In Dec 2004 My husband & I refinanced w/ AIG (aka MorEquity aka Wilmington Finance). We were NEVER disclosed about an EARLY payoff (prepayment penalty) until the bank attorney sat at my table (closing). We now signed a document under duress that we had to pay a 5% penalty on remaining balance if we payed off with in 5 YEARS. it was NEVER DISCLOSED
Then in January 2009 in the midst of the US recession MorEquity SOLD us to HSBC. They gave us MAYBE 2 week's notice & said effective Feb 4th 2009. Most mtg's are due on the 1st so this was very BAD!!!
Then in Sept 2009 we wanted to take out a loan to payoff credit card's, car loan & have money to do work on the house. We get a call back from Capital One stating we HAVE 2 CURRENT mtg's on OUR credit. Morequity who sent us a letter end of Feb 2009 stating that we owed them nothing NEVER notified the credit bureau's. They also sent us a letter in April/May 2009 stating oops... we made a mistake you still owe the money just NOT to us sorry for any inconvienience.
Again it is now Sept 2009 & they still have NOT taken themselves OFF my credit. I called & Rebecca (Morequity tel rep) REFUSED to put me on with a manager. She REFUSED to help me in any way. She told me to dispute it with the credit companies "it'll go faster " otherwise I HAVE to fax them a current copy of my credit report showing them in HIGHLIT'S where they are still listed on my credit.
I'd like to know HOW??? WHY?? this wasn't already done. Doesn't anybody do the job in which they are being paid for??? Why do I have to chase after them after doing all this faxing & writing (2 credit buearu's) then & ONLY THEN will they look into it.
STAY AWAY FROM ALL 3 of THESE BANK'S !!! This is why AIG was all over the news this year w/ the recession & bank's going belly up. THEY ARE THIEVE'S STEALING their CUSTOMER'S MONEY !! Then they aren't even HONEST enought to notify the credit companie's !!! MY hubby just lost 2 credit card's (they closed on him) because THIS IS RUINING OUR CREDIT !!! (we shoulda checked sooner shame on us but we thought they did THEIR JOB they are getting PAID for !!!)
STAY away from MorEquity, AIG (who own's ME) & Wilmington Finance !!!