WARNING to mobile and manufactured homeowners: Green tree does NOT offer refinance options for mobile home financing! They only service mortgages for this industry. So, please beware and warn your neighbors of these phony websites and companies that claim to be Green Tree Financial or servicing on the internet.
This blog post will give you the tips and information you need to get the help you need from this company. Whether you need to refinance or you need servicing assistance for a loan modification, we can help.
Green Tree is a privately held financial services organization headquartered in Saint Paul, Minnesota. They service the nation’s largest portfolio of manufactured housing loans, as well as home equity, home improvement and consumer installment loans. They have service centers in Tempe, Arizona and Rapid City, South Dakota, as well as a network of field offices.
The assets of Conseco Finance were sold to Green Tree Investment Holdings several years ago. So, if you had a Conseco loan, your new servicer and lender is Green Tree.
Tuesday, June 30, 2009
As Many as 1 in 4 Said to Willingly Default on Mortgage
he study found that declining property values are strongly related to increased mortgage defaults, regardless of changes in unemployment. The study also found that the willingness to accept a "strategic default" increases with the percentage of foreclosures in a homeowner's neighborhood.
With property values in many parts of the country declining as much as 30-40 percent, the study reported than many homeowners said they would simply walk away from their mortgages, without fears of repercussions.
Defaults increase as home values drop
Titled "Moral and Social Constraints to Strategic Default on Mortgages," the study is based on two surveys of 1,000 homeowners apiece conducted in December 2008 and March 2009. It found that declining home prices has almost no effect on defaults as long as the drop is less than 10 percent, but increases rapidly once the decline exceeds 15 percent or more.
Significantly, the study found the increase in defaults occurs regardless of changes in local unemployment rates, evidence that defaults are being caused by more than just an inability to make mortgage payments.
"Housing policy under the current administration has focused on reducing households' cash flow problems in response to the housing crisis, but no one has addressed the negative equity issue as part of public policy regarding housing," said report co-author Paola Sapienza, an economist at the Kellogg School of Management at Northwestern University. "We're in a completely different economic environment today, where for the first time since the Great Depression millions of Americans have mortgage loans that exceed the value of their home."
The survey asked participants if they knew anyone who had defaulted on a home loan while still able to make payments. By that measure, the authors concluded that 26 percent of defaults in the current economic downturn are strategic, or voluntary. In contrast, only 17 percent of respondents said they personally would walk away from their mortgage if their home value declined by 50 percent.
Reduced social stigma a factor
The likelihood that someone would be willing to consider a strategic default increased significantly once the number of foreclosures in a ZIP code exceeded 16 percent, which the authors said suggested that a reduced social stigma surrounding foreclosure is a factor in the willingness to accept a voluntary default.
"The most important barriers to strategic default seem to be both moral and social," said co-author Luigi Zingales, an economist at the University of Chicago Booth School of Business. "Our research showed there is a 'multiplication effect,' where the social pressure not to default is weakened when homeowners live in areas of high frequency of foreclosures or know others who defaulted strategically. In fact, the predisposition to default increases with the number of foreclosures in the same ZIP code."
The study found that the old and the young were most likely to embrace strategic default, with those younger than 35 and other than 65 most willing to accept it. No difference was found between Republicans and Democrats, although political independents were found more likely than either to find voluntary default to be acceptable.
The surveys were performed as part of the quarterly Chicago Booth/Kellogg School Financial Trust Index, which Sapienza and Zingales co-author. Luigi Guiso, of the European University Institute, also helped lead the study.
With property values in many parts of the country declining as much as 30-40 percent, the study reported than many homeowners said they would simply walk away from their mortgages, without fears of repercussions.
Defaults increase as home values drop
Titled "Moral and Social Constraints to Strategic Default on Mortgages," the study is based on two surveys of 1,000 homeowners apiece conducted in December 2008 and March 2009. It found that declining home prices has almost no effect on defaults as long as the drop is less than 10 percent, but increases rapidly once the decline exceeds 15 percent or more.
Significantly, the study found the increase in defaults occurs regardless of changes in local unemployment rates, evidence that defaults are being caused by more than just an inability to make mortgage payments.
"Housing policy under the current administration has focused on reducing households' cash flow problems in response to the housing crisis, but no one has addressed the negative equity issue as part of public policy regarding housing," said report co-author Paola Sapienza, an economist at the Kellogg School of Management at Northwestern University. "We're in a completely different economic environment today, where for the first time since the Great Depression millions of Americans have mortgage loans that exceed the value of their home."
The survey asked participants if they knew anyone who had defaulted on a home loan while still able to make payments. By that measure, the authors concluded that 26 percent of defaults in the current economic downturn are strategic, or voluntary. In contrast, only 17 percent of respondents said they personally would walk away from their mortgage if their home value declined by 50 percent.
Reduced social stigma a factor
The likelihood that someone would be willing to consider a strategic default increased significantly once the number of foreclosures in a ZIP code exceeded 16 percent, which the authors said suggested that a reduced social stigma surrounding foreclosure is a factor in the willingness to accept a voluntary default.
"The most important barriers to strategic default seem to be both moral and social," said co-author Luigi Zingales, an economist at the University of Chicago Booth School of Business. "Our research showed there is a 'multiplication effect,' where the social pressure not to default is weakened when homeowners live in areas of high frequency of foreclosures or know others who defaulted strategically. In fact, the predisposition to default increases with the number of foreclosures in the same ZIP code."
The study found that the old and the young were most likely to embrace strategic default, with those younger than 35 and other than 65 most willing to accept it. No difference was found between Republicans and Democrats, although political independents were found more likely than either to find voluntary default to be acceptable.
The surveys were performed as part of the quarterly Chicago Booth/Kellogg School Financial Trust Index, which Sapienza and Zingales co-author. Luigi Guiso, of the European University Institute, also helped lead the study.
Debt Consolidation Uk: Many Debts One Answer
Are you trapped in vicious circle of debts all having very high interest rate? Debt consolidation UK can help you get rid of your multiple debts easily and economically. Debt consolidation UK is open to both good credit borrowers and bad credit borrowers.
Debt consolidation UK is specially designed for people who want to get rid of their multiple debts. Debt consolidation UK helps you to merge all your existing debts into one debt and you will have to pay interest on that debt only. Debt consolidation UK is available in both secured and unsecured forms. To avail secured debt consolidation UK you will have to place one of your properties as collateral with the lender. This way you can avail debt consolidation UK at lower interest rate and for longer repayment duration. On the other hand no such collateral is required in order to avail unsecured debt consolidation UK, but lenders charge slightly higher interest rate to minimize the risk factor. Debt consolidation UK are also open to people suffering from bad credit status due to arrears, default, CCJ, bankruptcy, late payment etc.
With debt consolidation UK you can merge all your debts in to one debt that too at lower rate of interest compared to your previous debts. You’ll have to pay only one monthly installment instead of many. Also your lender will negotiate with your previous creditors on your behalf to lower the interest rate of your debts. Financial experts will give you tips regarding ways to manage your debts, expenditure etc free of cost. Debt consolidation UK can be availed by bad credit holders also. If you are facing arrears, defaults, CCJ, IVA, bankruptcy you can avail all the benefits of debt consolidation UK. Bad credit borrowers can improve their credit score by regular payment of the loan amount.
Search well before applying for debt consolidation UK. You can use internet to search for various lenders that offer debt consolidation UK. You can download loan quotes from their websites for free and then compare between the offers of various lenders to choose the best one that suits your needs. You can also apply online to avail debt consolidation UK. To apply online you just need to fill up an online application form mentioning details like the type of loan you want to avail, your contact details etc. Lenders will then get back to you with their offers. With debt consolidation UK you can easily pay off all your existing debts and lead a debt free life.
Debt consolidation UK is specially designed for people who want to get rid of their multiple debts. Debt consolidation UK helps you to merge all your existing debts into one debt and you will have to pay interest on that debt only. Debt consolidation UK is available in both secured and unsecured forms. To avail secured debt consolidation UK you will have to place one of your properties as collateral with the lender. This way you can avail debt consolidation UK at lower interest rate and for longer repayment duration. On the other hand no such collateral is required in order to avail unsecured debt consolidation UK, but lenders charge slightly higher interest rate to minimize the risk factor. Debt consolidation UK are also open to people suffering from bad credit status due to arrears, default, CCJ, bankruptcy, late payment etc.
With debt consolidation UK you can merge all your debts in to one debt that too at lower rate of interest compared to your previous debts. You’ll have to pay only one monthly installment instead of many. Also your lender will negotiate with your previous creditors on your behalf to lower the interest rate of your debts. Financial experts will give you tips regarding ways to manage your debts, expenditure etc free of cost. Debt consolidation UK can be availed by bad credit holders also. If you are facing arrears, defaults, CCJ, IVA, bankruptcy you can avail all the benefits of debt consolidation UK. Bad credit borrowers can improve their credit score by regular payment of the loan amount.
Search well before applying for debt consolidation UK. You can use internet to search for various lenders that offer debt consolidation UK. You can download loan quotes from their websites for free and then compare between the offers of various lenders to choose the best one that suits your needs. You can also apply online to avail debt consolidation UK. To apply online you just need to fill up an online application form mentioning details like the type of loan you want to avail, your contact details etc. Lenders will then get back to you with their offers. With debt consolidation UK you can easily pay off all your existing debts and lead a debt free life.
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