We entered a mortgage agreement with Beneficial for our home. The contract contained a clause that reduced the 11.14% interest rate by a percentage each year for 20 years provided payments were made on time without any problems each month.
When we successfully paid on the contract for one year without any problems, our payment increased from $1247.00 per month to $1275.02 per month. We asked why and were told that the escrow account did not contain enough money to pay the property taxes and homeowners insurance premiums. I asked about the reduction in payment that we should receive and was told that the interest was reduced per our agreement. Excuse me but I thought if you reduce an interest rate your monthly payment should reduce also.
I never could get a suitable answer about the increase in payment and am stuck with a higher payment.
I am a disabled Veteran and draw Veterans disability and Social Security disability. If this is the way this company treats our nations men and women after we went and gave our all for our country, then I do not know where we are going. Also, my wife just got laid off of her job and we are going to have to make some adjustments soon in our finances.
I have already asked them about rewriting the loan and helping us, and was told that it is not in their best interest to do so. In other words Though S@#$.
Does anyone know a good attorney that will file a suit agains't them and hold them accountable for their Rip Off tactics and restore common sense to business in America?
I see a good class action suit agains's HSBC/Beneficial and or whatever other name they use to rip good people off. Please post the information on this site if you will.
Where do we go from here??????