Debt help

[LRR]

Hello,

I would like to know if anyone has experience with home equity loans. I took out a loan in 2005 for 17,000. I have been paying 154.00/month on it, nonstop for 10 years. In two weeks, I plan to pay off the remainder and close the account, but they still say I owe 14,000. Should I have to pay 31,000 for a 17,000 loan if I payoff early? Also, my repayment period is ending soon (I received a letter from them). I'm not sure what my options are. If anyone has advice, I would be very grateful. Thanks L. Russell

[Fishindude77]

Not enough information.
What were the terms of the home equity loan?
What was the interest rate, and what was the duration?

You say the original amount borrowed was $17,000
At $154 / month X 120 months you've paid back $18,480 total.
That would work out to a 1.6% interest rate on that loan which is highly unlikely.

[Petunia 100]

Hello,

I would like to know if anyone has experience with home equity loans. I took out a loan in 2005 for 17,000. I have been paying 154.00/month on it, nonstop for 10 years. In two weeks, I plan to pay off the remainder and close the account, but they still say I owe 14,000. Should I have to pay 31,000 for a 17,000 loan if I payoff early? Also, my repayment period is ending soon (I received a letter from them). I'm not sure what my options are. If anyone has advice, I would be very grateful. Thanks L. Russell

What was your interest rate? If around 10%, that is about right.

[Weird Tolkienish Figure]

Hello,

I would like to know if anyone has experience with home equity loans. I took out a loan in 2005 for 17,000. I have been paying 154.00/month on it, nonstop for 10 years. In two weeks, I plan to pay off the remainder and close the account, but they still say I owe 14,000. Should I have to pay 31,000 for a 17,000 loan if I payoff early? Also, my repayment period is ending soon (I received a letter from them). I'm not sure what my options are. If anyone has advice, I would be very grateful. Thanks L. Russell

You have been sucked dry by this thing. You must have had a double digit interest rate?

Can you refinance or anything? You are making the bank very rich.

[bjl584]

Sounds like you had an extremely high interest rate on the HELOC which doesn't make sense seeing as how interest rates have been rock bottom for years now.

We need more info. Why was your interest rate so high? Do you have bad credit? Is your house financed through FHA?

[Jluke]

Hello,

I would like to know if anyone has experience with home equity loans. I took out a loan in 2005 for 17,000. I have been paying 154.00/month on it, nonstop for 10 years. In two weeks, I plan to pay off the remainder and close the account, but they still say I owe 14,000. Should I have to pay 31,000 for a 17,000 loan if I payoff early? Also, my repayment period is ending soon (I received a letter from them). I'm not sure what my options are. If anyone has advice, I would be very grateful. Thanks L. Russell

This is a little odd. Were you tracking the principal balance with each payment? Or is the bank charging interest on the back end?? trying to make sense of this.