We originally took out a home equity loan on our lakehouse to pay off some credit card debt - about four years ago. Like so many other complaints I have seen with this company, we too owe a similar amount to what we originally borrowed. Our interest rate was high and being a Realtor, I know you basically address very little of the principle amount for the first few year of the loan.
Last year (around Sept) HomEq sent me a demand letter insisting that we did not have hazard insurance in place and they were placing their insurance on the loan. I sent them a copy of the insurance I had and they still put the insurance on. I called my agent and requested they fax a copy of the dec page of our homeowner insurance to these creeps. Meanwhile, we had a huge tree come down during a storm and go through our roof. It was covered by our insurance company (Farmers) and also including some very expensive mold mititgation -which Farmers also paid.
They still maintain that we owe for the insurance they place on our property and we did make a claim with that insurance company.
Meanwhile, they continue to bill each month, the premium for the insurance we do not need and age my account and desvastate our credit rating to the point we could not get our primary home re-financed and take advantage of the terrifically low interest now on re-finances. They needed to go back and fix our acccount to when they first added the insurance and back it off. Each month I continued to make my regular payment and my account continued to look further and further behind. They call incessantly -even on Sunday night and will not take any explanation you give - they just respond with "well when can you bring your account current?" My account is not behind and never has been. The added money they place on there is being absorbed by the late fees, etc. Etc. Etc. They have no customer service. They don't care and eventually, the word will get around and no one will use them for loan origination. It's unfortunate that they can purchase existing loans and start cheating and lying to hard working honest people. I also believe they are incouraged to be rude and indifferent to anyone's needs. They just don't give a big rat's butt. I hate them... ALL OF THEM.
Ken and Glenda
Friendswood, Texas
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