Is this a good company to refinance my mortgage with, I am currently with Countrywide and I love them to death but I want to know what everyone thinks about househould from the mortgage standpoint. I want to decide before 10 am e.s.t. (3-7-02) before I fax the documents over to them. thanks
Hi lmckenzie, I had my previous mortgage through them, live and learn on that one. The are a "predatory lendor" and currently the focus of Acorn. PLEASE do a search on predatory lending prior to submitting your papers so at least you'll know what you're getting into. Acorn has information on their site as well, I'm sorry I don't know how to do the links, but the address is http://www.acorn.org. When I was doing my research I entered household and "predatory lending" into the google search engine, you'll be amazed what you find. I was told and have read here, that having a "finance company" on your credit reports, negatively impacts your score. I'm a newbie so I can't offer much more than that.
ACORN and Loan Victims File Class Action Suit Against Household Finance February 6, 2002 Amount of loans involved at least $2 billion On Feb. 6, ACORN and two victims of predatory lending will file a class-action suit in California Superior Court in Alameda County accusing Household International and its subsidiaries, Household Finance Corporation of California and Beneficial California, Inc., of a wide range of fraud and misrepresentation. The class for the suit includes all individuals who have been induced to enter into secured loan transactions in order to consolidate existing debt during the past four years. The suit requests that all such individuals be permitted to rescind their loans (restoring to them interest and fees), and that all profits gained as a result of unfair, unlawful and/or deceptive advertising practices be returned to the borrowers. The suit also asks for punitive damages. A conservative estimate places the class size in the tens of thousands of borrowers, and the amount of the loans made during the period covered by the suit at over $2 billion. "The damage that Household's loans have done to many families and communities is hard to overstate," said Maude Hurd, National President of ACORN. "Families are losing their hard-earned equity, they are paying loans they cannot afford, they are losing any sense of security in their homes. Household has been ripping people off for too long, and we are filing this suit to win back some of what has been taken from California borrowers, and put an end to their abuses." The suit accuses Household of deliberately misleading borrowers with claims that they will save money by refinancing. It further accuses Household of trapping borrowers in overpriced loans by means of high loan-to-value ratios, prepayment penalties, and other restrictions.
i am with countrywide and would stay with them. before i started working on my credit reports my scores were in the mid 400's accross the board and they refinanced me at 6.75% interest. they are great..
did you decide not to go with them? btw, THANK YOU! while looking up stuff for you, I found the class action just filed, I've got to double-check on the dates, but I believe I fit the terms and dates of that class action.
