HSBC Watch News Release Forum Index
Forum Name: - Mortgages
Topic Title: Beneficial settlement closes other doors
Wed Jul 20, 2005 2:37 pm
In May, 2001, we refinanced our mortgage loan with Beneficial. The local Gulfport, MS office closed the week after we closed our loan. I was out of work, our credit had suffered, and we refinanced. We NEVER received a good faith estimate prior to closing and when we went in, realized we had a loan at 10.9%.
Shock was the word, but when you are ill and have credit problems, you take what you get and hope to refinance later. I am now back at work, we are wanting to refinance our mortgage, however, when we asked for a payoff, they quoted approximately $15,000 more than the balance showing on our statement and also on our credit report. (Loan balance - $190,000, payoff - $204,000) There is a HUGE amount of what they called deferred interest. ($10,000) All payments have been made (some late in the beginning, but always made), and we did during the arbitration agreement time frame receive a check for abritration in the amount of $800.00.
Do we have no recourse in getting out of this loan without paying them $15,000. We pay monthly payments in the amount of $1900.00 and have paid over the last 4 years in excess of $100,000 and have seen NO reduction in what we owe, actually a payoff last year showed that we owed LESS money in a payoff than we currently owe. Explain how we could make all payments on time over a year and owe MORE!
What are my recourses? I feel because we received the $800.00 we have no other options now and we have limited ourselves by accepting the settlement. Let me know what I can do. I have requested, in a letter sent delivery confirmation, that Beneficial provide me with a breakdown of the payoff, the original loan agreement, and a record of all payments made during the lifetime of the loan. Per the Banking division in the state of Mississippi, I was told to include in the letter that they (D.O.B.) advised me to ask for the information to be provided by Beneficial/Household/HSBC/HFC within 10 days for the receipt of the letter.
I have not received it at this point. (Today - 19th is 10 days). Have you had similar problems, and what can I do if anything?
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