In 1997 I purchased a D/W mobile home through Wa. Mutual. It was a fixed rate agreement over 20 years. I had a payment that stayed the same, as it should have since it was after all, a fixed rate agreement.
In 2005 I heard rumors that Wa. Mut. was having problems with irregularities in the way they were doing business. I felt quite comfortable since I didn't think it would affect a small fish in a big ocean. However, sometime shortly thereafter, 2006, I received a notification that my contract had been sold to GreenTree and I would be receiving further communication from them. It was another indication to me that they were having problems because usually it's one of the first things that banks have a tendency to do when the money gets tight. In cases like that, the banks that aren't having difficulties become predatorial and make offers on whatever is presented to them by the troubled mortgage holder. After being informed on the balance left owing, the mortgage buyer pays anywhere from 25 to 35 cents on the dollars owing.
Since the original lender has already made approx. 30% in total dollars over the amount credited to the mortgage principal that has been subtracted from the original principal, they are ahead of the game anyway. The money they receive for the 35 % sale is also added to the their profit. After every thing is considered, their past expenses on the account included, they are ahead of the game.
The contract buye stands to make a profit on the rest of the contract which leaves them to collect payments on a much smaller investment than the principle I still have left to pay on.
When I received my payment notification from GreeTree, The payment amount was increased by $25.00 per month. Since my arrangement was for a fixed rate contract, I enquired with GreenTree to find that Wa. Mut. showed I had received $3700.00 as a Corp. advance in the year 2000. They also showed I had received another $2000.00 in the year 2005.
I had never received either of those moneys ever!
It seems that Wa. Mut. inflated my principle that amount when they sold the contract to GreenTree.
After objecting vigorously to G.T. they ended up leaving my payment the same.
I sat back to enjoy the rest of the ride until I was notified by the I.R.S. that I owed them taxes on that money and to pay up! I told them my story for what it's worth and that seems to be placed in limbo.
As it stands today, I think I know what's going to happen should I live long enough to finish my contract. GreenTree will refuse to deduct the extra $5700.00. In fact they probably won't release my title either if I don't pay it.
Washington Mutual is impossible to reach because of their bancrupcy and fraud situation.
GreenTree refuses to discuss it with me as well.
Any sugestions:? Just sayin'.
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