I filed a chapter 13 and I ended up worse than if I had filed a Chapter 7. We borrowed $35,000.00 in 1994 from The Money Store. The Money Store went out of business and sold our loan to HomEq. We paid on that loan for 10 years only to find out in 2004 we still owed $35,000.00 and $17,000.00 more in interest.
So after paying approximately $50,000.00 in payments how could we possibly still owe the orginal amount borrowed and even more in interest. We could never get help from HomEq or the Money Store with regard to where the $500.00 per month we paid during the 5 years when we were in the Chapter 13. HomEq then sold the loan to Western Mortgage Services who promptly started foreclosure proceedings. We could not get the $17,000.00 they claimed we needed to pay to stop the foreclosure and ultimatley we lost own home we had lived in for 21 years.
How can this happen. How could we possibly owe $67,000.00 on a $35,000.00 loan we had paid on for 10 years. Doesn't the balance go down? I am writing this to warn others of the unscrupulus business practices these 2 companies use to take your money and your home.
0 comments