• Report: #422804

Complaint Review: Beneficial Mortgage (HSBC)

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  • Submitted: Wed, February 11, 2009
  • Updated: Thu, March 11, 2010

  • Reported By:Hewitt Texas
Beneficial Mortgage (HSBC)
4300 W Waco Dr Suite C Waco, Texas U.S.A.
  • Phone: 877-812-6523
  • Web:
  • Category: Loans

Beneficial Mortgage (HSBC) BENEFICIAL DOES NOT HAVE BASIC MATH SKILLS EXCEPT HOW TO RIP PEOPLE OFF. Waco Texas

*Consumer Suggestion: You have choices!

*Consumer Comment: Escrow

*Consumer Comment: Escrow

*Consumer Comment: Escrow

*Consumer Comment: Same Boat in Waco

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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??????

Hank
Hewitt, Texas
U.S.A.

This report was posted on Ripoff Report on 02/11/2009 06:44 AM and is a permanent record located here: http://www.ripoffreport.com/r/Beneficial-Mortgage-HSBC/Waco-Texas-76710/Beneficial-Mortgage-HSBC-BENEFICIAL-DOES-NOT-HAVE-BASIC-MATH-SKILLS-EXCEPT-HOW-TO-RIP-PE-422804. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Suggestion

You have choices!

AUTHOR: Dragonlady - (USA)

I also have a mortgage with Beneficial and I'm also a disabled veteran. I have a 10% fixed 30-yr rate-a little high for my tastes but I'm stuck with it.

So far I haven't had any problems and don't forsee any and this is why. I pay my own property taxes and homeowners insurance. On my taxes I took the 15K Homestead Exemption and the 12K VA Disability Exemption.

I think you have to be 100% disabled to take the 12K VA Exemption, the VA in Waco should automatically send you a letter. These exemptions will lower your taxes which will help and should also straighten out your payments so you can get rid of that lousy escrow account which you don't need.

They cannot deny you the right to pay your own taxes and as long as you can provide them with proof of a homeowners insurance company that you are paying they cannot deny that either.

Hope this info helps. Contact me on this website if you need more info. 

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#2 Consumer Comment

Escrow

AUTHOR: Ashley - (U.S.A.)

Escrow accounts are different than your interest rate. If your insurance rates or property taxes change, so will your payment.

Its not strange to see your mortgage bill rise year to year.

I"ve had citifinancial and mind has gone from 650 to 828 over the years from various sources. The main one being property tax increases
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#3 Consumer Comment

Escrow

AUTHOR: Ashley - (U.S.A.)

Escrow accounts are different than your interest rate. If your insurance rates or property taxes change, so will your payment.

Its not strange to see your mortgage bill rise year to year.

I"ve had citifinancial and mind has gone from 650 to 828 over the years from various sources. The main one being property tax increases
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#4 Consumer Comment

Escrow

AUTHOR: Ashley - (U.S.A.)

Escrow accounts are different than your interest rate. If your insurance rates or property taxes change, so will your payment.

Its not strange to see your mortgage bill rise year to year.

I"ve had citifinancial and mind has gone from 650 to 828 over the years from various sources. The main one being property tax increases
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#5 Consumer Comment

Same Boat in Waco

AUTHOR: Amanda - (U.S.A.)

I am in the same boat from the Waco Beneficial office August of last year. 10.29% and they are still going up. $115 each month I am late added on top of it.
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