• Report: #404104
Complaint Review:

Beneficial Mortgage

  • Submitted: Mon, December 22, 2008
  • Updated: Mon, December 22, 2008

  • Reported By:Independence Missouri
Beneficial Mortgage
14511 Myford Rd Ste 200 Tustin, California U.S.A.

Beneficial Mortgage ,HSBC Mortgage ,Beneficial Financial Company steals insurance proceeds that should be paid to contractor. Tustin California

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Beneficial Mortage was involved when insurance proceeds were released in my name and the mortgage company. The first draft check for $5800 was endorsed at the local office. A month later, the second check for $2616 had to be sent to the Loss Draft Department for endorsement. 2 weeks later, they returned the check to me NOT ENDORSED with a package of forms that had to be filled out for release of the money.

Check was endorsed, forms filled out and overnighted back to Beneficial Loss Draft Department as instructed. 1 week later was informed it would take 2 weeks to received the funds. 2 weeks go by and it will take another 2 weeks, and so it goes everyday. They have given absolutely no reason for holding the funds. 3 weeks later, was informed they were releasing 30 percent of the money even though 100 percent of the job is completed and contractor has been waiting for the money for the past 2 weeks. Still no reason given as to why all the funds are not being sent to me to pay contractor.

When the administrative offices are called, they say I have to deal with the Loss Draft Department. The Loss Draft Department cannot give me any answers and refuse to release money that is not theirs. The money was dispersed from insurance company to pay for work that was completed. Beneficial Mortgage steals insurance proceeds, collects the interest and screws over their customers. No one can give any sensible answers as to why this is done.

Independence, Missouri

This report was posted on Ripoff Report on 12/22/2008 06:03 PM and is a permanent record located here: http://www.ripoffreport.com/reports/beneficial-mortgage/tustin-california-92780/beneficial-mortgage-hsbc-mortgage-beneficial-financial-company-steals-insurance-proceeds-404104. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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