We had 2 lending institutions reading to lend us 2nd mortgage money. 1 of them, Lending Tree, pulled the rug out from beneath us with this lame brain excuse "you live in a disaster area" (flooding). Hogwash, a gentlemen representing Lending Tree was in our home ensuring we signed all documents correctly for the loan. He seen our home. So we went to Beneficial, our back up. Each time we called them from beginning to end, the interest rate continued to climb, no lie. Finally it settled in at about 13 or 14 percent with this plan that as each year went by and as long as we paid on time, the interest rate would drop like in 10th's. Our understanding was, "we had a derogatory entry in our Credit Report from the Military." We questioned the entry with the organization (we knew who they were) and they categorically denied any such entry was ever made and gave us a letter. This was after we had signed on the dotted line. It was recent that we pursued it with HSBC Beneficial. According to our understanding, "nothing derogatory was written" but yet when we asked HSBC for a copy of what they claimed to be the derogatory remark, they said they couldn't do it. We produced evidence and submitted it via e-mail to: firstname.lastname@example.org with all necessary information, it was dated January 19, 2008. We challenged HSBC stating, "we've produced the evidence in writing, you've made accusations but have proven nothing nor showed us anything in writing." Our reason for the dispute was that our Credit Rating and our Credit Report was in good if not excellent condition and they threw us "over a barrel" due to the situation, as "high risk consumers" using this derogatory remark from a company that denies any such remark and we found none in our credit report!
Our second year on the 2nd mortgage will have its anniversary in July of 2008 at which time our interest rate should drop a second time but it never should have been that way for consumers with good credit!
Vernon, New York