Wow! If I owned Everhome Mortgage Company I would be ashamed. We have perfect credit and have always paid our debts on time.
We got our original home on a first time home buyer program where we paid a normal rate for 80% of the loan and the city backed the other 20% at a low interest.
The note and mortgage clearly state that we could prepay either principal in partial or full with no penalty.
After 2 months of contacting them to try to pay the higher bank backed loan.
2 months because you can never get a straight answer from the tele reps and they cant connect you to a supervisor so supervisors have to call you back within 24 hours and supervisors wont give you a way to contact them.
So every time you call you have to rehash everything.
So after reviewing the contracts they said we can indeed pay off the bank owned portion and we can call in the funds electronically.
So after calling it in and directing the funds to the bank backed loan.
We followed up to see if they went through since we haven’t seen a transaction on our side yet.
Now the rep says that the amount was first applied to the city backed low interest loan first then the remainder applied to their higher interest loan and basically said if we didn’t like it we could mail a letter to their dispute department.
So basically they illegally leveraged the low rate city backed loan to try to keep their higher rate loan in effect.
We decided to pay the whole thing off because it just isn’t worth trying to play their game which is designed to wear you out by not ever letting any of their reps or supervisors accountable.
This is exactly what government regulation should be for and if regulators actually did their job the people who run and profit from this company would be jailed.
I can only imagine what they are doing to other unwitting customers.