I have acquired a mortgage with Centex Home Equity LLC. Big mistake of my life. I was going through a divorce and advised by my attorney to refinance with them as he was Centex's closing attorney, so I trusted him to provide me with correct information and guidance, another big mistake. I was never told of the deal from the start, as my attorney (Centex's attorney) was handling everything. When I got to the closing and saw what the payments were going to be, I freaked, as I knew that I could never make those payments. They were $21000/mo, which was more than 50% of my pay. Knowing I could not make those payments, I refused to sign. My attorney told me that if I did not sign, I would be found in contempt of court because it was the last day that the probate court gave me to refinance the house and give my ex some money as settlement. He told me that I could refinance after 6 months. So, I listened and believed him. He told me to just sign the paperwork and I wouldn't have to worry after that and suck up making the payments for 6 months and then refinance.
Well, 6 months later, I tried to refinance with Centex. Remember, I still didn't know how bad they were until going through the second refinance with them. This is where it all starts. The appraiser refused to re-certify the appraisal. At that time, I didn't know why, but when Centex got the second appraisal back, it was less than the first one. My first appraisal was only $225,000 according to the broker and the attorney. Centex had an appraisal for $285,000, $60,000 more than what it was really for. I called the appraiser and he stuttered and said, "well you know how these deals work, we appraise the house and then the mortgage company tells us what it needs to be, so that's how that happened." FRAUD!!! The second refinance did not go through as the loan to value ratio was compromised.
Now, I was still trying to make those God awful payments and was getting behind because I clearly did not make that kind of money.
Several months down the road, July I got an outside broker with another bank who started the refinance all over again. I paid another fee for another appraisal and that one came in at $270,000, $10,000 above the second appraisal which was fine. This is the correct appraisal for my home, but it's still $15,000 less than what Centex had a year ago for my home. This was at a time when houses were inflating in value not deflating. The closing came in October and when we were ready to payoff Centex, Centex told the new bank that there was a 4-year prepayment on my loan, something that was never disclosed to me and I specifically asked if I had a prepayment fee and was told I didn't. Needless to say, the loan never went through again. Centex told me over the phone that I would never refinance with another bank ever again and that would own my home and they would see to it that my credit would be ruined so that I could never get approved for anything.
The bottom line, Centex wanted my home because I have equity in it. They are equity-stipping me and continue with all the fees and interest.
I have requested my file through a RESPA QWR and have only received another payoff and a printout of my account which shows attorneys fees, phone fees, etc.
The HOEPA violations come in with the high interest rate they gave me. My fully-indexed rate is 11.25%, which is 9.7% above the tolerance allowed under HOEPA. HOEPA only allows you 8% above the Treasury Securities and in 2002 when I closed the loan that index was at 1.53%, making my interest rate very high and too high constituting a violation.
The TILA violation comes in because they charged me twice for the original appraisal on my home. I have a canceled check in the amount of $280 which represented payment for the appraisal and the credit report. I also have a paper indicating that's what it was for and that was done by the original broker of CTX Mortgage. CTX Mortgage and Centex and all the same. When the closing was conducted, Centex charged me another $250 for the same appraisal. I never saw this at the time of closing as it was pointed out to me by a mortgage counselor who has told me about the violations I have on this loan.
I knew that Centex has to be doing this to someone else and I finally have confirmation at this website that there are so many others. A Class Action is definitely required to shut them down and put Centex out of busines. I never even got into the way they treated me and the threats over the phone, etc. I am trying to get this loan rescinded because of the clear violations of HOEPA and TILA.
Maybe we can all band together to get this out in the open and put them out of business. They are in the business of ripping people off and getting away with it. Let's not let that happen. Please feel free to contact me.
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