American General Finance Company
Ripoff Predatory Lenders

How much longer will it be, before American General Finance Company is put to a stop on predatory lending? This has been my nightmare with them.

My husband and I are victims of predatory lending. American General Finance Company encouraged us to refinance our home through them. They assured us that this was the right thing for us to do, and the best thing that we could do. They promised us that our interest rate would remain about the same, about 9-10% at the most, and the payments would stay around the same, around $450-500 at the most. They did not tell us that the loan was a revolving credit loan, like a credit card, so that we'd never pay the house off.

Everything happened so fast, at the closing. After signing the papers, we found out that we had singed to a 14.50% interest rate and almost $750 monthly payment. They also did not inform us that we had three days to look at the contract. This loan has caused us to almost lose our home of 25 years. They foreclosed on us and I immediately filed for bankruptcy. The original loan amount was $56,000. With all the interests, fines, fees, and costs for their lawyer fees and whatever else they charged us for, we now owe them $72,000 for our home! So even though we have filed for bankruptcy, we are still threatened by the possibility of being foreclosed on again.

From month to month, it's almost impossible for us to make our house payment, now being $750 and if we're late almost $800. I know for a fact that they are just waiting on us to default so that they could take our home away from us! In the last three years we have paid them over $35,000, and we now owe them $72,000, there's a serious problem with this! This is robbery!!!

I personally know someone else who has experienced a similar problem with them, and they too were forced to file for bankruptcy. On the day my house went up for sale at the courthouse, there were two other families that AG foreclosed on.

One day, while I was making a payment at the office, another customer was there making a mortgage payment too. They were there to make a payment so that they could get ahead on a payment. They told him that was impossible for him to do, because the computer would not allow them to do that. Well, I had the same experience with them. I made two payments in one month, thinking that I was going to be a payment ahead. The next month it was as though I had never made an extra payment, it went towards the interests. You can imagine how I felt, furious!!!

Several times they tried to get me to redo the loan with them so that they could catch me up, but I refused.instead I tried to redo the loan with other finance companies, and when I did, they made it hard for me to accomplish that. I then found out that there was a prepayment fine or penalty fee of $4,000, along with other fines and fees they were charging me, making it impossible for me to get out from underneath them. They have me trapped!!! If it continues like this, sooner or later they will have my home. And they know it too!!! And others too!!! American General Finance Company preys on minorities and the low - income people. They must be put to a STOP!!! PLEASE DO AN INVESTIAGATION ON THEM.

Jennie
Whiteville, North Carolina
U.S.A.

Company: American General Finance Company
Country: USA
State: North Carolina
City: Elizabethtown
Address: 116 W. Broad Street
Phone: 9108638163

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