Conseco Finance rip-off Long Beach California
I applied for a 2nd TD real estate loan with Conseco Finance in October 2001. In reviewing the loan documents, I noticed that there was a 60 month prepayment penalty. Shirley Nichols, the loan agent, and Gary Stephan, the branch manager, said that if I allowed the loan to close, they would reduce the prepayment penalty from 60 months to 12 months.
They provided me with a notarized letter amending the prepayment penalty term on the note. According to the note addendum, the prepayment period was up on October 11, 2002. I am trying to refinance this mortgage and Conseco Finance is not honoring the note addendum. I have tried to speak with management but they are insulating themselves behind their customer service representatives.
They will not provide me with any names or phone numbers for a manager who could help resolve this issue. They are now charging me $9600 in prepayment penalties to payoff their mortgage.
This is obvious fraud and misrepresentation on Conseco Finance's part. This company has been hard to deal with since the inception of my loan. I do not recommend anyone enter into any loan transactions with them. There are a lot of reputable companies out there who honor their agreements
Virginia
Pasadena, California
U.S.A.
1 Updates & Rebuttals
Virginia
Pasadena,California,
U.S.A.
Conseco Finance honors their commitments
#2Author of original report
Tue, February 18, 2003
After many phone calls to the Conseco Finance customer service department (which by the way is useless), I looked up Conseco Finance's parent company and its corporate headquarters on the Internet.
I sent letters to everyone on the Board of Directors, as well as the President and CEO of Conseco Finance. I filed complaints with the Department of Corporations and the Better Business Bureau.
It only took seven (7) days to get the problem resolved. I am extremely happy and satisfied with the treatment and response I received from the executive level of this company.