Household Finance
Ripoff

They knew that our house had a lot of equity, and that they could make a pretty good profit by taking our house and selling it abused & mistreated tricked and lied to us

We were approached by Household Finance in 1997 to consolidate our bills by placing a second mortgage on our house. I had them fax info to us about what they proposed. I have the fax that claims we could consolidate our bills and our payments would be $460.10 per month. We were told that they had obtained payoffs on all of our bills; and that we should not make any payments.

When we went to sign the papers for the loan, the payments were $649.00; we were very concerned about this amount, but figured that we were paying more than this, and it would be difficult to bring all of our payments current, so went ahead and signed.

We incurred some difficult financial set backs, but could see our way out of it (we had some money coming in from a mortgage we held - $100,000); and this amount would help us pay everyone off. We always stayed current with our first mortgage. All of our creditors worked with us; Household Finance said they would work with us, but they would have to proceed with their collections. They foreclosed on our house, still insisting that we could still pay them what we owed plus interest.

When we received our money, I tried to get a payoff; only to find that they had bought our house at a sale. I was still trying to pay them off, however, I kept getting transferred to different locations. I finally got in touch with some, named Jim Bagaris (who was in California), he said he would work with us, but that we would have to pay all costs incurred with the foreclosure, etc.

We were still willing to do this, however, before he would give us a figure, he had three people come from a Tampa real estate office to appraise the house. We were then told that we could buy the house from Household Finance, and they served with a Writ of Possession, threatening to evict us in 24-hours.

We ended up "buying" our house back for $170,000. Before all this took place, we had a first mortgage of about $113,000/8% interest; (we now have one for $123,000 with 13%interest). We had to also pay about $20-25,000 additionally to finance this purchase. To top it off, we received a statement from Household Finance for income tax purposes this year stating that we had paid $8,000 interest! How could this be when they bought our house and we had to buy it back from them?

Cathy
Nokomis, Florida

Company: Household Finance
Country: USA
State: Florida
City: Sarasota
Address: 8382 N. Lockwood Ridge Rd., Sarasota, FL

  <     >