I am in the process of selling my home. The unfair, sneaky practices that seem so common for Beneficial/HSBC have given me no choice.

Here is an excerpt from Rip-Off Reports.com Apparently Beneficial/HSBC is not very popular with consumers and I am not the only one who fell for this:

Then they told us another big lie, that in 6 months we could

refinance no problem for a lesser interest rate. We figured

it's just 6 months and then our payment will go down.

Quick summary:

My husband and I divorced and I had to buy him out of our current mortgage so the kids and I could stay in the house. Being on my own, maybe going to Beneficial wasn't the wisest choice, but now I know better.

Beneficial refinanced me at 8.9% in November of 1994, since it was just myself on the loan and I was also given the promise like the one above that I could re-finance in 6 months at a lower rate. Just like above victims, I figured it was only 6 months, I could handle it.

6 months later, July 2005 to be exact, I called Beneficial and was told I didn't have the loan long enough (a year) and do not qualify for a lower rate. So here I am, divorced with two children, receiving $200.00 a week in child support and $486.00 in pay for my job. After I pay my outrageous monthly mortgage payment, which doesn't even include my taxes or insurance, I have about 800.00 left for the month to pay all my other bills, groceries, etc. I started sinking fast.

Now, given my credit scores, etc., I have been offered a variety of refinancing options with other lenders and rates almost half what Beneficial charges! But now I have a pre-payment penalty to contend with if I try to switch to another company with FAIR interest rates. I feel so trapped and the emotional stress is just unbearable. I have lived in that house for 12 years, saw it built; and my children have lived their whole lives in this home.

I was sending Beneficial weekly payments to stay current. The payments were deducted from my checking account and I never heard anything else. Well, when it came time for my payment to be due, and I sent a check for the balance of what I already paid, I was told that the partial payments would not be accepted and were being sent back to me. (ONE payment has been returned so far.) Then foreclosure was threatened if I didn't come up with the money by close of business that day, when, technically, Beneficial HAD MY MONEY!!

So my house is on the market. I am told that most FAIR mortgage companies waive the pre-payment penalty if the home is sold. We will see about that. I have seen nothing FAIR about Beneficial so far.

Considering Beneficial's unfair and dishonest practices have literally forced my children and I out of our home, I am asking that the balance I owe on the loan, 188,856.13, be used as the payoff amount waiving all other charges waived as well so we can at least have enough money to put down on a rental property.

Since they have put me in financial ruin with their lies, its the least they can do.

Anne

Schwenksville, Pennsylvania
U.S.A.

Click Here to read other Ripoff Reports on Beneficial/HSBC

7 Updates & Rebuttals

Anne

Schwenksville,
Pennsylvania,
U.S.A.

Sending Second Certified Letter requesting Info!

#2Author of original report

Fri, June 02, 2006

June 2, 2006 Mr. Richard Stone HFC/Beneficial Via Certified Mail 961 Weigel Road Elmhurst, Il 61026 Account number: xxxxxxxxxxxx Dear Mr. Stone: Again, I am requesting a full description of the $10,000.00 in fees that HFC/Beneficial has added to my Mortgage Loan. You made an attempt to explain away about $7,000.00 of it, but were unable to tell me where the other three thousand came from when I asked you. You then said you are in the foreclosure department and do not handle the payoff charges. I then asked you to give the number of someone who could help me and explain the charges, you gave me a number that I could try. I called it, was transferred all around and finally dumped back into your voice mail. Now, I am finding it hard to believe that NO ONE at HFC/Beneficial has a clear idea of what these charges are and NO ONE has any documentation that can be sent to me to verify your claim. I am again requesting a copy of the amortization schedule and payment history and expect to receive it by either via over-night mail Tuesday June 6, 2006 early am or fax (610) 489-2674 to my attention. I have repeatedly asked you, Thomas ---- ((FULL NAME REDACTED)) (via certified letter and phone), and Sylvia ((FULL NAME REDACTED)) (via phone) for this information and that the timely receipt it is crucial since I am going to settlement on the 15th of this month. You immediate attention to this matter is requested. Anne xxxxxxxx

Anne

Schwenksville,
Pennsylvania,
U.S.A.

I really need help!!! I don't know what to do! Mr. Stone wants to speak with "someone who will understand what he is talking about"

#3Author of original report

Fri, June 02, 2006

HFC Beneficial has now increased my payoff to 10,000.00 above my balance of 187,000.00. I have been in contact with Mr. Stone from Beneficial to get information. All I want at this point is a detailed explaination, faxed or mailed, regarding the payoff charges. I told him that all it said on my payoff was "interest". He said in his snooty way "which part of that don't you understand?" I informed him that my real estate agent or attorney didn't understand either and we need a detailed account of where they came up with this 10,000.00. He attempted to explain away about 7,000.00 of it, then when I asked about the other 3,000. He said he didn't handle that, that he was in the foreclosure department! I asked why I was in foreclosure when the home is sold and I am looking for a payoff for settlement and he said "you are 2 months behind., you can't just live there for free!" I explained that their unfair and sneaky loan practices forced me to sell my home of 12 years....now I guess they just want to take the house. He then told me that was my problem and I could seek out outside assistance if I felt the need AND if the house is NOT paid off-extra charges and all, this month, they will forclose. I told him to transfer me to someone who had the details of the 10,000.00. He told me I could "try" to reach someone and gave me a new number. When I called, I was transfered around and around until......... GUESS WHO'S VOICE MAIL I GOT??! Mr. Stone's! Earlier in the month, I spoke with another "manager" who said "yeah, we can work with you on those charges", he has not returned my calls, and another who said "oh, if you owe anything to us at settlement, we will just roll it over to another loan". When I asked Mr. Stone about that, he said "No, you may declare bankruptcy after your home is sold so we wont give you a loan." So, I have 15 days till settlement. I was already looking at OWING 2,500 at settlement........now it has increased to 6.500.! I am told by my RE agent that since I signed an agreement of sale, I can now be sued by the buyer of my home if it doesn't go through! My children and I thank you HFC Beneficial. You have RUINED our lives. That home is the only home they knew. I watched it being built! I don't know who to turn to. I will forever be in debt to Beneficial and never have a home of my own again.

Anne

Schwenksville,
Pennsylvania,
U.S.A.

My payoff figure has increased again!

#4Author of original report

Thu, May 25, 2006

It just jumped up another 4,000.00.

Anne

Schwenksville,
Pennsylvania,
U.S.A.

My home has been sold.

#5Author of original report

Thu, May 25, 2006

Now, I ordered a payoff figure from Beneficial. I am so far behind in my payments, my taxes were never included in the huge payment so I have to pay those off, and I am getting a hard time from them with the payoff. My balance says "187,000.00, the payoff is 193,000. Thats 6,000.00 could save me-if I don't get that, I will OWE at settlement! So now I have to fight with them again.

Ruth

Lake Oswego,
Oregon,
U.S.A.

I thinks thats just horrible

#6Consumer Comment

Mon, March 20, 2006

I wanted you to know i felt so sorry for you, I myself have had dealings with hsbc and their credit card, i have excellent payment history and they said IN THEIR OWN TERMS AGREEMENT every 6 months my account would be reviewed BASED ON MY PAYMENT HISTORY WITH THEM. I have had the card 2 years, and received one increase of 100.00, I do think they are crooked and I only have their card and work hard to keep it paid, and have paid off the balance may times, becuase I am the victim of identity theft, they may review your history,and i don't know what state you are in, but if you paid anything and they sent it back thats refusal to accept payment, and you can get them on that, also, if they were accepting payments then they can't take you house, at least not here, you are proving an effort to pay, and if they accept it then they can't forclose, I would advise you to call a lawyer (legal aide) and find out what your rights are, and maybe another mortage company will help you with the penalties. I wish youluck and my prayers to you and your family.I was a single mom too many years ago, it was really hard then and now it is still hard. I know how having someone decieve you in that manner hurts a family also yur trust in peole and companies. I have read some horible stuff on here about hsbc and there was a big story on the news here about H&R block and the fees from hsbc, the news said they got 8 million people, I am wondering why our elected officials aren't doing something about them.Good luck and updaye your posting so i can see if you were able to hold onto yourhome, maybe legally you can do something, maybe just file chapter13 bk, then you get to keep your home and I know it stays on your credit for 7 years anyways but a forclosure will ruin your credit too, and you won't have your home. call a bk lawywer, and see if bankruptcy will help you they will have ot stop forclosure immediately once you hire an attorney and most attorneys only charge the filing fee up front, the rest are paid under the 13 plan, it is just a suggestion i hope it helps.

Anne

Schwenksville,
Pennsylvania,
U.S.A.

"We do not accept partial payments"

#7Author of original report

Mon, March 20, 2006

I noted in my original comment that I was sending Beneficial a check each week. I finally got a response about the checks I sent and where they were. One was actually posted to my account. I spoke with John D'Knight again and asked him why he told me that they could not accept partial payments and why he told me if I didn't come up with the full payment THAT DAY, I would be in foreclosure? Obviously they DO accept partial payments! Of course he treated me like an idiot, saying I needed to understand that they had hundreds of offices and someone posted it mistakenly. (note that the payment goes to the same place as all the others!!). So I asked him if that meant that my monthly payment would be less the "partial payment". He said yes. Now, why is this okay this month and wasn't last month?

Anne

Schwenksville,
Pennsylvania,
U.S.A.