In 1999, we took out a second mortgage to pay down high-interest credit cards. We only wanted $25,000, but the loan representative insisted that we needed to borrow $35,000 in order to add more equity to our home. When we signed the loan papers, we were dealing with Integrated Capital. Within (30) days, we were dealing with The Money Store. About (6) to (8) months later, we were dealing with HOMEQ.
Three months ago, I noticed that the principal had only gone down $27.00. How could this be? We never missed a payment, nor were we every late.in (36) months, this is all we get towards the principal? Even my car loan went down $8,000 in the last (2 1/2) years! We are definetly refinancing, and will NEVER deal with HOMEQ again!
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