Green Tree Lending / Unethical /illegal practices
After months and months of trying to get my short sale to go through, my property is going to foreclosure on the 26th of this month. Green Tree continues to insist that I give them almost $5, 000 outisde of the HUD settlement agreement for a partial release of the lein. Even if I give them this money, I have NO guarantee that the short sale will go through AND they said they will come after me for the remainder of the balance on the loan. I talked to a representative from Freddie Mac, my local Congressman's office, my realtor, and an attorney; they have all told me that what Green Tree is doing is illegal and unethical. Green Tree does not care. They told me that they will not accept what the first lein holder is offering in the short sale, want me to give them money on the side, and will come after me and get their money either "voluntarily" or "involuntarily". I told them that it is a purchase-money loan and I am protected under Civil Code 580B; they don't care.
After my first post, I received many responses from people who are facing the same road block that I am with Green Tree. Although what I have done didn't help me, if enough people do the same thing, action will be taken against them. PLEASE...contact your local Congressman's office via letter and phone call, write to and call Freddie Mac, file a complaint with the Federal Trade Commission, contact your local media.
After I filed a complaint with the FTC, I received the following response...
"Thank you for your recent correspondence. The Federal Trade Commission acts in the public interest to stop business practices that violate the laws it enforces. Letters from consumers and businesses are very important to the work of the Commission. They are often the first indication of a problem in the marketplace and may provide the initial evidence to begin an investigation. The Commission does not resolve individual complaints. The Commission can, however, act when it sees a pattern of possible violations developing.
The information you have provided will be recorded in our complaint retention system. Theis computerized system enables us to identify questionable business practices that are generating numereous complaints and may be in violation of the law"
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