Report: #3988

Complaint Review: Household Finance and Mortgages

  • Submitted: Wed, December 06, 2000
  • Updated: Wed, December 06, 2000
  • Reported By: Tempe Arizona
  • Household Finance and Mortgages

    , IL, CA
    U.S.A.

Household Finance and Mortgages possible illegal activity, if it is, it's definitely not ethicle

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I am trying to refinance my mortgae, when I called for my payoff balance I was told that i owe $ 118,040.37. the problem is that I only borrowed $ 115,000.00 a year ago. I have made my payments every month. I was told that I am being charge daily interest between payments that are received. For example I make a payment on 1-14-00 for January I then make a payment on 2-20-00 for Febuary, because there is more than 30 days between payments received I am being charged $ 38.27 a day over 30 days even thoughmy payment is not late.This amount is then tacked on to the end of my loan. I am not sure this is legal, but if it is, it's definitely not ethicle. I was never told until now that my loan would work this way, if I had any ides that this is how it would work I would never have agreed to the contract. Please let me know if anyone else has had the same problem. I have spoken to a few "mortgage " educated people and have been told that what they are doing could be illegal.

This report was posted on Ripoff Report on 12/06/2000 12:00 AM and is a permanent record located here: https://www.ripoffreport.com/reports/household-finance-and-mortgages/il-ca/household-finance-and-mortgages-possible-illegal-activity-if-it-is-its-definitely-not-e-3988. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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