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Vasaris, the Fuzzy Dragon
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March 2014
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Vasaris, the Fuzzy Dragon [userpic]

Okay, as HFC has been in the news over the last year, you might already know this but...


Mom was carrying $50k in mortgage insurance. Good, right?

Get this, it was pro-rated against how much she'd paid off on the mortgage. The longer you pay, the less you recieve in death benefit.

Does this make sense to anyone?

Had she died when the house was refinanced, it would have paid 50k, but since she'd paid it down by some $20,000, it only paid off $36,000.

HFC: We told her.
ME: I was there, and no you didn't.
HFC: I'm sorry.
ME: You should be careful that people actually understand this little clause. While I may not sue (although I'm thinking about writing the insurance commissioner) someone else is bound to, and I imagine y'all don't want another class action lawsuit that results in millions of dollars paid out to people you fucked over.
HFC: Well, we don't use that kind of loan protection anymore.
Me: *thinking* Well, why the fuck didn't you update older loans to match, then?

[Insert explitive of choice here]

In good news, mom had 97k in other life insurance, which I should receive a checkbook for in the next two weeks. Suffice it to say, I am looking forward to writing one for approximately 60 thousand dollars and throwing it in their faces.


Current Mood: pissed offFUCKING OUTRAGED

I so agree with this!

We have never used HFC but many poor family mebers desperate to get a loan have and were really raked over the coals buy these people, and ended up in more debt then when they started!

It seems that some companies (not any in particular, because I don't want to be sued for slander,are out there) amount to nothing but legalized loan sharking.

I am sorry to hear your Mom got taken in by this, and that you are now paying for it!

My In-Laws were taken in so many times by companies with slick sales pitches. Like one that sold them windows and siding. The cost to do them was more than the house was worth because the neighbrhood was so bad.

We tried talking my FIL into moving and putting the money into down payment on a new house or condo in a nice neighborhood where they would build some equity for their old age.

They had crack houses in the neighborhood and a murder across the street yet refused to move. I think my FIL being a cop he felt he was safe. My MIL didn't.

Eventually they sold the house and after buying it for over $20,000 in the early 1960s, and putting over $50,000 into repairs and such over the years including the siding and windows they sold the house in 1998 for $23,000. The house was completely paid off but we could not get my FIL to understand the idea of a house's location and what it mean to resale value so they ended up with no profit on the house. Talk about a waste of money.

I know people have a right to make decisions about how to spend their money but most people think the gvernment protects us from sharks out there when as you saw with your Mom they don't.

I'm glad you did a public service announcement and warned others here. That's the only way people will know which companies are bad!


I'm really sorry you have to deal with this on top of everything else. Banks, even supposedly good ones, are not your friend.