One employee said: “HSBC is a great company. I have worked for them for many years. I know we have helped many customers. HFC Benefecial [sic] worked with customer [sic] even before the mortgage crisis to help with loan modifications. Customers with HELOCS can simply call and get there [sic] loan modified right over the phone.”
Editor’s Note: A friend of mine got a subprime loan from Beneficial and has been happy. It was a prime-plus mortgage, but for each six months of on-time payments the rate went down. He is still on time and has a 4.5 percent home mortgage and is very happy after a few years. I don’t know if this loan product is still available. I must say that my friend is a realtor, and perhaps their was a side deal where he was expected to send some business back to Beneficial. Certainly, if you ask him today – and I just did – he is happy, and Beneficial was there for him when he needed a mortgage.
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A reader in Ohio sent this about my friend’s mortgage:
“Those loans that decreased the percentage rate were called pay right rewards and most of Beneficial’s customers did qualify for that. Their interest rate would decrease every year for 12 on time payments. I’m not sure that they still have those available…if they got rid of them they only got rid of them within the last 2 years with the credit crunch.”