HFC / Scam and cheating!
In March, 2006 I received e-mail and snail mail solicitations for a loan of $10, 000. Due to circumstances it was offered at a good time and I took advantage of it. It was made as a second mortgage (actually third, as I originally had a first mortgage which was an ARM and a second mortgage). The loan brought the amount I owed on my home higher than the last appraisal. Since HFC didn't do an appraisal, I am unable to refinance to get out of my arm as the total I owe is more than the last appraisal. It is now May, 2008 and the original mortgage amount of $10, 614 has only been reduced to $10, 112.06 after 26 months. Also, the loan amount was incorrectly reported to the three major credit reporting agencies and for over a year never showed any change.
They are currently offering me a $30, 000 loan as a preferred customer. I don't know how they can do that without another 'no appraisal' loan or a falsified home value.