- Report: #40364
Complaint Review: Conseco Finance - St. Paul Minnesota
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Conseco Finance
www.conseco.com St. Paul, Minnesota, U.S.A.
Phone:
651-293-3434
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Conseco Finance deceptive company ripoff mistreated and abused St Paul Minnesota
To Tammy of St. Paul - FYI - I am an customer of Conseco who has always made payments early every month - NEVER LATE! I am so upset with the practices of this finance company that if word of mouth counts for anything - they will go out of business! I am insulted that you would try to make people who are down on their luck think that the problems they are experiencing are their totally their own fault!
When we purchased our mobile home (a second home/retirement) we went with the financing offered by the lot where we bought our home. If we had only know then what we know now - that would not have happened. We did not need to go with Conseco, our credit is excellent. We went with them for convenience.
Conseco told us that after one year they would refinance the loan to drop the high interest rate. Again, only for convenience, we waited the year to be told they would only drop the interest by one point! Still way too high.
We have decided to refi with another company. Conseco refused to tell me my payoff amount - stating there was a prepayment penalty that would need to be figured. THERE IS NO PREPAYMENT PENALY ON MY LOAN! I insisted they send me a copy of my contract with them - it took three week to get it! There is no prepayment penalty on the contract!
Now the new refi is having problem because of the way Conseco recorded their lien on my manufactured home, they did not attached the property (we own the property outright), they only have a lien on the home itself. My mortgage company can not proceed until they attached the property! They will not do it!
Tammy, you should be ashamed of yourself! Conseco's practices are immoral, and I believe are probably illegal. I will be finding out. Conseco may have a hold on people with financial problems, but they do not on me! And I will be doing something about this! I will be talking to a lawyer tomorrow morning!
Nancy
Glendora, California
U.S.A.
When we purchased our mobile home (a second home/retirement) we went with the financing offered by the lot where we bought our home. If we had only know then what we know now - that would not have happened. We did not need to go with Conseco, our credit is excellent. We went with them for convenience.
Conseco told us that after one year they would refinance the loan to drop the high interest rate. Again, only for convenience, we waited the year to be told they would only drop the interest by one point! Still way too high.
We have decided to refi with another company. Conseco refused to tell me my payoff amount - stating there was a prepayment penalty that would need to be figured. THERE IS NO PREPAYMENT PENALY ON MY LOAN! I insisted they send me a copy of my contract with them - it took three week to get it! There is no prepayment penalty on the contract!
Now the new refi is having problem because of the way Conseco recorded their lien on my manufactured home, they did not attached the property (we own the property outright), they only have a lien on the home itself. My mortgage company can not proceed until they attached the property! They will not do it!
Tammy, you should be ashamed of yourself! Conseco's practices are immoral, and I believe are probably illegal. I will be finding out. Conseco may have a hold on people with financial problems, but they do not on me! And I will be doing something about this! I will be talking to a lawyer tomorrow morning!
Nancy
Glendora, California
U.S.A.
1 Updates & Rebuttals
anon
Miami,Florida,
U.S.A.
File your complaint with HUD
#2Consumer Suggestion
Tue, January 07, 2003
Hello-- I believe that the company mentioned above has already been cited by HUD for some sort of predatory lending practices and fined. Do an internet search under "predatory lending" "RESPA" and "Truth in Lending". These all pertain to your matter. It sounds like the company was "flipping" your loan, a common predatory lending practice. This ultimately costs the consumer more, especially in fees for the new loan, but it is presented as if it is saving the consumer money. The rules for mobile home real estate are a little different, but that shouldn't affect the mortgage situation--check with your state laws to verify. HUD on line is www.hud.gov You can file a complaint on line, you can also write a complaint. Also notify your state banking regulators and state Attorney General's office. If this company has already been found guilty of predatory lending, the fine for your case will be much higher. I don't know if you as the consumer see much of that, but when there is a pattern of abuse, the government institutes punitive fines to send a message to the company and the industry. Good luck with your case.
