I believe that Centex does not provide the consumer/borrower with conformed copies of the legal and financial documents that it prepares on a timely basis, if at all, prior to or after the consummation of the transaction in conformance with good business practices and federal and state consumer protection laws. It is only after difficulties arise during the loan servicing and when a consumer is defending through the legal system an unjustified mortgage foreclosure proceeding by Centex that Centex will produce various documents containing provisions unknown to the consumer prior to the consummation of the loan.
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Centex does not properly advise the consumer of its available loan programs and manufactures loan documents favorable only to Centex without the consumer's knowledge and, basically, gives the consumer no options and fails to give the consumer proper disclosures pursuant to both the federal and state consumer protections laws and regulations.
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Centex I believe inflates appraisals at the time of a consumer's loan application in order to strip the home owner of his/her equity in the property.
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Centex, I believe, fails to apply mortgage payments upon receipt, and/or in a timely manner. Such payments are continually posted late in order to facilitate the company's ability to profit by wrongfully/fraudulently applying "late fees."
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Centex, I believe, continually applies borrowers' mortgage payments first to "corporate fees, " then to "principal and interest, " which practice is contrary to the terms of most of the "serviced" mortgages and notes.
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Centex, I believe, further continuously applies borrowers' mortgage payments to illegal "suspense accounts" (in violation of the financial contracts that Centex constructs and in violation of consumer protection and lending laws and regulations) that are set up by Centex and Centex, in a fiduciary capacity, applies such payments to "manufactured" and unauthorized and unwarranted fees designed to provide additional profit for Centex creating a default balance against borrowers/consumers in order to perpetrate foreclosure proceedings against property owners.
Two years ago Jan 06, I refinanced a house through Centex Home Equity. I signed papers for a 30yr fixed 7% mortgage. When I got to the Title Co. To close, Centex changed the 7% fixed to a 9.99% ARM. Title Co. Rep and I called the loan officer, she stated that she had to change because in two years my credit would be alot better and I could refinance through Centex at a lower rate with no expense out of my pocket. I noticed on my paperwork after the fact that they changed my loan origination and fee from $720 to $2606.11. My closing costs ended up being $2800 difference. They also mistakingly charged me return check charges after they were the ones who made the initial error and I wrote to them REPEATEDLY asking them to straighten out their error even with a letter from my bank stating the error was theirs and not mine. They continued to accrue these fees and the same thing, I would have someone harrassing me daily without any notes in "their" files stating everything that had already been discussed. I have all of this documented and wish to get out from under this money making rip-off refi immediately. My payments are ridiculous and I still see fees on my account that should not be there. HELP!!! They are ruining my credit and I have to continually provide this information to the credit bureaus anytime I want to "buy" anything!!!
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