Equity One predatory lending practices Marlton New Jersey
In June 2002 I refinanced my home with Equity One. The day after closing, I received a call from the loan rep telling me that Equity One decided that they needed to add a prepayment penalty to my loan -- I thought the deal was done, but went in and signed the paper. While signing, the title rep said, "I'm not at all impressed with this..."
This felt wrong. Then I made advance payments before they were due and Equity One documented them as principal only payments for two months and then said I owed two months in payments -- when I called to straighten this out, the phone was answered by a answering machine -- not even voicemail. This did not improve my already declining faith in my new mortgage holder. After a number of tries, over a period of a few days, I finally spoke with a person.
I am also wondering if they hold checks in order to charge late fees and have decided that I need to send my payment with delivery confirmation.
About three weeks ago I sent Equity One a letter regarding the situation with the prepayment penalty added after closing, siting predatory lending info on the HUD web page. They are supposed to respond within 30 days -- we'll see.
Seems to be a very flaky, scamming company.
Aimee
Eugene, Oregon
4 Updates & Rebuttals
Great Resolution
#50
Sun, December 22, 2002
FYI - I used a letter template available on the HUD government website to complain to Equity One. Just before the 30 days they were required to reply within were up, I received an overnight letter. Unbelievably, Equity One removed my prepayment penalty. Basically, they went on about it being okay to do what they did, but that "in reviewing the paperwork" they found that the prepayment rider "didn't contain language required" in the state of Oregon. I sent the info on to the state Attorney General's office as it might help out some other Equity One customers.
Great Resolution
#50
Sun, December 22, 2002
FYI - I used a letter template available on the HUD government website to complain to Equity One. Just before the 30 days they were required to reply within were up, I received an overnight letter. Unbelievably, Equity One removed my prepayment penalty. Basically, they went on about it being okay to do what they did, but that "in reviewing the paperwork" they found that the prepayment rider "didn't contain language required" in the state of Oregon. I sent the info on to the state Attorney General's office as it might help out some other Equity One customers.
Great Resolution
#50
Sun, December 22, 2002
FYI - I used a letter template available on the HUD government website to complain to Equity One. Just before the 30 days they were required to reply within were up, I received an overnight letter. Unbelievably, Equity One removed my prepayment penalty. Basically, they went on about it being okay to do what they did, but that "in reviewing the paperwork" they found that the prepayment rider "didn't contain language required" in the state of Oregon. I sent the info on to the state Attorney General's office as it might help out some other Equity One customers.
Great Resolution
#50
Sun, December 22, 2002
FYI - I used a letter template available on the HUD government website to complain to Equity One. Just before the 30 days they were required to reply within were up, I received an overnight letter. Unbelievably, Equity One removed my prepayment penalty. Basically, they went on about it being okay to do what they did, but that "in reviewing the paperwork" they found that the prepayment rider "didn't contain language required" in the state of Oregon. I sent the info on to the state Attorney General's office as it might help out some other Equity One customers.