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If Bank of America sold you to Greentree, Nationstar, or Owcen, post here

Discussion in 'Bank of America Mortgage Help' started by greenvalley, May 24, 2013.

  1. greenvalley

    greenvalley LoanSafe Member

    If Bank of America sold you to Greentree, Nationstar, or Owcen, post here
    Just when I started to make long overdue repairs to my house, the prospect of another home-loan nightmare looms. On 5/14/13, David Lazaruz of the LA Times writes about the sale of 2 million loan servicing to Nation-star and how B of A checking account customers who got JUST 2 weeks notice will have to pay monthly fees. I was grateful since I got no such notice, Nation star and Owcen are both at the bottom of JD Powers ratings, but only a week later, I did! I was sold to an even worst company, the not even rated by JD Powers, the not even a BBB member, with enough customer complains to fill half the internet, Green Tree Servicing LLC!

    When you go through financial problems and get within a tiny misstep away from losing you home and having to turn your life upside down as a result, you earn a free lifetime T shirt that reads 'Just because I'm paranoid doesn't mean they're not out to get me!" I have been wearing it since I got that letter. What scares me is that tiny misstep seem to always be with the greedy servicer and you have zero control. just look how they sell your loan, give you a short notice, and effective the day your payment is due!! I could care less about the bofa checking fee coming back, or that absurd $12 processing fee GT charges their customers, or even those calls on the second of the month by enraged psychopaths asking for the mortgage payment, I'm just hoping they won't screw up my HAMP MOD!

    Background info:
    Applied for HAMP 8/9
    Trial starts 9/9
    Missed underwriter call 11/7/09, tried to call back, he left already. Following day11/08/9, I got him, very nice guy, but he could not find my file, he said he must have sent it back to be reevaluated and that a new trial is now necessary!
    Dozens of calls to BOFA to get an update proof useless!
    12/14/9 I called the OOP! Thanks to this site!
    Mod papers arrive via FedEx 12/19/9
    Mod starts 1/10
    Payment not applied correctly, terms are not updated properly, escrow missed up, called numerous times, interest rate not updated and so on.
    Signed returned permanent 4/15/10
    Over the next 18 months, bofa kept making the corrections. I stopped calling, slept better, but did not dare to throw away the Tshirt!
    To say that Greentree is full of crap will be an understatement, but that is not a concern of investors out there who never gave a damn about the customer. In their eyes, GT can do no wrong as long as it brings in cash! And so far, it dose! For them those unhappy customers are all irresponsible jerks who deserve a stern treatment by a metier company that knows how. I called both bofa and GT, GT has no account number. just usual BS about everything stays the same and not to worry. But reading the forecast, I could see a storm on the horizon, no idea how big it's going to be. Might as well put on the shirt and get ready for a hurricane!

    The few coming weeks and months will testify as whether this switch results are merely few extra ass-kicking by GT, or a disastrous beginning to another nightmare!

    Please post your experiences
  2. yadfgp

    yadfgp LoanSafe Member

    My mortgage was transferred to Green Tree effective April 1 from B of A.

    My horror story with GT is just that I have been unable to do a HARP refi now since I'm stuck with Green Tree.

    I have a rental and my primary that were with B of A for around 6-8 years. Been with B of A on both homes since day 1. In early March I called B of A to try and do a HARP refi on both properties. At that time, both loans were with B of A. I got the ball rolling and the process started for a HARP refi with both properties. However, within a week of having started my HARP on my primary, I got a call from B of A saying that they couldn't complete the HARP refi since my property was transferred over to Green Tree! :( I was able to finish the HARP on my rental within a month or so later. Got an incredible rate and switched over to a 15 year loan.

    But now I'm screwed on my primary since it's now with Green Tree. If only I had called B of A up just a few weeks earlier I would have been able to get my primary refi'ed also. I had been trying to get the HARP refi completed with Green Tree. But they do nothing but give me the run around. If I'm ever able to get through to them on the phone which is almost impossible, they just trabsfer my call to someone else. Who in turn makes up some sort of excuse like they're on their lunch break, or their system is down. So they say "Hey let me call you back." Which of course they never do!

    I can't do a HARP refi with anyone else since my DTI is around 70 percent. I have around $50,000 in a 401K and around $4000 in my bank account, so I would think I would be able to do a HARP refi with having 12 months of available funds, but no one seems to do HARP refi's under this procedure. I can only assume this is another 1 of those same servicer type rules.

    I complained to the CFPB about Green Tree and my HARP refi that got stuck in limbo. Hopefully that will help.

    I guess my only hope is to just pay down my debt, and then in 9 months when I'm at around 45 percent DTI, try and do a HARP refi with someone other than Green Tree since I'll have nothing to prevent me from getting help elsewhere.

    My only worry then is will Green Tree subordinate my 2nd on my primary that I have with them?!!? Seems as though I'm gonna be screwed no matter what thanks to getting transferred over to Green Tree from B of A. :(
  3. greenvalley

    greenvalley LoanSafe Member

    Slight correction, the MOD WAS finalized in 1/10, that's a 4 months trial. signed permanent copy received back 4/10.
    But over the following 18 moths, I had to point out minor issues to them. $512 escrow funds missing. $1000 Incentive not applied to principle and so on. They fixed the errors at their own pace. Clearly, bofa and other services were unprepared, unwilling, and way too bureaucratic to comply with GOV attempt to save homes and stop the tide of foreclosures.
    What strikes me was this revealed a critical flaw in the real-estate finance system in the US. Home-ownership is a vital part of our economy, home owners spending is also critical to many industries, but when the bottom fell off in 2008, the prevailing attitude was of indifference and even assigning blame to struggling homeowners. But what was more astonishing was the way banks and servicers executives responded to helping people stay at their homes. After many got their bailouts, it was time to reach out to homeowners and in the process help the economy recover. They knew full-well of the inability of a mechanized collecting apparatus to handle modifications and other remedies and made no attempt to shore up, educate, and train their staff.
    In every country, big corporations have two eyes on profit, but induced by common sense and patriotism, they seem to keep in mind the welfare of their country and her citizens. American companies of today do not share that obligation in any sense, shape or form. To the contrary, they feel the country owes them.

    It's no surprise that none was ever held accountable for the financial debacle.
  4. Michael Nazarinia

    Michael Nazarinia Michael Nazarinia - Mortgage Expert 619-379-0654

    i sincerely appreciate the comments from greenvalley and yadfgp above and anyone else dealing with nightmare debt collectors who never seemingly tell you the truth.

    if anyone is having an issue with bank of america, nationstar or ocwen that they cannot resolve on their own or don't want to or just want some help without a conflict of interest... shoot me an email and let's set a time to discuss your loan's unique math to see what is feasible.

    I just need 14 inputs un my signature line and if necessary, a 15-30 minute no obligation phone consultation.

    Loan mods in 2010 were difficult and I can tell you now they are a much more straightforward in my experience , but not necessarily easier to get in some cases.

    Re-modifications are tough and always have been compared to first time mods.

    Servicer "mistakes" are never going away whether intentional or unintentional.

    If you are having issues with Green Tree and can't get a loan mod, I am happy to try to help without further obligation for a fee unless you are ready to pay loan mod help center for success when you get what you want from them.

    I actually think that nationstar and ocwen have been very good in my experience compared to greentree, and bank of america is in its own special category altogether.

    No conflict of interest here. For Profit. Homeowner funded upon successful results only. No BS.
  5. jhn_plsn

    jhn_plsn LoanSafe Member

    Beyond frustrating.

    My HELOC from BofA was moved to Green Tree at about the same time I filed BK13 and just recently SLS. Since the notice includes a due date regardless of the disclosure on the back stating that if you're in BK this is merely a notice servicing transfer, I shoul move forward on a violation. I had already received a notice of servicer change a week earlier so it it obvious what this is.

    Anyway, time will tell.
  6. montana59451

    montana59451 LoanSafe Member

    Got notified that B of A transferred my servicing to Green tree on May 19th effective June 1. Their letter said that as of June 1 all payments go to Greentree. Greentree tells me that they were sending a "Welcome" letter with new account info the week of the 20th...have not yet received it...Greentree also says I will not be in their system until after the transfer is completed on 6/1. I am under a B of A repayment plan which gives me no grace period my payment has to be in on the 5th. BUT how can I possibly get my payment there on time if I have no account #? I called B of A and told them under no circumstances did I want to be transferred, they told me it was my investor Fannie Mae who transferred the servicing. Called Fannie Mae and they just said the consumer has no influencing as to who your servicer is UNLESS you have a REAL problem. You can bet your bottom dollar Fannie Mae will be hearing from me weekly...just give me back to B of A...at least I had no problems with them.
  7. whiteface

    whiteface LoanSafe Member

    I am in the same boat, but had my mod done and have been smooth sailing with BOA. I had GT as a second and settled for 20 percent a year ago. I have already prepared myself for GT and their horrible tactics. I am NOT giving them my checking account number rather I opened up a new one and just for GT only. I will only leave my mortgage payment plus a few hundred extra so they can't pull the triple payment plan on me. I will also schedule my payment two weeks before the 1st of the month as I have been doing with BOA and track it the day it is supposed to be pulled from the account along with monitoring it when GT is supposed to apply the payment. With two weeks of lead time, there won't be any grey area that come the 2nd they can pull their bull story about a late payment. I have written to the AG, Senator and Consumer Protection Agency about the $12 a month fee to process an online payment. I will print everything out when the payment is scheduled as documentation. It is HORRIBLE that people have to do this as my level of comfort with GT is zero.

    Anyone else have any input? I see many of the complaints are from customers who are behind, in the mod process, etc. but is there any feedback with GT for current customers who are not behind that have any success stories to share that they are processing payments correctly?

    The AG letter came quick and they said that on 1-13 the AG sponsored the California Homeowner's Bill of Rights. Doesn't apply to me as dual tracking is something I am not a victim of. They also said that you can file a complaint at Department of Corporations - State of California
  8. whiteface

    whiteface LoanSafe Member

    Update -- called GT yesterday and told them BOA said welcome letter should arrive the week of 5-20 as my loan was transferred effective June 1st. I was able to get my account number to set up my online account AND there is NO service fee if I set up recurring payments. Works for me, my strategy will be the same, pay them 2 weeks before the first and monitor it and only give them a checking account with enough plus a bit more for the payment. I verified my payment amount is the same, and seems smooth so far but I am not sitting back, as they are sneaky. MAYBE since the government is closely monitoring these banks now things have changed for the better? Who knows but I will continue to monitor this.
  9. greenvalley

    greenvalley LoanSafe Member

    I got that welcome letter. Account number and payment stub with the same amount. No details on loan or rate in letter or on line. Paid BOFA for June on the 20th. Still worried however, wherever there's smoke there's certainly fire!
    GT will make lots of money just on fees alone. Paid $519 Million for 650K accounts, 80% of them are current!! If only 400k pay the $12 fee for the pleasure to pay them, that's almost $58 million a year!!
    No wonder a Wall Street guy said GT knows what it's doing.
  10. whiteface

    whiteface LoanSafe Member

    If you schedule auto pay for the same date every month there is NO fee :)
  11. nbtapia1

    nbtapia1 LoanSafe Member

  12. nbtapia1

    nbtapia1 LoanSafe Member

    I found out Green Tree hire "work from home people" to handle our mortgage account and their job is more like a collection agency. In other words, the reps. are only trained to collect and not to resolve account issues..... it is not customer service !!!!
  13. whiteface

    whiteface LoanSafe Member

    Here is my update - everything went smooth as silk. I only put in enough money in a special checking account I created just for GT. I monitored it daily and saw that GT pulled the money out as scheduled. I am very pleased to report that everything went as clockwork and the transition from BOA to GT has been seamless. That is not to say I won't continue to monitor it, but wanted to share some hope for others. What I have done is set up recurring transfers from one checking account to my special GT checking account, so the money is there on the 20th, GT pulls it out on the 24th and my payment is not due until the 1st, so there is plenty of wiggle room if something doesn't go right. I am on a perm mod and fought two years with BOA and still have battle scars because of this experience. Although I feel extremely blessed to have survived, I still am here to help anyone else if possible. I had a second with GT and settled it for 10 percent of the 200K owed, and was certain GT felt that they would take the 10 percent rather than get zero, but I was determined to win this battle and I did. So now I am back with them, and so far everything is ok. There is NO feel if you set up recurring transfers so dismiss those 12. fees you read about.
  14. pennygram

    pennygram working for consumers

    I received a notice of transfer of servicing rights from BofA dated June 10 to Nationstar. As of today I have not received any notice from Nationstar. While I am very well aware of Nationstar and their actions I am still doing the happy dance leaving BofA. Monday is a new, fresh start... and BofA can kiss my arse.......

    On to Nationstar - at least it wasn't Greentree or Ocwen is all I can say. I have covered myself under the FDCPA since I am making sure my loan is delinquent when this transfer takes place making Nationstar a debt collector. I also plan to send a QWR out July 15 to both BofA and Nationstar to get a full accounting of my loan so I can address any transfer issues I may have at a later date. And I am going to watch my credit report to see if there are any "accuracies" that may pop up from prior reporting.
  15. driftwood

    driftwood LoanSafe Member

    Have you posted details of that settlement somewhere here on the forums? I have a GT 2nd that I attempted to settle at one point and they were impossible. I still hope to settle it one day but I am trying another tactic now. I would appreciate any details, comments suggestions on your approach to settle.
  16. whiteface

    whiteface LoanSafe Member

    Yes I have posted my story in several areas, do a search using my username whiteface.

    I settled with GT on the second well over a year ago. I did this myself, no attorney or agency just bound and determined to win. It definitely was the worst experience of my life, one I will never forget, but in the end feel extremely blessed it was a positive outcome. I still have nightmares of what it would have felt like to lose my beautiful home which I have lived in for 28 years, and it wasn't until recently that I moved my things back up to the attic as I was uncertain of what was going to happen. I wish everyone well who is going through this, has gone through this or might have to face this. Best advise, document every call, every CSR, every faxed confirmation. Reach out to your local state senators, congress and Attorney General. It worked for me and hope it works for others.
  17. chewy74

    chewy74 LoanSafe Member

    I mailed out my mortgage payment over 2 weeks ago. All of a sudden I'm getting bombarded by phone calls from greentree. When I finally call them, they say they never received payment. I think they're trying to collect some revenue from some late fees and claiming they never received payments.

  18. pennygram

    pennygram working for consumers

    For greentree if you mail payments you ALWAYS use tracking with your mailing. You can not just put a stamp on it and trust that they receive it on time. And payments have to be credited on the day received, not just when they are open. And there are new rules from the consumer protection bureau regarding payments coming out in Jan 2014.
  19. nbtapia1

    nbtapia1 LoanSafe Member

  20. montana59451

    montana59451 LoanSafe Member

    What a mess I've got going on with Green Tree. My loan was transferred to them on June 1. At that time I had 2 payments left on a repayment plan made with B of A to catch up the 2 payments I was behind. Made my June payment on time through B of A bill pay. They've been calling the whole month telling me I am behind and that they have no record of the repayment agreement. Yesterday they tried to tell me that my in house modification had been cancelled (which it was not, they found it). Then they forced me to write a check over the phone to them for $1026 which would make the load current through June (and then of course I have to make July's payment). I told them that the check would bounce since I do not get my SS payment until the 3rd. They said don't worry, their Western Union Quick Pay would present the check twice so it would only bounce once! I told them they were forcing me into a $35 overdraft. They did not care. I told them it was illegal in my state to knowingly write a check that you know will bounce...they didn't care. They told me that if I did not give them the payment yesterday they would foreclose on my house within the next 15 days. Then they told me I could make my July's payment in the second half of July....DUH...what part of I am on SS don't you understand? I am sure this will incur late fees. Anyway, I asked for a faxed or emailed copy of what I had just agreed to and he said that don't worry, I have documented this in the notes and we will have it forever....then he told me I could record the recap of the conversation! And believe me I did. They said they had no copy of the B of A repayment agreement so they would not honor it. They also lost $211 in unapplied payments that my June's bill from B of A said I had. They only showed $493. Is my life going to be hell like this for the next 25 years? As much as I hated B of A's business practices, I wish I was back with them. I am going to call Fannie Mae on Monday and complain loudly. Fannie Mae is the one who sold the servicing to Green Tree not B of A. This is going to cause a whole new mortgage wreck in America....can we all say class action lawsuit?

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