Beneficial/Household Financial mortgage lies, appraisal fraud, broken lives Elmhurst Illinois

In June 2002 my husband and I were offered by Beneficial a deal that seemed too good to be true. We could refinance our $125K mortgage with Benefical and by making weekly mortgage payments, pay our house off in 12 years.

Wanting to pay our home off, we accepted the offer and Beneficial sent an appraiser to our home for the appraisal. We were told that we had enough equity to pay off some of our debts and refinance our home with a payment of $1100 a month. To our shock, the first bill we received was for $1500 for our mortgage. The interest rate promised (10%) was actually 12.79%.

That fall, due to illness, we utilized our mortgage insurance that we were told was necessary to have in order to make the mortgage payments while I was off of work. Beneficial stated that our mortgage was late and tacked on interest and penalties even though the payment was made by the insurance carrier.

Needless to say we have fought with Beneficial/Household during my husband's loss of his job and the fact that they lied to us while we were on a hardship program plus our balance has never decreased and has actually gone up $15K.

Currently, we are in the process of selling the home due to relocation. The problem... the mortgage on the home due to Beneficial/Households inflated appraisal, is higher than the actual value of the home... $25K higher. We are being threatened by Beneficial that we will have to pay the difference when the house sells. More money in their pocket! This problem would never have occurred if the apprasial was not inflated by... you guessed it... a Beneficial/Household appraiser!

Anne
Lusby, Maryland
U.S.A.