what to do???

[samiam1017]

What is the name of your state? pa
30 years a go i got a mortgage though HFC finance
the original amount was 50,000
the origal term was not to exceed 15 years
after paying the loan for months i discovered
payments were being made late
well i am still paying on the origal 50000 and now owe 52000
and have made more then 150000 in payments
should i make a settlement offer or have an attorney do it for me
i think there has got to be some action i can take against them
thanks ron

[LindaP777]

OK, your post makes absolutely no sense to me.
How did your original loan for $50,000, now end up at $52,000, when you've paid them over $150,000? (Yes, commas in big numbers do aid the reader).
How in the world did you "discover" your payments were late? You know when they are due, and you know when you've paid them, right? What did HFC say when you asked them?

[samiam1017]

when a payment was made they put some towards the principle and some interest
it wasn't the same every month if enough money wasn't put towards the principle the balance was concidered late this happened a number of time in a row
now i am not saying i was never late but they way the figure there stuff out it ended up late a lot more then on time
i have gotten a payment schedule from them and figured over 150,000 repaid
if i call for a pay off of the principle it is over 52,000 thats more then the original loan
plus i have been paying for over twice the loan term
i now have the means to make a settlement offer in cash
should i do this my self or get an attorney involved
thanks

[FlyingRon]

Originally Posted by samiam1017

when a payment was made they put some towards the principle and some interest

When a payment is made, it is applied to the current due interest and then what is left to the principal. A mortgage is usually simple interest. There's just no way that being "late" causes the principal to increase.

What exactly is the nature of this loan?

[samiam1017]

I do not know what exactly the loan type is i think maybe sometype of revoling or construction loan???? really dont know it been so long in the payment schedule there is one year that not one payment went to the principle all to interest every payment was concidered late and was charged fees because of this
if you google HFC finance you will find that they are involved a number of class action law suits they are know for doing this kind of bad business
i wish i could find the payment schedule to provide more examples
i will be calling for another tomarrow
thanks

[efflandt]

Didn't they at least send you an annual statement telling you where you stood?

HFC was crooked when my sister worked for them over 30 years ago. If she had to work overtime, instead of paying her time and a half, they paid her less than regular time.

And a friend of mine was having trouble with them lately not crediting payments properly on a loan she had. So she paid off the loan and made the mistake of accepting a credit card from them. She had trouble getting that activated (with whatever foreign outsourcing they use) because they had the wrong phone number on file, even though she gave them the correct phone number when applying for the card.

I wouldn't rely on mail for making payments anymore, because first class mail between our Califoria factory and Illinois office has been known to take up to 11 days. And if the receiver sits on it before crediting it you have no way of knowing when they actually received it unless you get special mail that accounts when it was delivered. The days of accepting postmark date as payment date are long gone (except for taxes).