I was misled when I first called Beneficial. I was told it shouldn't be any problem; I could consolidate all bills and get back on track and the best thing was there wouldn't be any additional closing cost.
The longer the process went on the more things changed. Whenever I would ask how much of a payment I would be looking at I could never get a straight answer. Whenever I would call the office and leave a voicemail no one would return my call.
Then we got down to the final weeks, then days. I find out a few days before close that the catch is a $6000 origination fee.
I also chose to pay weekly on my newly acquired mortgage. There is absolutely no benefit. Not to mention if I pay the mortgage off before 30years there will be an additional penalty. As is doing business with this company isn't bad enough.
I called to find out why I hadn't received a copy of the appraisal that I paid for. I left a voicemail the first time with the manager, he never returned my call. I then called two weeks later and spoke with the individual that set me up with such a lovely deal. He said he would check into it and I should have it within a week or so.
Three weeks went by and nothing. I again called the office; was put on hold and then transferred to a manager. He said he'd only had ONE other customer ever request a copy of an appraisal, what they paid for, and he wasn't sure how to get it.
It has been extremely frustrating dealing with this company. I finally have a copy of my appraisal and I will be putting my house on the market. I want nothing more to do with the loan or lining their pockets. It's unfortunate that some people have no morals. They get you coming, going and in between $.
Many Michigan families have been down on their luck over the past few years with job losses, etc. I hate to even think how many have fallen into the wolves den and been devoured.
I hope that someone puts a stop to this type of practice; I didn't realize loan sharking was legal.
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