HOMEQ a division of the Money store consumer Rip-off

I recently took out a @nd mortgage in New Jersey and it was sold to HOMEQ a division of the money store, located in California. I have been making payments every two weeks to get it paid off in 5.5 years rather then the fifteen that is was to be paid off. I have had other mortgages before and the way the money store applys payments and calculates interest is unheard of.

They handle the ccount like it is a credit card. The interest is precalculated and when I was sending in the payments they were apply the payment to several months ahead and charging the interest as if I had paid at that later time, rather then sooner.

I called them and told them these payments were to be applied to the principal only which woulld decrease my indebtness and the amount that the interest was calculated on. I called them and tried talking to them and I seemed to get no where. I asked for a printout and was send one that looked like a credit card statement. The interest, which was approximately 80% of the payment was deducted every two weeks when the payment was send.

I was finally able to get them to apply one of the payments to principle only (mean while my account is paid up till some time in 2002) but they said they could not change the previous payments since they where already procressed THEIR way.

I am seriously considering seeing an attorney about this but wonder if the attorney's fee with negate the savings on the loan. I will look into a state agency in banking to see if I can get some assistance there.

I was looking for HOMEQ web site when I found this RIP OFF REPORT and the letter I read was very similiar to mine situation.
They seem to charge the same, according to their pre calucated payemnt plan regardless of the amount owes and this is not right and I doubt it is even legal.