Our loan was refinanced through Beneficial Mortgage. At the time they promised us they would give us a second loan to pay off some medical and other bills we had as well so we would be able to pay the mortgage payment. After we signed the new refinace agreement, they told us they could not give us the other loan!! Needless to say this put us right into the hole.
Shortly after we took out the loan, my husband was laid off, and on unemployment. We tried everything to keep up on the loan, and did not receive any help from Beneficial until we were about to loose our house, and I sent a report to the BBB. All of a sudden they were willing to help us, and let us apply for a hardship... this was granted, and we were on it for six months. In August a few months after the initial payment of the hardship, our statement said we were ahead on our payment and did not owe anything until the following month.
I called customer service to see if this was true, and was told that we were paid up to date to the following month (September) So we skipped a month to try to get caught up on our Taxes. In October, we were taken off the hardship, and told we missed a payment, and therefore the hardship was cancelled.
Because of this error which was made by the customer service department, and error in the statement dates we have been behind ever since, and trying to pay the loan amount off the hardship is $2,147 a month when we only bring in slightly more than that, and have other bills to pay as well.
No one I spoke to would help. They just wanted to insult us and harrass us about getting caught up. They would not defer a payment for us to help us get caught up.
They are in the habit of threatening us for full payments when we tried to pay a lesser amount to show good faith in trying to get caught up. The access to the website payment area was shut off to us because we made less than a full payment.
There is also a prepayment penalty of 6 months interest if we refinance with someone else before 2 years is up. We are coming up on the two years, and now we are being harrassed again, and they are blocking payments because there were 2 smaller payments set up on the internet... one on the 23rd of the month, and another on the 30th of the month.
They don't want us to pay less than a full payment because then the loan will not be as past due if we pay something. When I asked the representative to put in writing that they would not accept less than a full payment, she told me they would not put it in writing. This was all happening to us in December of 2005.
You would think they would want to help us with an arrangement that we can afford, but they just keep harrassing us at work to try to get us to make a full payment. The one time I had set up a full payment to come out of my checking account, I realized the money would not all be there, and called to ask them not to take the payment. They said they could not stop the withdrawal, and when my bank did not bounce the payment, it threw our account into a negative status of over $3,000!
Then they wanted to know when we were going to make another payment. When told them what happened to our checking account because they would not stop the withdrawal from my checking account, they could have cared less. They just repeated their question as to when we were going to make another payment.
This company is a huge rip off!!! Buyer beware, never take a loan from this company, they are just out to make money, not to service the customer! After 2 years of paying on our loan, there has been little or no payments made toward the principal of the loan. They do not have escrow for insurance and taxes either.
So here we are again... trying to get caught up, and being fought all the way. Receiving threatening calls, and disturbances at work. If we loose a job because of the mortgage company, we will definately not be able to pay!!
This is the first company I have ever dealt with that says making several smaller payments a month is not accptable!! You would think they would allow the smaller payments 2 to 4 times a month instead of getting nothing!
We are just waiting to reach the 2 year mark, and we are getting out of this mortgage and refinancing with a REAL mortgage company, with REAL people, and a much lower interest rate!!!!!!!!
Manchester, New Hampshire
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