Two years have passed. I'm still wishing I never heard of Centex Home Equity Corporation. The only way I can handle the mortgage payments is to pay weekly. I pay it, weekly, by Western Union Quick Collect, which costs $12.95. My payment is $213; but, my check, at 40-hours a week, is $217. (You do the math.)
When I first called Centex, I told them that I wanted to borrow $1,000 to put insulation in my house. After looking at my bad credit, Centex's loan officer told me that they couldn't borrow me $1,000 but they could borrow me enough to pay off the old debts and to clean up my credit report.in other words, I'd have to get a mortgage on my house. I refused. I didn't want another mortgage, since we bought our house, free and clear, and didn't want to mess that up with a mortgage.
But, a very cold winter was expected. And, our house is nearly 100-years old, with no insulation in it. I didn't know what to do. I asked him what the payments would be. He said $437 a month. I said, "There's No way that I can afford that!" He said, "you don't understand. If we pay off all your debts, you will only be paying us, not the other debts, too." Then, I said, that I still couldn't afford those payments... I was getting the loan, not my husband. And he said that maybe I could refinance in a few months to get lower payments.
I signed the mortgage, and so did my husband. The money came, as agreed. Checks were typed out to the creditors for the amount on the credit reports. And, a check was sent to me for $8,000 the excess of the loan I didn't want. What they didn't tell me was that I would have to call the creditors and ask them if the bills were paid in full...'cause, guess what?! They weren't. I had to use the $8,000 to pay off the rest of the money that wasn't listed on the credit report.By the time I was done trying to get "paid in full", I had $1,000 left and I wasn't "paid in full" with Student Loan, or Quality Financial. I'm still trying to pay them.
After I signed the mortgage, I waited a few months than called the company to try to refinance the mortgage to a lower payment. They told me that, "if my payments were on time, in a years time, then they would consider refinancing my mortgage." And, hung up on me.
So, I didn't wait for that, and set out to find a new mortgage company... One that I chose, that I could afford. All the appraisers that came in, to appraise my house, were $10,000 lower than the appraisal said for Centex Home Equity. While the house was appraised for $50,000 in October; in January, it was only worth $40,000. The original appraiser has stuck by his bid the whole 2-years. I've had at least 5-7 appraiser's in here, since him, and none of them can give me an appraisal more than $40,000 ("and I should consider myself lucky to even get $40,000 for your house" one appraiser said.)
Am I locked in to Centex?! It sure feels like it!
When I expressed my concerns to the Vice President of the company, (who was contacted by a representative of the Atty General's office, in MN for me) she told me that we could refinance the mortgage. Now, I pay $426 instead of $437. I can't afford Insurance on the House! My job doesn't pay that well! I'm always late with the payments! I don't know where to turn! I need help!
What did the VP say? Why don't you sell your house, then. Centex Home Equity's collection's department calls me at work! They sure have a lot of people working for them, because I get a different worker everytime. (Except the real nasty employees, are the ones who call me.) They have actually yelled at me..."what's the matter with you! Don't you know we can take your house! Where are you going to live then! I want a check by phone Today! For $426! What?! You don't have the Money?! Can't you borrow it?!" After they yell at me on the job, I can't even function anymore... Imagine, I'm the Secretary, and I'm afraid to answer the phone! Somebody, do something! Stop them! Help me!
Sheila
Springfield, Minnesota
U.S.A.
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