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MorEquity/Mortage / Prepayment penalities and late fees

PO Box 3788Evansville, IN, United States Review updated:
4.55
Contact information:
Phone: 1-877-839-6284

My previuos home had already sold and there was a prepayment penalty clause in the contract with MorEquity. Since the home was sold I really had no choice but to pay and going back with MorEquity based on the promise of applying the penality fees to points that would reduce my interest. I did so, made another offer on a home and moved into a hotel waiting for the loan to close. What a surprise when I showed up at the signing table and the new loan had a 3 year prepayment penality. I could have said no...but we loved the new home and did not want to stay in a hotel while we started the whole process over again so we signed.

Last month my payment went up by $57.95 due to excrow fees for taxes and insurance increasing. I have the payment automatically scheduled through my bank. My job requires me to travel extensively so I dont alwaasy open my mail on time and to be honest I d not always look at the statement from MorEquity. My normal payment was made on time as it had been for the last 8 years. I got a call at work today from the collections department at MorEquity stating they have dinged my credit by reporting I missed a mortgage payment and I owe them $170 in late fees. I asked to speak to a supervisor. Unfortnately I got the same response with no willingness to work with me. The only thing I asked them to do was waive the late fee and remove the ding to my credit report. They refused.

What a shortsited company, they are willing to impose penalities over $57 that will end up costing them hundereds of thousands of dollars in interest. My prepayment is up in 6 months. I will refinance on principle just to make sure they no longer get my business.

Buyer Beware...this is one of the worst mortage comany out there.
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An
  20th of Mar, 2009
Agree Disagree 0 Votes
I AM A CUSTOMER OF mOREQUITY. THEY ARE THE WORST BANK TO EVER DEAL WITH. uNFORTUNETLY I CAN'T GET AWAY FROM THEM..IF YOU ARE THE ONE TO HELP ME PLEASE E-MAIL ME AT abfaranna@yahoo.com. I will try and do whatever it takes to get away from MorEquity...they ruined me ..my credit i also had a pre=penalty attached to my mortg. w/out me knowing so when the going was good i couldn't sell my hyome...i could tell u many stories...Ann Faranna
Je
  28th of Nov, 2009
Agree Disagree 0 Votes
You are 100% right, they are forecloseing on our home after 31 years, You know A I G owns Morequity,

And i pray every day that they F A I L..

Chase bank is another good one for that!I Pray that they fail too!!!
De
  1st of Apr, 2010
Agree Disagree 0 Votes
I am less than 30 days behind on my mortage payment with MorEquity. They call me every hour! If I answer the call and tell them I am mailing in two weeks (for example) they tell me that they will start calling again in 7 days. So...I never take their calls. They are absolutely rude!! And they charge $15 to make a payment online...nope. You can wait for snail mail because I am not giving you one red cent extra! Creeps!!!

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