• Report: #630404

Complaint Review: HFC Beneficial, HSBC, Household Finance

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  • Submitted: Tue, August 10, 2010
  • Updated: Sun, September 26, 2010

  • Reported By: Beneficial/HSBC are scammers — AnyPlace New York USA
HFC Beneficial, HSBC, Household Finance
www.hsbc.com Internet United States of America

HFC Beneficial, HSBC, Household Finance Beneficial has lied to us & parent HSBC will not make right Internet

*Consumer Comment: Find a reputable lender in your area.

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We are in trouble, and are reaching out to all outlets for possible guidance. Beneficial Mortgage, has taken advantage of our vulnerable situation and adjustable mortgage that we were in approximately 4 years ago. They did so by locking us into a 10.3% mortgage rate and implying that it would only be a temporary situation.  They also assured us that this would be the best solution to get out of our adjustable rate, and present financial issue caused by myself being unemployed. For us to refinance and pay off debt incurred during my unemployment, they inflated the value of our residence at the time, therefore causing even deeper issues today.  After initally walking away, we were lured back with reinforcements that this was a temporary solution and our rate would decrease whether it is by one of the new programs being offered, or if we made our payments on time for 6 months straight.  Well after 3 years without any late payments, our rate has never changed.

Its now approximately 4 years later, still the extremely high mortgage rate, well over $100,000 paid in just interest with an extremely minimal amount, $4,000, applied towards the principle. This past year, our Real Estate/School taxes literally doubled on top of it all.  We have tried every possible angle only to remain status quo. We are about to lose our house to a Company that just doesn't care. We have 3 children to support and feel completely let down that there doesnt seem to be any reprecussions for this fraudulant behavior.


This report was posted on Ripoff Report on 08/10/2010 07:11 PM and is a permanent record located here: http://www.ripoffreport.com/r/HFC-Beneficial-HSBC-Household-Finance/internet/HFC-Beneficial-HSBC-Household-Finance-Beneficial-has-lied-to-us-parent-HSBC-will-not-630404. 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 Comment

Find a reputable lender in your area.

AUTHOR: MovingForward - (United States of America)

You might want to consider refinancing your property with an FHA loan since you have made all of your payments ontime for the last 3 yrs. The FHA rate right now is in the 4% area which will bring down your payment considerably.

Go to a reputable real estate lender in your area that does FHA financing. Get a quote based on your current credit situation. DON'T go to HSBC/Benefical as they are notorius for high rate subprime loans like the one you have now. You might try Bank of America or SunTrust if they are in your area. Don't go to Chase as they are having difficulty right now funding FHA loans. In any event, get a referral from several sources you trust before you make application for a refinance.

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