HOMEQ CORP the ripoff business that doesnt give a dam FAILS TO PROVIDE SERVICE SACRAMENTO California

First off, and this is not to defend HomEq at all, let me clarify a couple of things though.

You mention that you took out a Home Equity loan in 1997 with First Union National Bank. That is whom you should be upset with. HomEq does not, and has never originated, a single loan. Not even one loan. They are merely a loan servicing agent for other lenders. In your case, they are servicing a loan made by First Union National Bank, who also happens to be the parent company that owns HomEq Servicing.

Also, although I disagree completely with the usage of such, in many cases a "Prepayment Penalty" is a tool many lenders use to assist them in making a profit from lending individuals money. That is something that would have been spelled out very clearly in your original contract, usually within the first couple of paragraphs of the legal jargon. I don't personally agree with it, but it is generally used to ensure that the lender will get some type of return on their loan. Most cases the "Prepayment Penalty" is attached to a specific length of time. Such as if the loan were to be paid off in the first 36 months, for instance, there might be some type of flat rate penalty. If a lender makes an individual a loan of $20k, over a period of 15 years and at an interest rate of 8% - for instance - but the individual pays it back in say, 24 months. Although that is great on behalf of the borrower, the lender has made very little on his investment. So, to increase their margin of profit, the "Prepayment Penalty" was conceived. Again, I don't defend it, I just want you to clearly understand it.

Finally, if you have not been able to contact anyone to get your 1098 from HomEq - you might try the Customer Service number that I have listed as follows: 877-867-7378.

Good Luck.