When I received my third loan from Beneficial, in April, I felt confident that everything would go smoothly. I was adamant that I did not want a third mortgage or lien on my house, as I was going to be refinancing it later in 2004. I was assured that would not happen. I knew I was going to pay high rates again as I did in the two previous loans. I have always paid on time, as agreed.
When I went to refinace my home last month, the lien popped up with Beneficial. I asked them to subordinate the lien until we could get refinanced, which would have saved us $1100.00 a month. They refused. They have hounded us all year to refinance with them, but I refused, knowing I could get a 5% interest rate, rather than a 7.5% with them. I was appalled by their actions, when they said the only way I was going to get a loan was through them. Luckily I was able to find a lender that took my first and second, and wrapped Beneficial's in with it. Now I am out of their grips. I hope this letter will be a warning to others of how unscrupulous Beneficial really is. I asked how much I had coming back to me after the end of the loan, and their comment was nothing.
I was fortunate. Others have not been so fortunate.
Beneficial is good for a quick fix loan, but no more than that, unless you want their hooks into forever.
0 comments