We refinanced our home with American General at a very high rate of interest and were assured that the interest would be reduced after a couple of years of good payment history. After the couple of years and an outstanding payment history we asked about the rate reduction and were told that they had never said anything about lowering our interest rates.
We continued to pay our $900.00 per month loan, $800.00 went toward interest, and hoped to transfer our loan to another bank, when my husband got hurt badly and had to be off work for a few months. We got behind on all of our bills because I didn't make enough to pay them all alone. Some companies worked with us and were quite understanding, American General was not one of them. After our first payment that was not a full payment they came to our house and wanted us to sign the house over to them.
They refused to extend our 15 year loan or lower our interest rate to help get the payments more manageable for us. They never even mentioned our perfect payment record of over 4 years. They refused to even consider working with us at all and demanded that we sign the house over to them. We finally got an attorney through legal aid, but he was relatively useless.
Our garage roof had collapsed and we had an $11,000 check that had American Generals name as well as ours on it from our homeowners insurance. They wanted the whole check and even called our insurance company to try to get our name taken off the check. We used every type of aid that we could find, Neighborhood Development was a joke, Save the Dream was the same, and after two years of trying to save our home they got a ruling against us for foreclosure. We had gone to one mediation in Portage County, Ohio and were told we would have another in one month but that didn't happen.
They had gotten the ruling without our attorney's knowledge, or so he said. We were forced to declare bankruptcy to stop the sherrifs sale and continue to try to save our home. American General sent someone to our house on 2 more occasions even offering us $1,500 to sign the house over and move. We had borroweed $77,000 in the beginning and their raffirmation offer to us was to redo our loan for $89,000 and to pay $18,000 in back payments on top of that.
They did get the entire insurance check through the bankruptcy proceedings on top of everything else. They finally repossessed our home in the summer of 2011 and I just learned that they sold our house for $29,000. I admit that I don't understand politics, but where is the justice in all of this. They wouldn't even consider working with us and now they have gotten a fraction of what we were willing to pay them, and we are homeless after 17 years at that house.
Where are all of the politicians with their promises and President Obama with his bailout money to help people keep their homes. I'm completely dumbfounded by all of this and would really like some answers, but no one wants to talk about it. I am certainly not a genius but you do the math and explain to me how they came out ahead in this situation. My children are still devastated over all of this and I can't explain it to them because I don't understand what went wrong.
I don't know who the government is helping but it doesn't seem like they're doing much of anything except filling their own pockets. What has happened to the greatest country in the world? Yes, I am an American and right now I am ashamed to call myself one. How do these people sleep at night?
They call themselves Americans but they don't care about anyone but themselves. I hope that someone does do something soon that really does make a difference. Until then I suppose that praying is all we have left.
May God watch over us and help those of us who have been cheated and lied to for so long. To those of you who are the cheaters and the liars, may God have mercy on your souls.
Product or Service Mentioned: American General Finance Loan.