In November 2005 we were in a financial bind and needed a home equity loan to pay off some outstanding bills. We did the whole Lending Tree thing and got a couple of replys. Most of them said that with our credit rating there was nothing they could do for us. They all suggested working with a consumer finance agency. All but one. Household contact us and said they could give us what we needed but then asked if we thought about refinancing. We said no we just wanted a home equity loan. It took them forever to send us the papers. In the meantime they kept calling and trying to push us into a refinance.
Time was running out and the loan officer made the refinance look so good. We could pay off all of our bills and only have one payment. We took the refinance. We made an appointment for 5:00 pm on a Friday evening to sign the papers. We arrived on time and were shown into a small windowless room. It was hotter than haites in there. We were with our son who we promised we would get someting to eat afterwards. The meeting was only suppose to take an hour.
Two hours later the lawyer still hadn't shown up and we were still in that small windowless room. Our son was getting cranky and we were getting impatient. The loan officer kept coming in and saying the lawyer was on her way, the lawyer was on her way. Finally 2 1/2 hours later the lawyer came breezing in with all kinds of apologies. She rushed through the paperwork like the building was on fire. Sign here, sign here, sign there. Nothing was really explained to us. We did not find out our interest rate until then 10.3%. Our original mortgage interest rate was 6%. We asked why it was so high and she said she didn't know. We were told to sign the papers and things would get settled later. She was ina hurry. The lawyer spent no more than 20 minutes with us then scooped up the papers and said we will get a copy of everything and out she went.
The original loan officer came in with copies of all the paperwork but I thought it was funny that none of the copies we received had any signatures on them. They had made the copies before the lawyer arrived. After we were given the copies, we were rushed out of the biulding with a have a nice weekend. They were closed for the weekend and the holiday so we could not get in touch with them.
When we were in the parking lot we just stood there dumbfounded. We did not have the warm and fuzzies. About nine months later my husband was switched to thrid shift which we had an income loss of $800 + per month. I contacted HFC and explained to them what was happening and asked if they could lower our payments. We were told there was nothing they could do because we had not had the mortgage for a year yet.
Needless to say we fell behind on our mortgage as well as on some other bills. They kept calling us wanting their money and I kept asking for help. They told us we needed to fax some stuff to them which I did but kept getting phone calls. I kept telling them that we faxed everything they asked for and needed help. Their response was they never got the fax and to send it this persons personal fax. It was done and again the phone calls. We contacted NACA and they sent a budget to them requesting a reduction in payments. Nothing happened. We contacted 1800hope and she got them to restructure the loan and lower the interest rate by 1%. big whoop. a savings of $167. Not even enough to pay the real estate taxes which was not escrowed with our mortgage payments.
Well, we kept up the payment for five months and now are back in the same situation. We are behind on our mortgage and other bills. We have decided to do a short sale and boy HFC better accept it. With the high cost of heating oil we will not be able to afford our house. It will cost them over $50,000 to foreclose on us when they could accept a short sale and only lose around $25,000.
We will never ever again do business with HFC. They are a poor company and have jerks working for them. We are meeting with a lawyer this week to get this whole process started and hope to be out from under their thumb by winter.