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I've had a loan with BOA for 7 years. I've never missed a payment, and I'm not tlaking the 15 day grace period, I mean having my money to them by the due date. I simply pay online and usually $400-$700 extra on principal each month when I can afford to.
Last month I received notice they sold my loan to GreenTree Servicing. My payment was due today (December 1st) , so on November 25th I created an account on GreenTree's website (which appears to have been built by a 13 year old who just finished reading an introduction to HTML book) and scheduled a payment.
The first thing, they charge $12.00 to auto-draft my checking account. I call customer service only to be told "sorry man, that's how we do it here". This is obviously a sub prime lender who has NO experience with customer service. Maybe I'm in the minority here, but I'm 27 and I have NEVER written a check to anybody. In fact my "starter" checks still say "Bank One" from way back before Chase bought them out. So this is the first thing that is not making me happy.
The second problem, My payment still has yet to clear!!! And I made the transaction 6 days ago!!! My auto loans draft over night, and BOA always drafted over night. What can possibly take upwards of six days? I'm getting scared because I'm reading nothing but HORRID reviews about this company, and I've found many people complaining that not only do they not draft accounts on time, then they start charging additional fees for not having it in on time. I find this hard to believe, but after dealing with customer service I'm really worried here.
Do I have any recourse in getting my loan away from this third world banking institution without refinancing somewhere else, or am I basically stuck? I also read that Green Tree is trying to balance its books with "good" loans, and I'm sure many other people with good credit will be stuck with this sleaze ball company charging $12 to draft your bank account.
One bonus though, is I did get a 5 year ARM, and my current apr is 2.725%. But when I log into their horrid website it states that it is fixed at 2.725%.
please help!
No, one of the documents you signed when you were going through the purchase process was a statement that the loan is able to be transferred at will to other companies. It stinks when you get stuck with a bad company, but it is part of the business. Loans are transferred all the time as portfolios are bought and sold. Your only real option would be to refi with a local CU or bank that is not going to sell it off.
This is what I was expecting, but not hoping to hear.
Thank You
Do I have any hope of getting that $12.00 fee bypassed seeing as BOA never charged me?
@spankyspanky wrote:This is what I was expecting, but not hoping to hear.
Thank You
Do I have any hope of getting that $12.00 fee bypassed seeing as BOA never charged me?
I doubt it... But if you're unhappy, why not refinance to a fixed rate with a credit union or a bank you like?
@spankyspanky wrote:This is what I was expecting, but not hoping to hear.
Thank You
Do I have any hope of getting that $12.00 fee bypassed seeing as BOA never charged me?
I cant see that happening. How are your payments completed? Is it set up so through the mortgage company? If so, cancel it and set it up through you online banking bill pay. I have had some comapnies that will charge a fee if I do it through their website so instead of paying them, I have set up all of my bills through my online bank. They will either electronically send the money to the creditors, or actually print a paper check and mail it on my behalf.
Example, when I was living with my room mate, he had the lease in his name. I paid him half of the rent every month. When I re organised my bills I set everything up through my online banking with PNC (love the virtual wallet). I added my room mate as a bill to a private person. When I payed that bill fromy computer, they would actually send him a check to our appartment. By doing it this way, I can see all of my bill payment historys for all accounts at one place and not have to pay a "convience" fee that some creditors send. Infact, I havent hand written a check in 4yrs. If I have to send a check to reimburse my mom for something, I do it through my online bill pay and they send her a paper check on my behalf. There is no charge and I dont have to pay postage either.
My reccomendation, is pay all your bills through your banks website and never pay a fee to teh creditors again.
@notmyj wrote:My reccomendation, is pay all your bills through your banks website and never pay a fee to teh creditors again.
Agreed - I use ebills or online bill pay and haven't written a check in years. Basically it either pays electronically if available, or prints and mails a check to the payee without charging you postage. When they get it, it's just like you mailed the check yourself.
Wonderful! My Chase checking account allows me to pay them without a fee. Thank you very much!
I would also suggest calling Green Tree and asking for one a time courtesy credit of the $12.00
They might refund it.
I just got done emailing quicken loans to tell them how disappointed I am with Green Tree then found this website, I was told today from a manager quicken loans transferred my loan to them because I am "high risk", his exact words, the Manager, "lyour high risk like people who live in mobile homes, you know the houses with 4 axles?" I have owned my home for 7 years never had a payment over 30 days! I got the speech today why they can charge $12.oo to make a payment online, when NOONE else does! Good luck Green Tree Members! They don't even have an email address on their website!
They won't answer their phones either. If you're lucky enough to get someone to answer the phone, then they transfer you over to someone else everytime. And then those people make up some sort of excuse and then they tell you they'll call you back. Which they never do!
It's UNREAL how messed up Green Tree is.
Out of curiousity, what'd you email quicken loans about?
I was a former B of A customer for 5 years and they sold me off to those low lifes at Green Tree last month.