Beneficial HFC Bait and Switch Rip Off Gaithersburg Maryland

In trying to help my mom with her bills I co-signed a personal loan through Beneficial with the condition that the loan could be re-financed two months later for a lower interest rate on an Express Home Equity. Needless to say two months later, we re-applied for the Home Equity and were, according to this office, approved for the loan at 13% instead of the 24% of the personal line.

After going back and fourth with promise dates of signing, my mom got in a monetary bind and Beneficial provided her with a new personal line of credit, which rolled the old loan in with the new, under the express condition that she would be getting the new loan at the interest rate of 13% and that the higher interest rate loan would be paid off with the forthcoming loan.

The long and short is now Beneficial is saying she cannot qualify for the loan because her co-signer (me) is not on the title of the home. (This explanation comes after numerous other excuses for why settlement had not occurred for the past three weeks.) We were told on several occasions by Beneficial, that my not being on the Title was not a problem and that it was not a condition of the loan. According to the manager this is a new policy he was just informed of but cannot provide a date in which it went into effect.

After checking with three other Beneficial Offices in the area it was revealed that it is not a condition the Express Home Equity that the co-signer does not have to be on the title or deed! So what is the story????

Could it be that no one in the area is aware of this company policy or is this policy just for this branch. Beneficial has no written policy showing that the co-signer must be on the title that anyone can come up with, how convenient. Now my mom and I are stuck with a 24% loan, a loan that was taken on the condition she would have the home equity loan the next day!

Brie
Gaithersburg, Maryland
U.S.A.