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February 21, 2008


Mary Rigdon

We had a home financed with New Century two weeks before hurricane Katrina hit our area. Our (new) home suffered extensive damage. Due to the magnititude of the state of emergency (declared by our govenor) the mortgage companies were strongly encouraged to offer a two month deferral. When we first called New Century, they (grudgingly) agreed. Then the phone calls started. Our insurance money was held hostage. When I held out for the deferral, our mortgage was sold showing us two months in arrears to New Century. Our mortgage was sold many times; getting the insurance money to repair the home was a nightmare. The house was foreclosed upon twice.
Our mortgage was a sub-prime mortgage because of our credit. A man from Charter West accompanied my husband to our bank, deposited a cashier's check in our account and had my husband immediately withdraw the proceeds and write them a check.
Our whole experience was horrendous. Obviously, we are not alone in our plight.

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