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LAWSUITS NEWS & LEGAL INFORMATION

Household/Beneficial.

Notices will be sent to an estimated 2,150 Household Finance and Beneficial Finance borrowers in Maine of their eligibility to share in the state's $1.6 million settlement with Household International. Under the terms of settlement, all those who took out mortgage loans from Household or Beneficial from January 1999 through September 2002 will be sent forms in order to claim payments ranging $100 to more than $2,000. The settlement was in regards to charges of unfair and deceptive mortgage lending practices. (Aug-06-03) [PRESS HERALD] [SETTLEMENT WEBSITE]


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Published on Sep-5-03


READER COMMENTS

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We were told there would be no pre-payment penalty. We were told because we had poor credit we would be able to refinance our 13% interest rate with on time payments for 6 months. We had them take the payments automatically for 6 months now they tell us the first 3 payments were not on time. I make 1/2 payment every 2 weeks and they do not credit by balance they call it "unapplied funds". Now I cannot refinance with another company because they show first 3 payments late and the huge pre-payment penalty.

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