In 2001 my husband and I refinanced our mortgage. We was referred to Beneficial by my MOTHER! (Does that fall under child abuse?) Anyway, Household-beneficial was very eager to help us. Little did I know that we would end up in a Financial Nightmare!
They refinanced us all right! Gave us a $76,000 first mortgage, In which our house only hardship appraised at $64,000 by an out of town appraiser. Then told us that they wanted to pay off some other bills that we had, In order to do the loan for us. Thats were the line of credit comes in. A second mortgage of $10,000. They also went on about how other mortgage companys sell their mortgages to other companys. Beneficial said, "Not US, we will never sell your mortgage. That is one Benefit you have if you finance with us. (Dirty * suckers, they new they would benefit more money from us. Hell no they wasn't gonna sell our F*in mortgage. Plus, They knew they would get busted out quicker than they did.)
For those who aren't aware of the Daily periodic Rate. Let me explain it to ya. Our mortgage is on a daily periodic Rate. Our interest is $27.00 a day. (We didn't know that) Benefical is on a 28 day billing cycle. So, they get 1 to 2 days interest extra a month. If your mortgage payment is due the 19th of every month, you better pay it on the 19th. If you make and early payment say on the 12th, You better pay it on the 12th of the next month or your interest to death. Our mortgage payments were $900.00 a month on a $64,000 house.
I have a son that has Cystic Fibrosis. It is a very fatal and financially draining disease. The company I work for started cutting cost and made me start paying more for his prescriptions. $25.00 a pop and he takes 6 medications. Then my husband had to have Triple Bipass surgery. He was out of work for 2 months.
Unfortunately we had to file Bankruptcy. We never missed a payment on our house I ended up borrowing $6400 from my 401k at 6% verses 20% on the second mortgage. And my hubby got $3000 from his. Well, I don't exactly know what happend but, somehow or another my Bankruptcy lawyer sent them a Re-Affirmation agreement. Household said they never received it. We got our foreclosure papers last week.
For those of you who work for these people. I want you to think about something. It take 2 people to make a living these days.
What would happen If something happend to my spouse. Do you think I would be able to have kept my home and take care of my children on a $1200.00 a month income. With a house payment of $900.00 a month. That shows your not looking out for the costomer, your looking out for your freakin selves!!!
yes, i will have to leave my home... But MOTHER F*kers Im leavin with 2 thumbs up!!! If you think you can get the money out of my house that you stuck me with... More power to ya!
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