• Report: #272632

Complaint Review: Advantage Funding Group - World Financial Group

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  • Submitted: Wed, September 05, 2007
  • Updated: Wed, September 05, 2007

  • Reported By:Las Vegas Nevada
Advantage Funding Group - World Financial Group
777 N. Rainbow Blvd #380 Las Vegas, Nevada U.S.A.

World Financial Group - Advantage Funding Group Terrible Horrible ReFinance Given To Us All Facts Not Disclosed Las Vegas Nevada

*Author of original report: World Financial Group - Advantage Funding Group Terrible Horrible ReFinance Given To Us All Facts Not Disclosed

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We were directed to a person who works for World Financial Group here in Las Vegas named Celeste Green who looked at our financial situation and suggested that we could refinance our house and save $1000 per month to put towards savings & retirement, etc.

The manner in which this was presented to use seemed reasonable and since we have very good credit, it was made to appear that we were getting a special kind of loan that we earned for having a good credit rating. We were previously in an interest only loan that we bought our house with in April 2006 (which I bought from my boss and he had a friend he was the loan officer for his new house AND the sale of his old one -which we bought). We agreed that it would help us out since we were put into a house that was really a little more than we could afford, so she put us in touch with an individual named David Millette who was to be our loan officer.

During the loan process, it was never explained to us that we were being refinanced with a 5-year option ARM, it was only presented to use that our payment would be a certain the first year, this amount the following year, etc. for the first five years. This did not seem too out of order since the second house I bought in 1995 was an FHA 1-2 buydown type of loan - I thought it was somethign similar. We were not even aware that we had this type of loan until the loan was sold to Countrywide Mortgage, and we suddenly had four options available to us that we did not have previously - we just got a bill in the mail which was apparently for the minimum payment only. So, as a result, over the last year, we have lost about $12,000 in equity because the unpaid interest has been going towards the principal balance on our loan.

I am extremely angry that these people screwed us over and ripped us off like this. They were being very deceptive at best, and they should pay for doing this to people in the guise of "helping them". This whole situation has me considering bankruptcy, selling our house to move into an apartment after living in a house continuously since 1994. This is not fair, and this low lifes should pay for doing this to people. At the very least, they should give me back the equity lost on my house over the last year and waive the prepayment penalty that I will have to pay IF I can refinance my house.

My advice? Stay away from World Financial Group and whatever mortgage companies they are working with! I hope justice will be served and that this will be made right.

Paul
Las Vegas, Nevada
U.S.A.


This report was posted on Ripoff Report on 09/05/2007 05:43 PM and is a permanent record located here: http://www.ripoffreport.com/r/Advantage-Funding-Group-World-Financial-Group/Las-Vegas-Nevada-89107/World-Financial-Group-Advantage-Funding-Group-Terrible-Horrible-ReFinance-Given-To-Us-Al-272632. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Author of original report

World Financial Group - Advantage Funding Group Terrible Horrible ReFinance Given To Us All Facts Not Disclosed

AUTHOR: Paul marossy - (U.S.A.)

We were directed to a person who works for World Financial Group here in Las Vegas named Celeste Green who looked at our financial situation and suggested that we could refinance our house and save $1000 per month to put towards savings & retirement, etc.

The manner in which this was presented to use seemed reasonable and since we have very good credit, it was made to appear that we were getting a special kind of loan that we earned for having a good credit rating. We were previously in an interest only loan that we bought our house with in April 2006 (which I bought from my boss and he had a friend he was the loan officer for his new house AND the sale of his old one -which we bought. This loan officer was double dipping). We agreed that it would help us out to refinance since we were originally put into a house that was really a little more than we could afford, so she put us in touch with an individual named David Millette who was to be our loan officer.

During the loan process, it was never explained to us that we were being refinanced with a 5-year option ARM, it was only presented to us that our payment would be a certain amount the first year, this amount the following year, etc. and so on for the first five years. This did not seem too far out of order since the second house I bought in 1995 was an FHA 1-2 buydown type of loan - I thought it was something similar.

We were not even aware that we had this type of loan until the loan was sold to Countrywide Mortgage, at which time we suddenly had four options available to us that we did not have previously - we used to just get a bill in the mail which was apparently for the minimum payment only.

So, as a result, over the last year, we have lost about $12,000 in equity because the unpaid interest has been going towards the principal balance on our loan. And we now have a far worse loan that will bury us if we can not refinance our house. This is our only house, we have young children and we were planning on staying here for a long time.

I am extremely angry that these people screwed us over and ripped us off like this. They were being very deceptive at best, and they should pay for doing this to people in the guise of 'helping them'. This whole situation now has me considering bankruptcy and selling our house to move into an apartment after living in a house continuously since 1994. This is not fair, and these low lifes should pay for doing this to people.

At the very least, they should give me back the equity lost on my house over the last year and waive the prepayment penalty that I will have to pay IF I can even refinance my house.

My advice? Stay away from World Financial Group and whatever mortgage companies they are working with! I hope justice will be served and that this will be made right because what they are doing is just plain wrong.

Paul
Las Vegas, Nevada
U.S.A.
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