I am in the process of selling my home. The unfair, sneaky practices that seem so common for Beneficial/HSBC have given me no choice.
Here is an excerpt from Rip-Off Reports.com Apparently Beneficial/HSBC is not very popular with consumers and I am not the only one who fell for this:
Then they told us another big lie, that in 6 months we could
refinance no problem for a lesser interest rate. We figured
it's just 6 months and then our payment will go down.
My husband and I divorced and I had to buy him out of our current mortgage so the kids and I could stay in the house. Being on my own, maybe going to Beneficial wasn't the wisest choice, but now I know better.
Beneficial refinanced me at 8.9% in November of 1994, since it was just myself on the loan and I was also given the promise like the one above that I could re-finance in 6 months at a lower rate. Just like above victims, I figured it was only 6 months, I could handle it.
6 months later, July 2005 to be exact, I called Beneficial and was told I didn't have the loan long enough (a year) and do not qualify for a lower rate. So here I am, divorced with two children, receiving $200.00 a week in child support and $486.00 in pay for my job. After I pay my outrageous monthly mortgage payment, which doesn't even include my taxes or insurance, I have about 800.00 left for the month to pay all my other bills, groceries, etc. I started sinking fast.
Now, given my credit scores, etc., I have been offered a variety of refinancing options with other lenders and rates almost half what Beneficial charges! But now I have a pre-payment penalty to contend with if I try to switch to another company with FAIR interest rates. I feel so trapped and the emotional stress is just unbearable. I have lived in that house for 12 years, saw it built; and my children have lived their whole lives in this home.
I was sending Beneficial weekly payments to stay current. The payments were deducted from my checking account and I never heard anything else. Well, when it came time for my payment to be due, and I sent a check for the balance of what I already paid, I was told that the partial payments would not be accepted and were being sent back to me. (ONE payment has been returned so far.) Then foreclosure was threatened if I didn't come up with the money by close of business that day, when, technically, Beneficial HAD MY MONEY!!
So my house is on the market. I am told that most FAIR mortgage companies waive the pre-payment penalty if the home is sold. We will see about that. I have seen nothing FAIR about Beneficial so far.
Considering Beneficial's unfair and dishonest practices have literally forced my children and I out of our home, I am asking that the balance I owe on the loan, 188,856.13, be used as the payoff amount waiving all other charges waived as well so we can at least have enough money to put down on a rental property.
Since they have put me in financial ruin with their lies, its the least they can do.