Centex Home Equity - Centex Home Equity, Dallas, TX - This all began approximately 2 years ago. We fell behind in our house payments due to a temporary forced suspension at my employment. We explained this to Centex to figure out a payment agreement to cover our house payment

Posted on Saturday, October 9th, 2004 at 12:00am CDT by 5b23b85e

Company: Centex Home Equity

Location: 1750 Viceroy Drive
DALLAS, TX, 75235, US

Category: Business, Finances

They started by taking more money out of our bank account than what was originally authorized. They never told us about a $15.00 processing fee for the check by phone service. Their letter alerting us of the amount that would be taken from our account always came after the fact, instead of the 5 to 10 days prior.

My understanding of the law with regard to notices on a bank draft they were to be mailed and in our possession 5 to 10 days prior. When we stopped payment on one of these transactions due to receiving one of these letters it was for an incorrect amount and wrong date. I went to my bank, talked to them, and showed them the letter from Centex and I told them not to honor any transaction from Centex from that day on.

We contacted the State Banking Commission to clarify if our mortgage is an illegal mortgage under Kansas Law. It contains a prepayment penalty of 5 years, a 12.55% interest rate with a 15-year balloon note. They state they are under the Alternative Mortgage Acts but my entire Mortgage says is that Kansas Laws governing it. We have been going around with this for more than a year now. They have threatened me with criminal prosecution, called me at work, harassed me, and belittled my wife to tears on many occasions by their very rude phone calls.

Even after receiving our attorney ’ s letter stating not to call me at work or home anymore, but to direct all concerns to him (our attorney). They have also called and told us to vacate the premises so they can sell our home to get their money. This has all taken place prior to receiving any kind of a letter of default on my mortgage.

My attorney worked a temporary reduction on the house payment for three months so that we could have the time to refinance but, Centex sent info to the credit bureaus stating that I was 120 days late, so no other lender would touch me. It now says foreclosure started so of courses no lender will touch us. We have contacted HUD approved housing counseling but all they said was you signed the note and Predatory lenders have laws protecting them so they can do business this way. I personally do not believe this is true. At our closing of our loan we were not given time to look the papers over closely since our appointment was canceled once then had to be rescheduled for the next day because the papers weren ’ t there. At the next closing, the papers showed up 30 minutes late and we were rushed through them.

After checking with the title company, they have had a lot of trouble with Centex and always keep copies of all documents on mortgages with Centex. My attorney has counseled with another attorney who counsels with banks and other lending institutions on mortgages and says ours should fall under the Kansas usury rate, since my note only says Kansas Law applies. We do have the letter that the State Banking Commissioner office wrote to Centex on September 17, 2003. Which states I will quote from the letter, “ Following a review by our General Counsel, it is our agency ’ s position that when a creditor specifically chooses the law which will apply to a loan contract, they are bound to follow that law ” . “ Therefore it is the opinion of the Office of the State Bank commissioner that no prepayment penalty may be assessed by Centex Home Equity Company LLC regarding this loan” . Once Centex received this letter, they asked for a formal opinion from the Kansas Attorney General on this matter.

However, we were served with a summons for foreclosure on October 16, 2003. To our understanding that stopped any more communication with the State Banking Commission . As you can see, we are in a bit of confusion as to what to do. This is still not settled nor have we had a day in court over all of this. We have tried for a settlement but they still refuse to drop the prepayment or the high interest rate. We feel this company is blatantly disregarding the law that our Government has put into place to protect consumer like us. In addition, to no avail, this company has drained us mentally and physically with this whole ordeal.

We have contacted several Mortgage Companies to see if they would be able to finance us and every one of them said that they could help. That is only if Centex would drop the prepayment penalty completely. However, they are still refusing to remove it. Now they say they cannot remove it at all. Therefore, you see we are at a loss of what to do. In our Answer and Counterclaim, we have listed every alleged violation that they have done to us. They have sent us two settlement offers but none of which we can live with. Even when our attorney sends them a counter offer, they take as long as 3 months to respond. We just do not know what to do anymore and are afraid that we will be thrown out on the street soon.

We are trying to raise two young children as best we can, but feel we are going to become homeless. This whole experience has been financially and emotionally draining for my family. Can you please help us? We do not know where else to turn. Our Attorney does not know what to do anymore. Moreover, to be frank we cannot afford any more Attorneys fees. We are desperate. They are really pushing us hard now with a new settlement but still will not drop the prepayment penalty. They have added in Corporate

Advances, Home inspection fees and a number of other things so it is virtually impossible to get out of this or even sell this house. I just got a call from our attorney saying we need to be in his office this afternoon, supposedly they will give us what we are asking for. We will see.

We have contacted Numerous Agencies for help and non of them can help at this point. Here is the list.Acorn,Peace and Social Justice Center of South Central Kansas,Sunflower Community Action,National Community Reinvestment Coalition, All kinds of Att., Attorney General of Kansas.

Kansas Consumer

Anybody out there with any more suggestion? We are now DESPERATE.

Wayne G


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