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Mortgage Lending / predatory Mortgage Lending

1 Elizabethtown, NC, United States Review updated:

My husband and I are victims of Predatory Lending
by American General Finance.
They Coerced me into this loan by telling me
that this was the best thing we could ever do, ((refinance our home through them).
In fact, this is the worse thing we could have ever
done and it's been nothing but a nightmare for us.
We have already paid for our house 3 or 4 times over, and we still owe them more than the original
loan amount. We are never going to pay this house
off! They have threaten to foreclose on us over
and over again. We have been forced into bankruptcy in order to prevent them from being able to foreclose on us. This loan is almost 6 years
old and we have already paid them over $300, 000
for a $56, 000 loan. As of today, December 19, 2008, we still owe them $70, 000. The loan
has a 15% rate, and from what I understand it's
like a revolving credit loan, (credit card). You
never pay it off! What can we do??? to get out of
this loan?

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  • Su
      4th of Feb, 2009
    0 Votes

    First, right your Senator about American General - predatory lending is high on their list of things they want to go after. Next, write the Attorney General's office in the state where AG is located and file a complaint. Google "Attorney General "blank" state - whatever state they are located in. Good luck.

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