HomEq - Predator of "Poor" or "Desperate" Mortgage - Refinancing Ripoff
After finally attempting to take control of our debts and fully understand all the financial decisions we have made, I went to the HomEq website and was thrilled to find this avenue to publically SHOUT what a horrible experience we have had with HomEq (The Money Store). We have from what I can tell 2 contracts at 2 different rates totaling over 20 years $120K in Interest at 14.49% for $39,000 borrowed.
In January 1998, struggling with credit and payment problems we excitedly and stupidly found and got this mortgage. Yes, consumer beware, but when you feel desperate and there are companies like HomEq that prey on the poor and desperate, then you are hooked.
Well I have filed a complaint with The Better Busn. Bureau, of which, HomEq currently does not have a satisfactory rating. If you pay 1 minute pass the due date but before the late payment date you will receive harrassing phone calls every 4 hours from 8:00 a.m. to 8:00 p.m. and on weekends and Holidays. I have my own home hazard insurance and I sent them a copy of this along with my insurance name, address and phone number. HomEq claimed they did not receive my documention in time and charge me additional insurance.
I send ALL correspondence to them certified mail since that episode. I also just went to their website and requested a "payoff" amount in order to be fully informed of what they are calling "principal." We are now able to start sending additional money toward the principal and I encourage you to refinance or pay extra to get away from them.
I encourage all of you to either seek financial guidance from a tax consultant or start learning yourself. We are paying the price of not doing that. GOOD Luck and "what comes around goes around" and HomEq will eventually have to answer for their unethical if not illegal treatment of their customers.
Drema
Danville, Kentucky
1 Updates & Rebuttals
Beau
Boone,North Carolina,
THE DUE DATE
#2UPDATE Employee
Sat, February 16, 2002
You said it yourself; "If you pay 1 minute pass the due date" you recieve calls. That is correct. A due date is that, the date it is due. If you can't pay by the DUE DATE, then you should expect the calls. Mortgage companies loan people great sums of money everyday and many people take this for granted.
As for "unethical or illegal" treatment, brush up on the FAIR DEBT COLLECTIONS ACT. This is what governs all collections in the USA and what HomEq abides by. Thanks for writing!