Green Tree Servicing My 4 Million Dollar Mobile Home St. Paul Minnesota
You would think a Mobile Home that cost 4 million dollars would have to be plated in Gold but it is not.I financed it 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.
John
Middle, Tennessee
U.S.A.
2 Updates & Rebuttals
Jay
111,New Jersey,
United States of America
Amortization Schedule
#3Consumer Suggestion
Mon, November 14, 2011
Hi. I read your post and I thought I could shed some light on the subject for you. What you are describing is a standard amortization. The way it works is the first 5-10 years of any mortgages, the majority of the payments is going to pay interest. Around year 13-16 it should be about equal and the last half of the term the majority paid will be principal. I am not a fan of Green tree and their business practices either. However, in your situation I do not believe that anything shady is going on. If you would like further explanation I would suggest you contact Green tree and request a copy of your amortization schedule so that you can see it in print. I hope this helps.
Johnnie
Sparta,Tennessee,
U.S.A.
11 years still no better
#3Author of original report
Mon, October 24, 2011
I am now 11 years into this loan and still have not paid a $1000 toward the principle. Byers beware this company is a crooked institution. If anyone has any suggestions on anything I can do please let me know!!