We refinanced our home in dec, 2007. At First we were going to go with Custom Mortgage, who got us the first mortgage, 2 years ago. That mortgage was with Citi Financial. Customs Mortgage got us a fexed rate of 6.875 for the refinance woth Country Wide. At the same time Household Finance started sending us mail about refinancing and my Wife Fell for it...........Total Predatory Lending. I asked them (HFC) for a Line of credit and I was going to let Cuntry Wide do the Mortgage, because I need a new roof and wanted to get new windows starting in the Spring.
Household said no, they can't do that but convinced my Wife that they would have competitive rates......WRONG !
My Current mortgage with Household jumped 200.00 and is at the rate of 11.8 percent and they did nothing with the Line of Credit, which I have and Luckily it is a note loan and not attached to the mortgage. This interest rate was also elevated beyond what they claimed on the phone and in the office. They simply said we did not qualify for the better rate but my Wife saw Dollar Signs and insisted we go there. We Did that at the end of November, 2007, They sent the wrong amount to Citi Financial because Citi sent the check for 62, 225.00 back to me.
Then they (HFC) claimed it was a mistake by Citi and would send the payment again. Then about the second week of December I got a call from Citi that the mortgage was late. After several questions with Citi, I sent them a check for 672.86 for the December payment. never got a response from HFC, nor an explanation. Dave, the Branch manager told me not to pay the new mortgage payment until I got the check back from Citi. To date, that has not happenned. I dont know if my mortgage is due, or overdue, or even if the Citi mortgage was paid off.
I call the HFC office in Greensburg but the Manager, Dave, never returns my call.
I visited an Attorney In greensburg and he advised me that it was definitely Predatory Lending but even if I sue Household I would lose because I can't come with all the cash that would be needed. I told him Thank You and Left after paying him 100.00 for 20 minutes of his time and his berating me of my decision.
As of this morning, March 3, 2008, I called the HFC Bramch and noone has returned my call.
If there is a class action law suit against HFC, I would like to be part of it, simply tell me how do I file the paperwork
Thank You
Kenneth W. Bodnar