I had a small equity loan from HFC and a polite man called and said he could lower my mortgage payments. Sounded good but could it be appraised for the amount owing due to market falling. I was assured it could and never saw an appraiser. I got several calls trying to get me to take the loan and pay off some other debts. Well, this was sounding good and then to pay a little hinger mortgage, but pay off high interest credit & department store credit cards. When we went in to sign the papers I have refinance three times and in a way suspected this was not a regular loan and asked if this was a regular fices loan and they assured my husband and I it was. We signed and left and later found that this is an all equity revolving credit loan that you couldn't pay off unless you could refinance for way over the value of the home. I have been paying for almost three years and owe more now than I did before. I also incur deferred interest on the whole loan due at the end of the loan that is a huge amount. They also required me to carry heavy insurance for the full amount of the loan and that includes the land? They get by with it.
I have never figured out why with so many complaints that no one has taken on this giant company that has defrauded many people. What did they think I meant by a fixed rate regular mortgage loan? I sure didn't mean an all equity revolving fixed rate loan. I can't afford an attorney, but hopefully they rip off the wrong person and they do have the money and will get a class action suit going. Come on lawyers. If your not scared and your good, you got some good cases going on here. I'm sure that I'm not the only one in this fix. Just look at the reports.
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