I went to a local mortgage broker whom I had know for some time thinking I would be set up with a reputable mortgage company. Well was I wrong. I had just been ripped off by the infamous "Gibson Trust" in the recent past(in another entry).
The whole idea of this consolidation loan was to get out of debt in 5.5 years and maybe someday retire. I was making payments with a substantual principle payment when after the first month the loan was sold to Household Mortgage.
Trying to get them to enter my payments from that time on has been a nightmare. They stuck me with a 6% prepayment penalty for 2 years. I have been played every trick in the book to try to modify my payment or even to refuse any extra principle payment, sending my check through with only the payment taken out when it was made out for the normal extra payment or not even send me a statement, then when I went online to make a payment, they will only accept the minimum payment and no extra principle.
One month a very helpful customer service person told me to send my check to another address where it would be "hand entered" and taken care of properly..Even a BIGGER fiasco!! They held my payment in escrow (I have NO escrow account with them) and started calling me several days after the payment was due (yet unapplied) saying I was delinquent and demanding payment on the phone immediately. I told them I had sent them the payment and went through about 6 customer service people before they said they would fix it. They pulled this 21 payments out of 24 and many months I would receive my "monthly apology letter".
Many times my payments are held as "unapplied" until the due date, even if they have it as much as a week in advance. I'm sure it can eat up more interest that way. My 2 years is now up and I am looking to refinance again just to unload this worthless company, but dread the idea of paying all the closing costs and all the other crap that go with it.
My CPA recommends I file a lawsuit at this point I am so stressed about this whole ripoff I am about to have a stroke. Every month when I get even a statement (or anything) from them my blood pressure soars!! Do they have anybody watching them. Did they get their lenders license out of Cracker Jack?? Please Advise!!