- Report: #1348798
Complaint Review: HOUSEHOLD FINANCE III - Nationwide
-
Author Not Confirmed
Why?
HOUSEHOLD FINANCE III
Nationwide, USA
Phone:
1-800-365-0175.
Web:
wwwhsbcmortgage.com
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
HOUSEHOLD FINANCE III BENEFICIAL FINANCE unauthoirzed balloon payment P.O. Box 1231, Brandon, Florida 33509-1231 Nationwide
in 2000 i started receiving social security . i was behind on my household finance mortgage. i called them to see if we could work out a payment plan to get caught up. at the time ,y payments were 398.00 the lady i talked to said since my soc sec. was only 625.00 household would under government guide lines i qualified to have my mortgage reduced to 205.00 per month. i pay taxes and insurance. but the arreages would be moved to the back of my mortgage which was approximately 2500.00 .
now in 2016 household sold my contract to select portfolio servicing, they in turn sent me papers advising me of the sale when going over the paperwork i noticed that my mortgage ends on 10-20-2020. i called to inquire they told me i had a balloon payment due at that time.
I requested a search of my household records and a copy of the said balloon payment. at this time no one can located a restructure or balloon payment contract drawn up by household or any paperwork signed by me.
i thought i had 15 years left on my contract at 205.oo per month then the final 2500 due at that time. however sps is saying i have four years to pay 21,000.00.
i have made numerous calls to resolve this pproblem. i have been in my home over 35 years on social security and in four years could lose my home.
at 65 this is scarry and very irritating espcially when no signed or dated paper work can be located with either company
3 Updates & Rebuttals
additional information
#2Author of original report
Tue, January 10, 2017
i did request paperwork and talked with both research departments of both companies .they have no paperwork to send me . no interest rate reductions , no restructure and no balloon payments even being written up by household. no paper work with their signature or mine.
sps researched it and have no written documentation of a balloon payment , given to them when household sold my mortgage to them. sometimes you can do things with phone call but this is not in any of my paperwork from either company .
at the time i had been ill and out of work for 2 years and was dumb and assumed this was a interest rate reduction under a federal housing act. stupid me I should have requested the new payment and interest rate in writing . my interest rate went from 12.988 down to 5.0 . i am still at 5 percent .
the only paperwork i get from sps is the last three years of my payment history.
FloridaNative
Palm Beach Gardens,Florida,
USA
Take a look at your modification paperwork
#3Consumer Comment
Tue, January 10, 2017
There were many modifications that included a balloon payment as part of the modification. Take a look at that note as that document would be the one to refer to now. If you can't find your copy, request a copy from your current servicer (SPS) as they would have a copy. In fact, request a copy of all of your documents so you can see what SPS has for your file. They have to provide a copy to you per RESPA, but you would need to request these documents in writing. If your servicer won't provide them, contact the CFPB (Consumer Finance Protection Bureau).
If I were you, I would refinance your $21,000 balance as soon as possible so you don't have to worry about the 4-year deadline for the balloon. You don't have to go out 30 years on the new loan. You can choose an appropriate time period of 10 years r 15 years so your payment remains low. You may have to search a bit to find a lender that will loan that small amount. Check with your local regional banks or credit unions - they are more consumer friendly than the big box banks.
Robert
Irvine,California,
USA
How come
#4Consumer Comment
Tue, January 10, 2017
How come you didn't care about any sort of paperwork back in 2000?
Then exactly what did you think was happening with the $193 a month you were no longer paying? Did you think it would just go away?
