Money Store/ HomeEq Rip-off: Threatening Foreclosure on my house!
Eight years ago my mother called the Money Store for a loan to fix up our house. The loan was for $16,000 and it was basically so we could get new wires put in throughout the house, get the house leveled and get new plumbing and a new floor drain put in. The loan should have been paid off by now but 8 years later she is still paying the same amount that the loan was for! Yes she has been late on payments a couple of times, and each time she is they raise the price up to $4,000. Each month we are paying $450.
If she is even a day late the price goes up. Right now they are threatening foreclosure on our house. In fact, they are supposed to be auctioning it off tomorrow, for $16,000. They've done this to us before, back in August of 2001. Anytime she tries to work something out with the representative on the phone, they are very rude and inconsiderate towards her and tell her that she better have that payment of $450 by the first of the month or they will hike up the price.
She has tried paying them off so many times, she's even filed bankruptcy but they are still attacking her. She's tried loans from other companies also, and the last one she tried almost came through but the rep. called the Money Store and they informed him that my mother had been late on her payments for the previous 4 months-something that was not true. When she asked for proof, they gave her none. Soon after she went to a seminar and found out that these people are "Predatory Lenders" people who lure you into something they tell you is "good" and "harmless" and can easily be paid off within a few years. Learning about this made my mother feel very foolish and it kills her now because soon we might not have a home.
She tells me not to worry because she will call them and ask them if she can sign something where she can pay them up to $5,000-money that she doesn't have. How can people like these get away with hurting so many people, both financially and emotionally? They claim to be good people, claim to be helpful, but they mess up your life unbelievably. Knowing this, I hope NOBODY who reads this decides to go to The Money Store/HomeEq for help. They are criminals and need to be stopped.
Marisa from Hastings, Nebraska
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1 Updates & Rebuttals
Paul
Los Angeles,California,
YOU HAVE TO PAY.
#2UPDATE EX-employee responds
Mon, March 18, 2002
I worked for the Money Store a while back, but had to leave the company when I moved to an area they were not located in....the problem that you are having is common...when you do not pay your bills on time, your loan does not get paid off...first off the Money Store is a SUB-prime loan company...meaning that the interest rates are higher...because you are a bigger risk to the company...they have to enforce strict penalties for being late because so many of their customers are...If they are threatening foreclosure, that is because the loan is 3 months past due...and if they are requesting only one payment to keep for foreclosure, that is the bare minimum, keeping you are 2 months past due.....another incorrect statement you made is that she is charged late fees after one day late...that is incorrect, she may be charged extra interest (if it is a daily interest loan), but otherwise all loans have a grace period, which is there to allow time for posting on accounts, not to intentionally pay late.....Lastly, as for bankruptcy, this is a mortgage loan, bankruptcy doesnt help you escape that.