SW in California said: “I have been having numerous issues with HFC with my mortgage. Until I started getting behind in my mortgage and attempting to work out arrangments with HFC for a refi or modification did I realize the problems I was having were not just a small problem.
It started in 2006 with a 2nd mortgage to lower a current pool loan we had for $60,000. We walked out of there with a new 2nd for $133,000 and a promise to refi our 1st ARM loan scheduled to increase Jan 2007 by reducing future refi fees and eliminating the early payoff for the 2nd we had just signed.
We did a new consolidation loan in 2007 and were charged over $12000 in fees besides the earlier 2nd loan fees of $4000. There was no reduction as promised for the refi fees and as a result they told us we were being charged a 1.5 point increase for our loan due to credit issues that werent there 6 months earlier.
Within 7 months we fell behind 1/2 a month payment due to vacationing and then another 1/2 payment a few months later due to vacationing once again. We made up the difference come December and paid all fees and arrears to make it current.
8 months of 3 and 4 phone calls a day from an unknown number finally revealed HFC was calling due to a late month payment for the past 8 months.
Customer service gave us the wrong amount to bring the loan current in December and they refused to fix the credit we found to have been 8 months of 30-day lates and they chalked it up to the collections department, giving us the amount to bring us current, not customer service. Collections has no obligation of access to any accounts to provide accurate up-to-date information on any acoounts.
So my wife was injured at work in Jan 2008 and I was injured in Aug 2008. Between her being off for a year and my injury causing me to be off for 3 months resulted in our mortgage going delinquent in Dec 2008. And the housing market has our house $300,000 under the mortgage balance. I called HFC for help.
I was shut down everytime I called with refusals to refi or modify my loan. Offers were everytime I called to pay amount owed, foreclose, or short sale. Of course the local offices have all been closed so there is nobody available to contact in person to dispute or plead my case as my wife and I both were injured at work and off for substantial periods of time in 2008.
After utter frustration did I begin to look at what problems I had with my loan obligations with HFC. I made bi-weekly payments to pay down my mortgage faster as represented to me by my local manager to pay half my payments every 2 weeks at the office and after 12 straight ontime payments would also have rate reductions applied to my account.
We were told we would pay off our mortgage in 12 years at closing by applying these principles of bi-weekly payments and their good payment reduction on the interest rate. This was false info by the way.
So all in all we have contacted an attorney with the following complaints just from our dealings with HFC not including whatever she locates as problems with a forensic evaluation of both of our HFC loans.
She handles class action cases and is looking into what she can do based on numerous complaints and recent lawsuits detailing Predatory lending and collection of excessive fees. I have alleged these issues with my situation.
* Predatory Lending
* Loan Flipping
* Racial Discrimination
* Unfair Business practices
* Breach of Contract
* Over Valuating the Property by placing recommendations and pressure to the Appraiser
* Over Qualifying for the loan and pressing clients for cash back for maximum loan fees
* Over stating credit worthiness to justify an increase in points and fees for loan charges
* False credit reporting and causing higher fees at other loan providers because of the false reporting
* Intentionally causing clients to become late on agreements to generate late fees
* Collecting early payoff fees after refinancing one loan into another loan and agreeing not too
Anyone wanting to contact me with several issues similar to mine feel free to contact me by email : swright2@bak.rr.com”
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