Green Tree Servicing 4 million dollar mobile home - figures out to around $3.17 cents per year I am paying in principle Rapid City South Dakota
you would think a Mobile Home that cost 4 million dollars would have to be plated in Gold but it is not. My ?trailer? I financed through Green Tree Services for a total of around $37,000 in 2000. Since that time I have made all my payments and to date I am not behind at all. After watching my payments with them I have found that since 2000 I have paid a grand total of $26 and some odd cents toward the principle. That figures out to around $3.17 cents per year I am paying in principle, the rest is interest. At this rate it will take me approximately 9875 ? years to pay this off. If you figure with my payments being $427.68 a month it comes to a grand total of $4,223,596.61 in total payments I will have made.
Seems a bit excessive charges in interest to me
Johnnie
Sparta, Tennessee
U.S.A.
4 Updates & Rebuttals
Lori
Kalkaska,Michigan,
U.S.A.
Start here
#5Consumer Comment
Thu, March 22, 2007
You will need the following numbers; Original amount loaned, interest rate, length of loan. If you have an escrow attached to the loan, you'll have to deduct this from the payment amount.
Now, find an online amoritization calculator and input your numbers. This will give you a fairly accurate payment schedule and breakdown of how the payments should be applied (principle, interest, total to date). Compare this to the yearend information supplied to you by Green Tree. If you are not given a year end, contact them (or go online if they have accounts available there) and get copies of the last couple of years MONTHLY accounting.
The purpose of this? Any gross discrepancies are going to become immediately apparent, which gives you a starting point to pursue action against them. I played with the numbers that you posted (guessing at interest to bring it as close to your payment as possible), and came up with interest exceeding 11%, based on a 15 year loan (+-), which still applies nearly $80 to the principle per month from the beginning of your loan. You should be well into your loan term after 7 years, and the amount applied to principle should be substantially more than a few bucks per week.
Please update and tell us what you've come up with!
Lori
Kalkaska,Michigan,
U.S.A.
Start here
#5Consumer Comment
Thu, March 22, 2007
You will need the following numbers; Original amount loaned, interest rate, length of loan. If you have an escrow attached to the loan, you'll have to deduct this from the payment amount.
Now, find an online amoritization calculator and input your numbers. This will give you a fairly accurate payment schedule and breakdown of how the payments should be applied (principle, interest, total to date). Compare this to the yearend information supplied to you by Green Tree. If you are not given a year end, contact them (or go online if they have accounts available there) and get copies of the last couple of years MONTHLY accounting.
The purpose of this? Any gross discrepancies are going to become immediately apparent, which gives you a starting point to pursue action against them. I played with the numbers that you posted (guessing at interest to bring it as close to your payment as possible), and came up with interest exceeding 11%, based on a 15 year loan (+-), which still applies nearly $80 to the principle per month from the beginning of your loan. You should be well into your loan term after 7 years, and the amount applied to principle should be substantially more than a few bucks per week.
Please update and tell us what you've come up with!
Lori
Kalkaska,Michigan,
U.S.A.
Start here
#5Consumer Comment
Thu, March 22, 2007
You will need the following numbers; Original amount loaned, interest rate, length of loan. If you have an escrow attached to the loan, you'll have to deduct this from the payment amount.
Now, find an online amoritization calculator and input your numbers. This will give you a fairly accurate payment schedule and breakdown of how the payments should be applied (principle, interest, total to date). Compare this to the yearend information supplied to you by Green Tree. If you are not given a year end, contact them (or go online if they have accounts available there) and get copies of the last couple of years MONTHLY accounting.
The purpose of this? Any gross discrepancies are going to become immediately apparent, which gives you a starting point to pursue action against them. I played with the numbers that you posted (guessing at interest to bring it as close to your payment as possible), and came up with interest exceeding 11%, based on a 15 year loan (+-), which still applies nearly $80 to the principle per month from the beginning of your loan. You should be well into your loan term after 7 years, and the amount applied to principle should be substantially more than a few bucks per week.
Please update and tell us what you've come up with!
Lori
Kalkaska,Michigan,
U.S.A.
Start here
#5Consumer Comment
Thu, March 22, 2007
You will need the following numbers; Original amount loaned, interest rate, length of loan. If you have an escrow attached to the loan, you'll have to deduct this from the payment amount.
Now, find an online amoritization calculator and input your numbers. This will give you a fairly accurate payment schedule and breakdown of how the payments should be applied (principle, interest, total to date). Compare this to the yearend information supplied to you by Green Tree. If you are not given a year end, contact them (or go online if they have accounts available there) and get copies of the last couple of years MONTHLY accounting.
The purpose of this? Any gross discrepancies are going to become immediately apparent, which gives you a starting point to pursue action against them. I played with the numbers that you posted (guessing at interest to bring it as close to your payment as possible), and came up with interest exceeding 11%, based on a 15 year loan (+-), which still applies nearly $80 to the principle per month from the beginning of your loan. You should be well into your loan term after 7 years, and the amount applied to principle should be substantially more than a few bucks per week.
Please update and tell us what you've come up with!