Based on the other complaints I've read about HOMEQ, I consider myself fortunate.
I took out a Home Equity loan through First Union back in 1997, for $25,000. HOMEQ Servicing Corp. Took over my loan after the first year in which I made payments.
I was able to avoid getting ripped off too badly by immediately repaying about $5,000 that I ended up not needing. And last year I was able to sell my house, and pay off the remaining balance of my HOMEQ loan, and since I'd already made 36 consecutive payments, ON TIME, I avoided the $750 "pre-payment penalty". [Don't you love that? They make you pay a penalty for paying them too soon!?!?! ]
But, just so you don't think I didn't get screwed by HOMEQ, too... It's time to file my 2002 taxes, and lo and behold, HOMEQ never sent me a 1098 mortgage interest statement, and conveniently, the 1 800 number on last year's 1098 is no longer a working number.
I tell EVERYONE I know to avoid this company, and I consider myself lucky for learning about this type of "lender" without it costing me more than it did.
And I LOVE the b.S. Rebuttals from HOMEQ, it's NEVER their fault, it's ALWAYS the customers' fault, and it always boils down to "should have read the contract", "daily interest" blah, blah, blah.
To everyone who's had a problem with these jerks, don't stop complaining, and for God's sake, write your Congressman. Together we can lobby all our representatives to put these jerks out of business.
Cleveland, Ohio veteran of the predatory lende
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