DS in Kentucky said: “In 2004 we took out a second mortgage on our property for $35,000. I recently found out that Kentucky Law requires that an appraisal be done and also verification that the Borrower is able to repay the loan to reduce predatory lending — no appraisal was performed on the home prior to the loan.
In 2007, we began to default on our loan and Beneficial, without first contacting us and after my trying to work with them through their Hardship Program (which was no relief) they assigned a real estate company to come out and perform an appraisal.
In our initial loan paperwork we were given no choice but to pay down certain credit cards or they would not provide funds. The agreement was $35,000 financed over 15 years at $600 per month.
As of this date we now owe $45,000 after paying for 5 years.
We tried to do the electronic payment but realized that it comes out 2 times a month instead of every 30 days. Is there any relief out there for consumers taken advantage of by HSBC?”
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