post the payments correct. I have been making my payment and sending extra for 10 years almost. I have already paid them over $60,000.00, which is more then the original loan amount and I still have 20 years left on my mortgage. Since my mobile home is in a park I can't seem to find refinancing!
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