- Report: #26951
Complaint Review: beneficial nj inc d/b/a/beneficial mortgage company - bricktown New Jersey
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Author Not Confirmed
Why?
beneficial nj inc d/b/a/beneficial mortgage company
323 brick blvd bricktown, 08723 New Jersey, U.S.A.
Phone:
732-477-4500
Web:
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Beneficial nj inc Beneficial Mortgage company liars misrepresentations, predators, thieves, is interest tax deductible if so how does government condone Bricktown New Jersey
My husband borrowed 15,000 after convincing sales pitch which promised to lower interest payments on misc. bills through secured home equity loan. After 17 months of payments in the amount of $351.52 his balance is now $16,020.80. This money was financed to him without my signature owning half interest in property used to secure loan.
Furthermore, all literature provided is contradictory. Home equity line of credit brochure states interest is not tax deductible yet tax deduction form 1098 was sent . Is it or is it not tax deductible. If so, why isn't federal government doing something. All victims of these predators will be deducting interest for the rest of their lives because balance due keeps going up. This is nothing more than a credit card with interest so high, a hard working middle class person will never be able to touch principal. Credit card interest is not tax deductible. Beneficial calls it a " mortgage",or a "home equity revolving credit line account", or "alternative mortgage transaction"-all different forms of financing subject to different laws and statutes. How convenient they cover all bases. If there is a violation in truth in lending law, they use the laws of revolving credit as their defense. If one finds violation in revolving credit laws, there are always those alternative mortgage transaction loop holes to fall back on.
Which is it Beneficial-
My husband has two full time jobs and I have a full time job along with managing a home and raising two children. Beneficial offered my husband an opportunity to lighten our burden, put more money in our pockets at the end of the month and even encouraged him to take a few hundred bucks to do something nice for ourselves. They laid the bait, and my husband got hooked. I have to wonder what beneficials employee development and training sessions are like. They are at the top of their game when it comes to maniputation, lies and deceit. How do these employees live with themselves.
Well, I am Irish, I am Taurus and I am my mother's daughter.
As tired, angry, frustrated and defeated as I am from all the "running in place" I am doing these days holding on to my little three bedroom rancher, I know I can find the strength to fight them. How bout a class action suit. Anyone out there want to join me. Any attorney out there willing to help hard working people doing their best to have a small piece of the American Dream? Perhaps we were all trusting, or too tired to read the fine print as only the signature lines were pointed out at the time of the transaction. Perhaps many of us, targeted because of our temporary financial limitations, just didn't have $300 to have an attorney look over the paperwork. Lets be the group that stops them once and for all.
tracy
Tuckerton, New Jersey
Furthermore, all literature provided is contradictory. Home equity line of credit brochure states interest is not tax deductible yet tax deduction form 1098 was sent . Is it or is it not tax deductible. If so, why isn't federal government doing something. All victims of these predators will be deducting interest for the rest of their lives because balance due keeps going up. This is nothing more than a credit card with interest so high, a hard working middle class person will never be able to touch principal. Credit card interest is not tax deductible. Beneficial calls it a " mortgage",or a "home equity revolving credit line account", or "alternative mortgage transaction"-all different forms of financing subject to different laws and statutes. How convenient they cover all bases. If there is a violation in truth in lending law, they use the laws of revolving credit as their defense. If one finds violation in revolving credit laws, there are always those alternative mortgage transaction loop holes to fall back on.
Which is it Beneficial-
My husband has two full time jobs and I have a full time job along with managing a home and raising two children. Beneficial offered my husband an opportunity to lighten our burden, put more money in our pockets at the end of the month and even encouraged him to take a few hundred bucks to do something nice for ourselves. They laid the bait, and my husband got hooked. I have to wonder what beneficials employee development and training sessions are like. They are at the top of their game when it comes to maniputation, lies and deceit. How do these employees live with themselves.
Well, I am Irish, I am Taurus and I am my mother's daughter.
As tired, angry, frustrated and defeated as I am from all the "running in place" I am doing these days holding on to my little three bedroom rancher, I know I can find the strength to fight them. How bout a class action suit. Anyone out there want to join me. Any attorney out there willing to help hard working people doing their best to have a small piece of the American Dream? Perhaps we were all trusting, or too tired to read the fine print as only the signature lines were pointed out at the time of the transaction. Perhaps many of us, targeted because of our temporary financial limitations, just didn't have $300 to have an attorney look over the paperwork. Lets be the group that stops them once and for all.
tracy
Tuckerton, New Jersey
1 Updates & Rebuttals
Heather
New Orleans,Louisiana,
dealings with Beneficial
#2Consumer Comment
Fri, August 16, 2002
Your balance went up because Beneficial assumes that you are going to carry the loan to term and bills you for the fully amortized amount from day one (you have to ask and be specific, or they'll just keep billing you). Were you to actually pay the entire balance today, it would be lower, but you have to call them and request this amount. They did the same thing to me with the credit card, where I was actually taking out a loan. However, I was able to finally get the credit card (and the $90 annual fee they billed me for) cancelled. If you get rid of any instrument of 'revolving credit' that they issued you (such as a credit card), they can't treat it as such. What worked for me was to confront them on the glaring errors in the paperwork, such as stating my age differently on three seperate pages, and insisting that I did not authorize the credit card. I was dealing with a personal loan, which differs from a mortgage. But anyway. Regardless of what Beneficial says, home mortgage interest IS tax deductable, and the loan DOES have to be categorized as something. I don't know about the laws in New Jersy, but people have won cases in court based on similar idiocy involving credit cards and ridiculous interest. Usually, there is a legal limit on credit card and mortgage interest... I'd contact your local Bar Association and see if they can be of more help.
