GreenTree Servicing Illegal Practice ripoff Rancho Cucamonga California
I was current with my mortgage payments until september 2005. At that time, I sent in 4 post-dated checks so I could get ahead a little in payments. The checks were clearly marked as to when they were to be deposited. GreenTree deposited all 4 at the same time, bounced them and a lot of my other bills as well, because the nsf fee they caused. When confronted, they said i had sent the checks to a payment center, that is required by the "government" to deposit all accounts receivable within 24 hours of receipt. They gave me another address.
The next month, I did the same thing with the post-dated checks. (stupid me) They did the same exact thing AGAIN!! They stated that I still sent them to the wrong address. In November, I received a letter from then stating they would sell my house at "a date earlier than 11/21/2005".
On December 23, they have someone in a suit come to my house and attempt to serve my elderly father, then my 15 year old son, with a "Three Day Notice". I called GreenTree the day after christmas. I told them that because of this "post-dated check mess", it had me falling behind. But, I told them I would send in the current payment each month plus an extra $200 until the arrears was paid. The arrears was approximately $2600.
The Operations Manager told me "the arrangements are unacceptable", and I had to come up with the full arrrears within a week. They told me they had sold my house to themselves, at a private sale, that was unpublished, and I was being evicted from their property.
By Law, I was supposed to have been informed of the date, time and place of the pending sale so I can have a chance at buying it back. They have not provided proper notice, they didn't have me properly served any notices, they can't sell your property at a private sale with no knowledge to you, and BEWARE. If they screw something up, IT'S YOUR FAULT!!
They won't accept my payment arrangements, accept no fault with the checks, and treat me as if I haven't made any attempt to pay my mortgage. I haven't been hanging out here, not paying anything! All this trouble started when THEY tried to get away with depositing more than they were supposed to. I have the money to get this caught up, but they won't guarantee me that it will cure the default, or give me back the title to my house.
These people are heartless, and unfeeling. Not to mention underhanded and criminal! Know your rights because these people play every angle, hoping you'll be ignorant to the law and give up trying to save the property.
Diane
Loomis, California
U.S.A.
3 Updates & Rebuttals
Larry
Bloomington,Indiana,
U.S.A.
For Steve and George
#4Consumer Comment
Thu, August 17, 2006
First off hello to all of you here and especially those of you who've fallen on hard times because of corruption in the corporate world. I feel for you all and my prayers are with you. By the way George, how are things in Bedford? I'm in Bloomington, IN. My it's a small world!
Anyway for Steve and George. I really enjoyed reading this discussion between the two of you. And as for Diane, I think it's important to let you know that it is illegal for an institution to accept then deposit post dated checks. They can accept them, it's the "depositing" before the date that's illegal. You should seek an attorney, some agencies do it for free, for help with this most grievous matter. On to George and Steve....
Both of you are right, but also you both are slightly misinformed. I won't use the word "wrong" because it's too strong. I'm a retired finance professor so I think I can help both of you understand this.
I'll start with Steve--First off a better textbook definition of LLC couldn't be found. Hats off to you. For all those who read this and don't know--LLC stands for Limited Liability Company or Limited Liability Corporation. I guess that depends on who you're speaking with. Where you are slightly wrong Steve is in the exact nature of the structure of these entities and how some do business. Let me explain...
Most LLC's are not in any way structured according to your wonderful textbook definition. They should be but are not. Most are not owned by single individuals but mostly by many (hundreds) of people and likely not by people at all but by other large conglomerations of many intimately twined corporations that do have boards of directors, etc. I'm not real familiar with Greentree but I have a hunch that many corporations are involved with this little LLC. As their name implies LLC's limit the liability of those who have a stake in the LLC. This could be the owner, a larger corporation and/or it's stockholders (the latter is found more often to be the case). For those of you reading this you should do an internet search and read about "S and C corporations" and you'll find out why we have LLC's. It's very interesting. Now for where you are slightly misinformed.....
George could be right when he said that Greentree, being an LLC, doesn't have to abide by the same rules as other corporations. You would probably ask what is my reasoning for saying this? Well it's really pretty simple and you stated it yourself. You said that this company would be subject to the same federal banking regulations as any other financial institution. This statement is not true. There are many different kinds of banks (federal banks, S & L's, state banks, city banks, credit unions, etc. etc.) Not all are as highly regulated as some of the other ones. All must follow some of the same strict guidelines but many can sidestep here and there because of what they specialize in. Because of this, sadly, many of them ride a very thin line of practicing legally. I have a hunch that Greentree, just from reading all the posts here, could be one of these little nasties that breaks the law, and can protect themselves by the fact that in truth they lose nothing because a larger corporation funds them. And if they get sued and go out of business it doesn't matter, again because they are an LLC, with little to no oversight, as LLC's typically are. I know this may sound complicated but I urge you to do some research into this matter. I think that what you find might surprise you.
Now for George. I'm real sorry to hear about what you are going through. I fell on rough financial times when I was 40. I thought I would never get through it. Just remember that you will rise above this. If you can and are able and willing AND meet the new guidelines you should see a bankruptcy attorney immediately to expunge the enormous deficiency balance you are going to have when your home is sold. File chapter 7 if you qualify. Now, I must say that a PhD thesis could be written on your statement about LLC's being able to avoid some laws. I believe just as you do. Where did you go wrong? Greentree may have deceptive lending practices but the act of financial collection is highly regulated and I doubt, as much as I feel for you, that they are in any way breaking the law in taking your home. I know you feel that they are, but you are angry, just as any of us would be. I'm paraphrasing here and incorporating some of the other posts I've read from you. Just hang in there, you'll be fine.
Greentree should be investigated. The nice thing about LLC's, even though they have little oversight, is that they are incredibly easy (or at least should be) to obtain records from. For all of you who feel they've ripped you off---Get an attorney whose willing, and you'll find one, and file a class action. Only the public can do something about his. Greentree's owner's surely won't speak up. Only all of you can do it. I'll keep reading and best of luck to you.
P.S. for George----you are right about the Writ of Assistance. It would be better to call it a Writ of Possession since that's a more accurate name. Most states require the sheriff to give the occupants at least 2 days after the service of the Writ to vacate. Only after this are they legally allowed to physically remove you. Note that this is only true if the property is a "dwelling" which in your case it is.
Steve
Bradenton,Florida,
U.S.A.
OK..George...Let's clear up a few things..And info for Diane..
#4Consumer Suggestion
Thu, August 17, 2006
George,
The first thing I have issue with is the fact that you stated that because Greentree is an LLC that they can do things differently. This is simply not true in regards to a consumers rights under federal and state banking regulations.
An LLC is simply a type of corporation that can be operated by an individual owner without a board of directors, etc..and separates the assets of the business operations and the owner of the business in case of a lawsuit, etc.
Furthermore, Greentree does very little in REAL property being a HOUSE on LAND owned. People often call a mobile home on rented land a house. It is not. It may be your home, but a house is a specific type structure and is usually REAL ESTATE, being land owned.
Most of Greentree's business is manufactured homes on rented lots which is not a house and is not real estate. Therefore, it is not actually a foreclosure in most cases, it is a repossession.
Totally different laws apply between the 2 types of collateral.
FYI..Diane..re: Post Dated Checks..Post dated checks are not legally enforceable. Under federal law, a check is payable upon presentation. They had no obligation to hold any post dated checks for you. These are legally treated as prepayment against principal, and your next payment is still due on the regular due date. This is just the way it works.
Why not just use online banking and schedule future payments? Was there some reason you had to get that money out of your checking account? I just don't see the logic here of sending in 4 checks at once instead of just keeping the money in the bank.
I don't get it.
George
Bedford,Indiana,
U.S.A.
What can I say??
#4Consumer Comment
Thu, August 17, 2006
Diane,
Please read my other posts as well as all the other replies and what nots about Greentree. I swear that no worse mortgage/personal property company could possibly be worse than them. I'm losing my home to them as well and just like you NO payment plan of any kind except the full amount is acceptable. They told me today the sheriff would be out to get me out of my house in the next couple of days. However that's not going to play out exactly as they plan. Yes I will have to leave but not on the day the sheriff comes.
Laws in nearly every state, including mine, require a Writ of Assistance or Writ of Possession (same thing essentially) to be delivered to me by the Sheriff who then, by my state law, since my home is a dwelling, has to give me two days to comply before I'm physically removed. Even though that's a short time it's still two more days I'll be sleeping in this house and moving my stuff.
My only advice to anyone who is thinking about financing with Greentree is DON'T! You never know when financial trouble will arise and if it does Greentree will NOT be on your side. And to those of you who already have Greentree as your property lienholder I cannot urge you enough to refinance with a mainstream lender if at all possible. Greentree is a limited liability corporation (LLC) which gives them specific exemptions when it comes to how, where and what ends they practice their business. Stay away from them and spare yourself their devious and downright evil tactics!