PA in New York said: “I want to congatulate CF of Connecticut and say I would really like to know how I could contribute to a class action suit. I am also one of the victims of Accredited home lenders trying to deal with an Adjustable rate Mortgage which has made our lives a living hell for the past few years.
My loan was modified every 6 months and this time they refused and the reason is that I can afford to pay. My interest is now 10.75% .
My huband is 59 and I am 50. My husband is a heart patient who has had a by pass and I have auto immune desease which has made me partially disabled. Yet I work two jobs to support our son in college and my husband works 65 hours. We do that just to have peace of mind and to be able to pay our numerous bills.
This has made HSBC believe we can pay the 10.75% interest. The most alarming part of it is according to our note, our rate should adjust every 6 months by 1.5 % and it is calculated as 6.25% plus the LIBOR. Today and for the last 1.5 years the LIBOR has been 1.6 - .8 % but they have not given me the benefit of the lower LIBOR.
Instead HSBC has decided to adjust my mortgage to the LIBOR which was at the time they gave me the temp modification June 2007 which is 5.25. I think this is fraud because the note does not say what rate should be charged when you come out of the modification.
I am sure they have done this to many consumers who may not be eveb aware of the situation. This is not explained in the note and therefore their decision is an arbitarary action which is against the consumer.
Following a business week article about how proactive Bendon Mcdonaugh was in dealing with the Mortgage crisis, I wrote to him asking to restructure my loan to a fixed rate so that we can get on with our life, and his customer relations person wrote back to say that “HSBC is currently not originating new loans” which is a total lie because if you go to their website they have mortgage offices and there is one close to where I live and there is a web link to the service. This too is consumer fraud.”
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