SUBMITTED: Friday, January 10, 2003
POSTED: Saturday, January 11, 2003
Hi--
You posted in July, so this information may come too late to help you. File a complaint with HUD. I believe this bank engages in widespread predatory lending practices, and they do it in sneaky ways. It is very likely you had a negative amoritization loan, so some other very unfavorable terms that you did not know about. This bank recently tried it with me. I have a case pending with HUD and the Florida Commission on Human Relations.
Not only are the loans unfavorable, there are often prepayment penalties (another predatory tactic) so that refinancing is difficult. A non-profit organization that might be able to help you refinance is NACA. Look them up online at www.naca.com They help low and moderate income people qualify for mortgages and they also refinance predatory loans with much more favorable and upfront loans through NACA.
This bank ignored my requests for written documentation, in violation of RESPA and Truth in Lending laws. They did a "bait and switch" when I applied for a fixed rate loan, they tried to stick me with a horrible negative amoritization loan they just wanted to deduct automatically out of my checking account every two weeks. Yea, right. I am going to give a sleazy bank access to my checking account, when they don't even provide a single piece of paper with the loan information on it. Consumers are entitled to written documentation, there are fines under RESPA and TIL laws for non-compliance.
I truly hope you did not lose your house. This bank SUCKS. Do not get a mortgage from World Savings Bank. They are not honest.