Household - HSBC Watch For PDA | Mortgages
Beneficial mortgage, not beneficial at all!
Posted: 08/01 03:46 AM
I have been having problems with Beneficial, my mortgage holder since about 2000. Missed one payment due to mix up; they say I could make the payment and all will be in track if I agreed to EZ payments twice a month. The payments were debited from my account and by agreeing to direct debit my % rate was to be lowered to 12.75 %.
I noticed my principal never went down, instead I was paying about $16,600 in interest each yr. Besides I kept on getting statements every month saying my payment was late. I went to the local office; they say..."No problem with your loan, your EZ pmnts are posting twice a month". I get constant calls at work from their office in IL asking what I was planning to do about bringing my account current. Over and over we went over the same...EZ pmnts, due dates, percentage, back fees....no end to it!
The local office suggested refinancing to lower my payment & interest, went through the hoops...no dice they said...with your history of late payments we can not do it! How can direct debits create late payments??? You can imagine, tons of calls, correspondence, asking about putting my account on track. I tried refinancing several times but the companies I was trying to work with were given a bad recommendation about me. I had medical bills, got behind on other debts but not in my house payments, $1390 a month. After many attempts to fix my financial life I decided to file bankruptcy and reaffirm my mortgage. I hand delivered the reaffirmation papers to the local office, the one where I got my loan from. The court returned the reaffirmation papers. A legal officer at Beneficial did not sign them.
I talked to the local loan officer, she called the head office; they told her not to get involved since I have filed bankruptcy, she still sent the papers overnight to them. The court sent another warning, still waiting for papers to be filed. They sent the papers, again not signed by the legal dept, returned by the court. I talked to several people...oh yes, they will send them to the legal dept in California and have them send papers to the court. Never happened !!
Bankruptcy got discharged without the reaffirmation papers. In the meantime, as soon as I filed Beneficial stopped the debits. Each time I went to pay was a run around...I have filed bankruptcy, they didnít have to take my payments because I didnít want the house. WRONG!! That was the reason behind my madness, to save the house. They will call me for bigger payments than required, saying that because I refused to pay that they were attaching late charges and accumulating more interest. This went on from August 2004 until April 13th that I received a letter saying that they wanted close to $ 5,000 in late fees to bring my loan to date and avoid foreclosure. I didnít have that kind of money.
I explained how I have been trying to make payments and that they could check their phone records since they claim to record each call. The woman said she didnít have time for looking at phone records, beside she knew I was avoiding them and didnít want to keep the house. I asked for her supervisor, she said she was one; I asked for her boss. She claimed not to have one. I called back the same number and asked for a supervisor. They gave me a voice mail for someone who never called me back. From day one of my problems they never call me back; their calls were to harass me at work.
When called, I said." I am glad you called since you can explain to me...." they will cut me short saying the only thing they wanted was my money and no talk. Well, April 15, as I was at work, a couple came to my home telling my kids the house was supposed to be abandoned and they were here to make sure we were out. The kids told them they have the wrong place. I didnít mention the kids the threatening letter since at that time I was still thinking I could reason with Beneficial.
The next day, Saturday, they came to the door again, saying the house was to be condemned and boarded up. I told them they were wrong, the guy said he got his orders from Illinois. He left and called asking if I was the owner of the house, my son answered and asked who wanted to know the guy hung up to end the call.
We called back to his number, it was the same guy; my son advised him to stop bothering us. Monday I called Beneficial. All my calls from there on went to someone or other voice mail. Never a call was returned. May 27th my son opened the door and was served with court papers addressed to me, foreclosure set for Sept 23, 2005.
I called lawyers, advocates, and dozens of places. No one can help. A litigation group claimed to have a deal I qualified for from a government program for home owners in my situation. For a fee they could work it out with Beneficial where I could get back in track with my payments and avoid foreclosure. Call me naive, desperate and or stupid. I fell for it paid a fee. They took my money and brought back an offer from Beneficial to pay $11 thousand on the spot and they will work on my back payments. Never received anything in writing from this outfit. When I said $11K was not handy: (the guy told I HAVE TO call REMAX and sell the house).
By the way, in May I was refinancing the house to pay it off. When it got to the final stage Beneficial recanted the amount they said I owed to close the account and at the last minute wanted 18 thousand more than what they told this other bank about 2 weeks prior. That killed the chance of paying them off.
As it stands right now I am losing our home of 15 years in Sept 23. I havenít find anyone willing to help or tackle Beneficial in my behalf; I have spent lots of money in the search. I am paying 3 times more home insurance because my home is in foreclosure. I tried finding out the name of Board members and CEO for Beneficial but each time I try my attempts get blocked, I found this site while trying that search again...do you have an idea on how to get the name and address fast? I am still not done fighting for my home, although each time I call someone they will say.. Beneficial? Why bother. They are heartless, they want blood, and they get it....
ANYONE >>PLEASE !! A name, a number, an address..someone with heart !!!!!!!
Posted: 08/01 10:03 AM
Can't really help you, but wanted you to know you're not alone! You're story is my story and obviously a million others. I sent letters (actually 12 page packets!) to my state attorney general, division of banking and consumer finance, the Office of the Comptroller of the currency, and filed online with the FTC. It obviously does not give you immediate feedback, however, read other stories on the mortgage forum. I read extensively and there appears to be phone numbers and addresses if you take the time to read them. I, like you, am preparing a packet to now forward to the President of HSBC, IF I can get his address! Remember, you're not alone! Read the forum, especially the letters by T.M. regarding his deceased mother. There is a tremendous amount of information there. My frustration and I'm sure yours is WHY we can't get government officials to understand the predatory lending practices and trends of this company. We have to be the tip of the iceberg! Keep us posted!
Posted: 08/01 01:26 PM
Today I recieved an Email from Drew, A researcher at Household/HSBC Watch asking me to try to help you. After reading your post i think most people would be shocked but, I have gone through it with Beneficial and I KNOW how they work. One dept does NOT know what the other Depts are doing. At least they seem that way. After 23 months of this crap I started looking for the numbers of the CEO and the other Big-Wigs. I found the number of the old CEO and called it. His assistant told me he wasnt the CEO anymore but connected me to the "Upper- Offices" at HFC. Again I talked to the CEO's assistant and she had the Director of Customer Service talk to me. He was helpful. When I asked him why after 23 months of this crap he never heard anything about my problem with Beneficial. He told me not everything is NOT brought to his attention. Well I brought my problem to his attention now! After talking with him and explaining just a small part of the problem I also told him I was planning on going to the media. Well, 1 hour later he called me back and told me they were forgiving the loan because the lack of professionalism. However, my case is alot different than yours. I cant promise this will help but its upper management. The Director of Customer Service name is MARTY MILELLA and his phone number is 1-800-685-5880 Ext. 3404. Also here is another name and number that might help, it's Terry Washington 630-758-3789. I think he works for the Complaint Dept. Now, about them recording calls... YES they DO record ALL calls. Even when you are on hold!!!!!! Becareful, what you say while on hold becuase there is someone listening. Like I said, they do record all calls. They reason I know this is when I complained to the Dept of Banking in PA, they send me copies of EVERYTHING Beneficial sends them and one package contained transcripts of phone calls with them. Also they included all the notes that were in their computer. They say I have been VERBALLY ABUSIVE to them. Well, after 23 months of this !@#$% what did they expect??? If you get a chance, please read my POST titled BENEFICIAL FINANCE RUN AROUND FOR DECEASED. You will see what I went through. This company is the WORST. I am happy to help you as much as I can. I was about to give up when I ran across the BENFICIAL/HFC Watch site. I gained strength from this site. I hope it inspires you also. The funny thing about Beneficial is, if you call the Customer Service Number and ask to speak to Marty or Terry, they act like they dont exsist. When you ask who the Director of Customer Service is, they wont tell you!!!! Its a BIG secret. Good Luck to you. Keep us posted!!!!! You can email me directly at [email protected]
I want to Thank DREW for bringing your post to my attention.