I originally signed a second mortgage with North Country Real Estate inc. Dba HMC Funding. They immediately sold it to The Money Store. I was told that I was getting a second mortgage for home improvements and paying off some debts that I owed. This lead me to believe it would be the same as my first mortgage that I pay my payments and if I am late I will be charged a late fee. Otherwise I was to pay a fixed amount of interest over the set amount of payments.
After a few months I noticed that there was no money going to the priciple and I called to get an explanation. I was told then that I had an equity line of credit which is charging simple daily interest and I must make my payments within 30 days or I will become interest poor. I argued this point as that was never told to me and it is not explained in my loan documentation anywhere.
Many of my payments had been mailed 6 to 10 business days before the due date and many of them had not been posted until 1 to 3 days after the due date meaning they took the whole payment.
The transformation to HomeQ took place and again I called to find out why I was not getting the proper credit towards my principle. They again told me that I was being charged simple daily interest and I was interest poor. They would not or still will not change their stand nor will they do anything to help fix this problem. I began to pay $46. More than the amount of my payment to try and bring the principle down and yet I am still being overcharged interest and not being credited the proper amount towards my principle balance. There seems to be no way that this loan will be payed off in the amount of payments that it was supposed to be payed off in according to the contract I signed.
There should be laws put in place by the government which would not allow a corporation to take advantage of consumers in this way. Is there someone I could contact that could look over my loan documents and have them tell me if they are legit in being able to charge me interest this way or if they are wrong? I am going to be forced into bankrupcy if I have to continue to make a payment that will never end for the rest of my life.
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