SUBMITTED: Wednesday, December 25, 2002
POSTED: Thursday, December 26, 2002
Please file a report with HUD and the Department of Human Relations, Talahassee, Florida.
I have a similar problem with World Savings, and they are in violation of Truth in Lending laws. They use bait and switch tactics, they don't disclose loan terms and they use that bi-weekly mortgage program to hide their negative amoritization mortgages. A negative amoritization loan costs the consumer in many ways. Instead of paying down your mortgage, you are actually not even paying off the interest due each month. That means your mortgage amount increases over time, not decreases. The bank milks you for interest and sets up a program so you are never out of debt. It's total bullshit, and they don't disclose it. It's fraud. I see many reports from Florida about this bank, maybe they are particularily sleazy in this state due to some regulatory loophole.
I have filed a complaint with HUD about World Savings mortgage practices. The more complaints HUD receives, the more likely your problem will be addressed. There is also the possibility of the Department of Justice pursuing the matter if there are a number of similar complaints about this World Savings practices.
They are a 65 BILLION dollar bank based in Oakland, California. Don't be a victim. They are amassing those billions off the backs of low to moderate mortgage holders, and their negative amoritization products rob us of our American Dream to be homeowners.