Centex Home Equity Corporation
Rip-off! They confuse, delay, lie, cheat and steal

We entered into an equity loan contact with Centex Home Equity several years ago. The contract started out poorly when we got to closing and the interest rate they'd quoted and promised had been increased from about 6% to 11%. Unfortunately, at that point, we had stupidly put ourselves in a position financially where we basically didn't feel we could just walk away.

They had also assured us that the loan would maintain our VA loan status on the property. Again at closing, when I didn't see any VA paperwork, I inquired about it and was told the loan was VA guaranteed. I subsequently discovered that their duplicity in this matter resulted in our PERMANENTLY losing the VA guarantee that went with the property!

Recently, we entered into an agreement to sell the property. Centex has repeatedly refused to provide us with a payoff amount to allow us to close the sale. For the past week, Centex has been consistently refusing to provide a verbal payoff amount for us, despite verification of identity.

Because of this, I then faxed a request on July 8th to the number provided by Centex. Unfortunately, because I was very busy at work, I overlooked signing the note and despite providing 2 phone numbers where I could be contacted, Centex didn't bother to contact me to let me know I'd overlooked the signature. When I discovered it myself the following day I immediately re-faxed it with signature.

When we still didn't receive the payoff amounts, I called them. Their representative told me that it took from 3 to 5 days to process payoff information. At that point it had BEEN 3 days since they'd been sent the signed request.

When I pointed this out, the woman THEN told me that they couldn't do it until 5 days. This morning was the fifth day. I've been on the phone with them repeatedly, requesting it be faxed.

At one point, one of their representatives even tried to threaten me - telling me that I couldn't get ANY information about the loan until I'd made a payment. Never mind we've been promised for over a month that this would be closed and paid off (since early June) - which I've informed Centex of repeatedly. My title company has told me they have NEVER had a mortgage company that wouldn't just provide the information verbally.

They have NEVER come across a mortgage company that wouldn't just give the information, much less went out of their way to actually block the borrower from getting the payoff information the way Centex has done. I've pointed out repeatedly that this is information to which I'm entitled. They simply don't care.

In addition, I noticed that they also CHARGE $25 for more than one payoff request within a 60-day period! Obviously, we ensnarled ourselves with a giant, predatory company. They do business the way they do simply because they CAN. There is nothing to stop them.

I complained to the Arkansas' State Attorney General's Consumer Protection Division. An Investigator there was on several conference calls with me last week and again yesterday. The company promised repeatedly to fax the payoff amounts in conversations with her, as well as each time I've called them - about every 2 hours all day last Friday.

This is now mid-day, Tuesday. It has now been 8 days since the original request was faxed to Centex. They still have not responded. As I pointed out to the Investigator, I have no doubt they are waiting to send a payoff amount that will be for August, rather than July, based on the date of request. So they can stick us for more money.

Company: Centex Home Equity Corporation
Country: USA
State: Texas
City: Lewisville
Address: 350 Highland Drive
Phone: 8884802432

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