Beneficial aka Household Finance
Ripoff unscrupulous lending practices

Beneficial Finance convinced my husband and me to consolidate our debts. They put us into a first mortgage for 124,000 dollars and a second mortgage for 25,000 dollars, but they never told us that the second loan was secured by our house.

They didn't provide us with all sorts of required paperwork, one being the good faith estimate, as well, our loan number is not the same as our payment number. Our home was appraised at 115,000 dollars, but only three months prior it was only 90,000.

We have lived in this 1979 year old home for almost sixteen years and we are not sub-prime, we have good credit.

We payed over 21,000 dollars last year in house payments and over 19,000 dollars in interest.

Beneficial never told us they were financing over 10,000 dollars in points into our loans - 7.4 points on the first mortgage-but they still charged us interest rates of over 13% on the first and 18% on the second mortgage.

My husband works over seventy hours a week just to make bills, and our problems have gotten worse as we've had little choice but to use credit cards to meet our mortgage payments.

The Beneficial loans left us owing over 149,000 dollars against our home. On top of that, Beneficial never told us that both our loans have a five-year prepayment penalities for six months interest, which would total close to another 10,000 dollars. Our second loan is called a line of credit but yet they use the words second mortgage. We where told we had to have the line of credit due to dept to ratio, and we never signed for any points nor did we agree to any.

I was asked to sign the papers even though I can not work due to illness, but yet the consumer credit reports only list my husband as the sole person in the contract.

These predatory lendors, aka loan sharks have used us and abused us, its beyound horrible, and we are not alone, for all across the nation as AARP and ACORN have shown, we have thousands who have been victims of this evil company who target mostly sub-prime victims, but do not discrimeate with those who have good credit. We have hopes for justice, but are hanging on spiderwebs.

Susan
Lakeland, Florida

Company: Beneficial aka Household Finance
Country: USA
State: Florida
City: Lakeland
Address: 4254 US HWY 98 North
Phone: 18667292329

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