Home Capital, Home Trust and Re-Charge and their companies may have overcharged their former customers. I have proof that this has happened to at least one person. I have reason to believe that this is common practice for them. If you have been overcharged, ripped off, foreclosed or power of sale by Home Capital Group or any of their affiliates, I would love to see your paperwork. The goal is to get your money back.

Over Charging

Home Trust takes advantage of people who are in financial difficulty but have equity in their home to charge fees that are contrary to the Interest Act. Here’s a case that goes into some detail about what charges are and aren’t allowed. Basically if it’s not interest, it’s not allowed unless it’s a reimbursement for actual costs that are reasonable and can be accounted for.

Examples of Overcharges

late fees

escalation clauses

NSF fees over $50

home insurance administration fees

home insurance premium

unsubstantiated legal fees

appraisal or inspection fees

pre-payment compensation

interest on open items

etc.

The goal is to get a few people together, and start a class action lawsuit (you don’t have to pay upfront for the lawyer) to get your money back and stop them from doing it to anyone else. Here’s a sample of some of the overcharges I have seen on my friend’s statement. Anonymised Home Trust Company (This is just one example ) I’m sure there are some very creative over charges out there.

You may not even know you’ve been stolen from, losing your home is extremely stressful, and you may not have been looking properly at your papers or known what was and wasn’t allowed. Oftentimes people don’t have a choice but to pay, because otherwise they can’t switch mortgages. The end result is years of higher and excessive payments on their new mortgage.

According to the evidence I have seen, Home Capital Group is operating their bank using Excel spreadsheets and word templates. They seem to have no central accounting system. The problem with that, is they have basically no control. Furthermore they don’t seem to save documents they issue to their clients, and I have seen multiple documents supposedly issued on the same day, with different amounts and different totals. Needless to say this a problem when you are a bank. In fact my little property management company has better internal systems than Home Trust. That’s frightening.

People who have asked them for an accounting of how much they are owed, have gotten a variety of responses and it differs from day to day. The bottom line is a lot of mistakes are made and because they are dealing with people’s homes it can cause serious and long term side effects.

If you disagree with their accounting and you don’t pay, you have to either hire a lawyer $$$, or the charge will be put on your credit report. Obviously this makes it even harder for their customers to get better mortgage terms elsewhere.

Earlier today it came out that one of Warren Buffet’s companies has decided to lend them money and buy shares. This is excellent news because now their overcharged customers will be able to sue to get their money back.

So if you’ve been overcharged and abused by Home Trust/Home Capital Group, now is the time to fight for what’s right. Please email me directly at Rachelle@landlordrescue.ca or call me at 416-880-4126 to talk.

Many Thanks