Benificial Finance Complaint - Loan Sharks - home Mortgage

Review by rippedoff123 on 2009-07-10
BUFFALO, NEW YORK -- We had to refinance our home. Our credit was good but or income was erratic. Benificial refinanced our home at 10.329% with a promise to refinance in 6 months at a lower rate. Our payments were $1800.00 a month. This is a $158000.00 home. When I tried to refinance in 6 months, I was told it must suck to be you.
After a year of struggling we could no longer make payments. I hired a lawyer to modify the loan. Benificial gave us a 6 month reduction, that was to be perment after the 6 months. We made our payments and they told us that it was not valid. Now I have a broker trying to help modify the loan. our home apprased for $30,000 less than we owe. Benificial said they have not received the release signed by us to authhorize the broker to speak to them. Benificial has done every thing they can to destroy us financially. I can't sell my home, I can't make the payments. We have solid income. Which does us no good, as our credit is now below 600. I feel like no one is listening. Benificial is a preditory leander. Every one in America needs to know this.
Comments:3 Replies - Latest reply on 2009-07-10
Posted by Jennifer on 2009-07-10:
Beneficial sucks. I have a LOC with them. I noticed now that all their branches are closed, but I don't wonder why...
Sorry to hear about your problems. Hopefully you will get some relief soon.
Posted by saj80 on 2009-07-10:
Beneficial may not be a very reputable company, but to blame them solely for your situation is irresponsible on your part. You signed the loan and modification documents; what information do they disclose? If you do not have anything in writing from Beneficial regarding the terms of the modification (you should have, especially regarding the six month temp to permanent information), then you have no basis to expect anything other than your current situation. You signed all the documents, so, at a minimum, you are 50% responsible.
Posted by Anonymous on 2009-07-10:
Sounds like the promise to refinance in 6 months at a lower rate was a verbal agreement.

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