In Febuary of 1998 My husband and I were looking for a morgage company, we were young and this was our first big purchase.
The home we bought was my mothers she had passed away, she had a HUD loan, and owed just over 7000.00 on the home.
We borrowed 30,000 thinking we could pay off our truck 7,000, the house 7,000 and have plenty to do some much needed remodeling/repairs. The house was appraised at 38,000.
We went to sign the papers and found that we were only getting 1500.00 becuase HUD tacked on recapture fees. Ok fine.
After about 3 years I called because it seemed that our loan was still 30,000. I was told it would start to go down after 5 years, the first 5 years were mostly intrest payments. Ok what ever. So here we are 8 years in to our loan and we owe 30,543.00.
The reason its so much higher now is because when my husband was to be deployed the military messed his pay up and we went 5 months of hardly any income, so we had many late payments, and extra charges added to our loan about 1000.00. That's fine Beneficial was VERY understanding and helpful.
I called again, was told I should see a diffrence very soon. So here we are 6 months later and im looking at my statement. I pay. 95 cents on the principal balance after my finance fees! We are at 5.250% annual percentage rate. They also asked a ton of questions because it looked to them like it it was a second morgage not a first. But so far nothing has been taken care of.
I was also asked about the deed to the home. It is in My maiden name and my name only, yet the primary loan holder is my spouse, we were not married at the time the morgage was taken. Is there something fishy there?
We will be selling some time this year. Over all we are very happy with Beneficial. But I have paid a total of 11,515 plus dollars in finance charges and less than 100.00 on the principal. Now that jsut seems VERY unfair. I only have 7 years left on the loan, how can I possibly pay it off in that time? Should I be responsible for sending in a extra payment and marking to be added to my principal or should the company be fixing the problem? Can someone offer some advice?
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