HFC/ Beneficial/ Household/ Hsbc ripoff Carol Stream Illinois
I too Have fell victim to this horrible company. it is literally turning my life upside down. from this company we received an offer to take out a second mortgage on our property. The amount to be borrowed was $20,000.00 out of this twenty thousand some of our other creditors were to be paid off. this loan was originated in 1999 after 12 months of timely payments our interest rate was to be reduced. this never happened when I contacted them to find out why our rates have not been reduced I was told the payments were not made on time.
I told them this could not be because the payments were debited from my checking account which has overdraft protection which I am told by my personal banks' president that even if funds were not present they would of paid any way and that I would be charged a fee and have thirty days to pay my bank with out incurring any more charges. so I know all payments were made on time .I would also like to inform one of Beneficial employees that responded to a thread I have read here that Beneficial does not charge you when you are setup to have payments debited from your checking monthly. This is *!*! ,they were hitting me around $12.00 a pop. I see nothing free about that so unless you in fact know what you are talking about keep the trap shut.
hold on this gets better. so no luck on getting rate reduction we were told we would have to redo the whole loan to get our better rate we were supposed to get after 12 mos. here we go ,we did indeed rewrite and about $4000.00 later managed to reduce our rate from 28% to a not completely unbearable 17%. ok the original amount $20.000 paid one year didn't make a dent in the principle because of rate ,refinanced ,cost $4000.00 to do that..so ,at the out side it's $24000.00have been paying around $500.00 a month since Y2K. we now owe them well over $30,000.00? How does this figure?
Gets better, you remember I said that in the original loan with them they were to pay off some other creditors? I have a credit report that reflects that most of these other creditors only received partial payments, one in particular was a $1200.00 account and now, today I am said to owe them around $5000.00how does this happen when I have the copy of the original contract and it clearly states that these creditors were to be paid. didn't happen and I am living proof.
gets even better, now in the spring of 2005 I had to under go surgery, so I'm going to be off work for a while. I'm thinking this will be a good time to use the insurance that is supposed to be attached to this second mortgage. I mean we paid for it ,so we should be able to use it right? Wrong! I called before the scheduled surgery to see how the insurance we purchased on the loan worked, the response I got was you have no insurance on your loan. well why the hell does my loan doc. say It has insurance on it? She tells me it is some other kind of insurance it doesn't pay payments if I am hurt or disabled .I asked what does it pay? She tells me she can't release that information.
What the !@!@ is going on here. Gets better yet, ok what about hardship I ask? Well you have to submit all the forms we review them to see if you qualify and if you do all you pay is the interest and that can go on for 6 mos. Ok ,cool what is my interest on my payments ? ok ,lets see here you are paying $496.00 and out of that $32.00 is going towards principle so you will still have to make monthly payments of $464.00that's it ! that's all you can help me? After all these years as a good customer ,that's all you can do for me? Go to Hades and get a reality check on how humans are not supposed to treat one another this company needs to be stopped, one more complaint to throw out there, remember when HFC/Beneficial/Household/HSBC was the recipients of a class action suit and most of us that has ties to this company or companies received a letter from our State attorneys office informing us of this action and then received letters from the HFC settlement on what action to take.
ok I call this place to see what options I may have I mean I received a letter telling me that the minimum amount of monies I would receive was around four hundred and sum bucks well while on the phone with this settlement chick she tells me that since we have a second mortgage with the company that we don't fall in the criteria of the law suit which later I find out was a bold faced lie how many people did they tell this to so they could keep the numbers down on the recipients of the class action suitafter seeing all the crap they have pulled on this site? I just want to win billions of dollars and make it my life's goal to bring this company DOWN with any means possible ..Ok I have lowered my blood pressure for the night so I am done for now but rest assure I will *@*@* some more later
Joe
Nevada, Missouri
U.S.A.
Click here to read other Rip Off Reports on Beneficial aka Household Finance
Click here to read other Rip Off Reports on Beneficial aka Household Finance
1 Updates & Rebuttals
Sue
South Range,Wisconsin,
U.S.A.
Realtors are not appraisers
#2Consumer Suggestion
Tue, December 11, 2007
I'm a Realtor and have my third loan through Countrywide. First of all, when your Realtor gave you a price of $280,000 on your home it should have been referred to as a Market Analysis and that the price was her opinion of what the home should list for based on comparable sold properties in your area. Appraisers do a far more in depth estimation of what your home is actually worth, how much a bank will be willing to mortgage it for. We recently refied with CW and paid Landsafe for our appraisal---no, we weren't allowed to pick our appraiser---that can lead to mortgage fraud. The idea is to have an independent, objective appraisal of the property. It's been explained to me by 2 loan officers (one outside of CW) and the appraiser that came to our home that refi and first mortgage appraisals are different---the appraiser has less leeway in using comps to bring up the value of a home for a refi. Our appraisal came in at $15,000 less than 2 years ago. We were shocked but the appraiser explained to us that no other homes like ours had sold in the past year for more than $210,000 and he is only allowed to use the highest comp---he can't make adjustments for improvements that our property has and the other doesn't. Ours is also waterfront property with direct river frontage; the comp property had more waterfront but no direct access from the home, not even a view of the river. You should contact your appraiser and ask for an explanation of what you consider to be a low value. I can tell you that if I were to list my home today I would price it at $250,000, knowing that a first mortgage appraisal would be more likely to come in closer to that price. As far as dealing with Countrywide, we couldn't be happier. Our loan officer is fantastic, deals with things quickly, answers all of my questions and is very professional. We tried dealing with local banks and the whole process is sloooow! It takes days just for a return phone call and then more days for loan committee approval, etc. With CW we had our money within 3 weeks of application and approval. Overall, I don't see that your situation with CW was a ripoff. You were approved based on what you stated the value of your home to be; when it didn't appraise for that amount you then didn't qualify for the loan you wanted. That's the way it works.