heres a question that may be the light at the end of our tunnel - Loan Modification Forum

czhorses · 03-19-2009, 04:08 PM

Hello,

We have had a loan with Beneficial Finance since 1994- with an additional small amount borrowed in 1999. We have always been on time and would have about 3 yrs left on the loan to complete paying.

In March we opened our bill to discover they have made our payment 2.5x higher. They claim it is to pay the loan off by Aug 2009- but even with the higher payment - there will still be half the balance remaining at the end of Aug.

Our local office (whose workers all lose their jobs at the end of March) has been very helpful with info and documents.

They (local office) sent us our (latest) 1999 loan documents - signed only by my husband (which is not the original ones signed by both my husband and I in 1994)..... and it says :

"secured by the property listed at the top of this document" which is NOT our house - but is the address of the rental property we were living in at that time ...... Does this mean if we default they can not get at our REAL house??!!

I hate to default - but the guilt is assuaged somewhat by the fact that with the ridiculous interest we have paid in the last 15 yrs- we have paid the original amount twice over!

Here's Hoping there is a light at the end of this tunnel!

Sue

czhorses · 03-19-2009, 04:20 PM

thanks for moving this to the appropriate area!

Moe Bedard · 03-19-2009, 05:18 PM

Hi Sue,

welcome to the forum and thank you for joining............

You would need to ask a real estate/foreclosure attorney that is familiar with the deficiency laws in your state.............they would be able to let you know if your current property is safe from any liens.

czhorses · 03-19-2009, 05:34 PM

Thanks ***, we are going to the courthouse tomorrow to see if there are any liens on our REAL property... Our (real estate) lawyer is contacting us on Monday - he was not in the office when we called.

Can't imagine our bit of luck in a world going down the tubes! I can't believe that they can get away with the things that HSBC does! Our contract specifically states that the payments will cover the entire loan to fruition.

If the "wrong house" on the contract doesn't clear it up for us, we can buckle down - our two teenage sons can quit school and get jobs to help us get the intervening payments covered and we will possibly have the insurance settlement from our car accident ( different post ) to cover the balloon.

I can't imagine what would have happened if we hadn't noticed that the payment had changed - they never even told us it was happening! Thank heavens we had enough left our our income tax rebate to cover the first increased payment!

At least in the end, we will not have any outgoing mortgage after Aug 2009 so we can focus on that. The boys will just have to find a way to get their GED or something .... not like a college education would guarantee them careers =(

03-19-2009, 04:08 PM	#1 (permalink)
czhorses Member Join Date: Mar 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	heres a question that may be the light at the end of our tunnel Hello, We have had a loan with Beneficial Finance since 1994- with an additional small amount borrowed in 1999. We have always been on time and would have about 3 yrs left on the loan to complete paying. In March we opened our bill to discover they have made our payment 2.5x higher. They claim it is to pay the loan off by Aug 2009- but even with the higher payment - there will still be half the balance remaining at the end of Aug. Our local office (whose workers all lose their jobs at the end of March) has been very helpful with info and documents. They (local office) sent us our (latest) 1999 loan documents - signed only by my husband (which is not the original ones signed by both my husband and I in 1994)..... and it says : "secured by the property listed at the top of this document" which is NOT our house - but is the address of the rental property we were living in at that time ...... Does this mean if we default they can not get at our REAL house??!! I hate to default - but the guilt is assuaged somewhat by the fact that with the ridiculous interest we have paid in the last 15 yrs- we have paid the original amount twice over! Here's Hoping there is a light at the end of this tunnel! Sue

03-19-2009, 04:20 PM	#2 (permalink)
czhorses Member Join Date: Mar 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: heres a question that may be the light at the end of our tunnel thanks for moving this to the appropriate area!

03-19-2009, 05:18 PM	#3 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: heres a question that may be the light at the end of our tunnel Hi Sue, welcome to the forum and thank you for joining............ You would need to ask a real estate/foreclosure attorney that is familiar with the deficiency laws in your state.............they would be able to let you know if your current property is safe from any liens. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-19-2009, 05:34 PM	#4 (permalink)
czhorses Member Join Date: Mar 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: heres a question that may be the light at the end of our tunnel Thanks ***, we are going to the courthouse tomorrow to see if there are any liens on our REAL property... Our (real estate) lawyer is contacting us on Monday - he was not in the office when we called. Can't imagine our bit of luck in a world going down the tubes! I can't believe that they can get away with the things that HSBC does! Our contract specifically states that the payments will cover the entire loan to fruition. If the "wrong house" on the contract doesn't clear it up for us, we can buckle down - our two teenage sons can quit school and get jobs to help us get the intervening payments covered and we will possibly have the insurance settlement from our car accident ( different post ) to cover the balloon. I can't imagine what would have happened if we hadn't noticed that the payment had changed - they never even told us it was happening! Thank heavens we had enough left our our income tax rebate to cover the first increased payment! At least in the end, we will not have any outgoing mortgage after Aug 2009 so we can focus on that. The boys will just have to find a way to get their GED or something .... not like a college education would guarantee them careers =(

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