Check out your options, the deal STINKS!
"Without admitting wrongdoing, Household agreed to pay $484 million to borrowers nationally, with $37 million of that amount going to borrowers in New York State who made loans with Household or Beneficial between January 1, 1999 and September 30, 2002.
The problem is that it may be difficult for borrowers, as a practical matter, to get the legal advice they need. In the Rochester area and in the Capital District, PILOR and GULP will be able to provide limited legal assistance thanks to special projects funded by private foundations, the City of Rochester and the United Way of Greater Rochester. In certain geographic areas of the state, there may be limited assistance available, however there is no comprehensive statewide funding to handle the dramatic increase in need for legal assistance. "This is an extremely important settlement for New York’s home owners. Unfortunately New York’s legal services system is woefully under-funded, under-staffed and not able to meet the full need. We are trying our best to work with volunteer lawyers and legal services offices across the state to make sure they have the information they need to advise the borrowers they can serve," said Anne Erickson, GULP’s Executive Director. "Attorneys who need assistance should call our office." In the meantime borrowers who received a notice from the state Attorney General can call PILOR at 585-454-4060. PILOR can accept clients who are eligible under their grants for advice and possible representation, and will refer other clients to the pro bono or private bar. Borrowers may also request a fact sheet that explains why they need to see a lawyer before they sign their release of claims at 585-295-5728."
Posted by Christine at September 12, 2003 12:13 AMI would like some information about getting an attorney or legal help. I qualify to file suit against Household from the date of my loan. And I recently I almost lost my home.
Posted by: Quonda Bentley at January 21, 2004 10:23 AM
In April of 2002, MBNA (a bank whose credit card I had used for several years) contacted me by telephone and asked if I would be interested in refinancing my home to pay off my credit card debit. The MBNA representative said that his company did not have an office in my area, Greensboro, NC but a representative from Household Finance would act me on MBNA's behalf. I had heard some unsavory comments about Household but I understood that the representative would act in taking the information for MBNA. Well, the Household representative said that I was getting a 6% refinancing; I was originally at 7%. I went home and thought about the loan that I had signed and felt uneasy about it. I Called the contact number that I was given and cancelled. The next day, the original loan officer called me and asked to talk with me. I spoke with him at the Household office and was assured that my fears were unfounded. He also told me that if I paid my loan on time for 6 months, that my interest rate would be lowered even more. At the closing, the loan officer said that my interest rate would remain at 6% as long as I made my payments biweekly. I became disabled @ six months later and my pay was reduced; I began receiving my checks once monthly
Well to make a long story short, my loan had been at 12% from the day of the initial closing and did not even cover my insurance and taxes. My mortgage loan before I began refinancing with MBNA/Household was $758 per month (including taxes and insurance). The refinanced monthly payment is $1162 a month without an escrow account. I also ended up owing the same credit cards because after I changed my mind, I found that I had paid all of the closing cost a second time and ended up with two separate sets of closing cost for the same loan. I later received a letter saying that I had paid off the first loan @ a month after closing.
Eventhough the MBNA logo is at the top of my loan papers along with Household, my loan is with Household. I am presnetly on disability and am hanging on by a thread to my house. I pulled $15000 out of my retirement to pay off the second mortgage that I signed with MBNA/Household because they told me that my interest rate was high because I had a second mortgage. Well pulling the money out of retirement to pay off the second did nothing but cost me increased taxes and fines for early withdrawal penalties from the IRS. My involvement with Household has driven me to the brinks of insanity. Can you help me?
Harnetha Parks
107 Old Treybrook Dr
Greensboro, NC 27406
Posted by: Harnetha Parks at March 14, 2004 10:00 PM
Ouch!
I've heard these stories so many times now.
Please repost at http://forum.creditcourt.com/discus/messages/3598/3598.html - just do a copy/paste and I'll have some questions and suggestions for you.
Posted by: Christine at March 15, 2004 01:27 AM