The Mortgage Exchange - Bank United - BKUNA - Central Mortgae Co.,Arkansas By getting a loan at the Mortgage Exchange I was sent on the road to hell and it is still going on... Downers Grove Illinois

To everyone out there; stay away from any dealings with Bank United FSB out of Florida. The Bank that the Mortgage Exchange and other brokers use in Downers Grove, Il.
I had taken out loans before elsewhere and things were always pretty normal and no hidden surprises. This time however in late 2006, I went to a broker( The Mortgage Exchange) I had heard on the radio here in Chicago and had promised less red tape,and closing costs and they were the loan experts and dealt out advice on their weekend radio show on real-estate. So I went over to the office and inquired about getting a loan from them and gave the usual paystubs and agreed to an appraisal and credit check. The young guy whom was the loan officer said he had 'Just the perfect loan for me in my situation'

Put it this way, less then a year later, the interest rate slid up.up up. I called the servicer Central Mortgage, and they said they could not do anything about it, I would just have to pay out the extra money. I asked if I could get a different loan and they informed me that I would have to pay a $9000.00 penalty if I wanted to refinance it. I had never heard of all this in my life or in conversations with the broker. The new terminology I had never needed to know, I did now. I went along with this for some months feeling I was stuck until a freind suggested I have an attorney look over my papers and see what he could determine. I went to firm in Downtown Chicago not really expecting any good news. The attorney found several TILA laws broken in my transaction. And urged me to start rescission proceedings,which I agreed to since my loan was riddled with fraud. Bank United is so arrogant they will not even acknowlege that the loan is in rescission. It is incompetency at its worst. I could have signed up for a regular fixed rate loan in the first place but I was brilliantly pitched this kind as the current best type of loan.

I have lived here 11 years and now because they wanted to skimm some fat cash out of me,they threaten to foreclose my home despite court actions. If they could have worked with me to refi the loan it would not have been a problem. I was not behind on any payments until I was ordered to stop making them by the rescission action which deems the loan null and void. I had an excellent credit score and they ruined it intentionally to hurt me. They knew the loan was in rescission and ignored the laws regarding TILA. Bank United in Florida is tanking on the stock market now and they cannot blame their customers. They pushed these brokers to sell these pick-a-payment Option Arm loans by using any unethical tactic they could dream up and fleeced the consumers to make millions. They were hedging the loans would fail and then there books would show a positive profit on paper due to the negative amortization accrued eventually because the payments would jump up so high that nobody could afford the payments eventually. This was their plan from the get go. Then they blamed the borrowers for falling for the scheme. Most banks at the time were following in suit to make big money from screwing borrowers either with sub-prime or option arms. These guys had several luxury homes,expensive cars, etc. while families were in deep crisis and going under. Lives ruined by these immoral, unethical, greed ridden cockroach scum of the earth bankers with as much conscious as serial killers.

Stay away from these banking thieves and use a reputable company, if one can still be found. And if you think you have a predatory loan,or if you don't even know let a skilled attorney that specializes in this field look over your documents to protect you. You may prevent foreclosure by doing a little research and work.

These thieves must be punished once and for all!!!! Don't let say it is your fault you took the loan they pitched you, they are outright thieves that need to be punished and brought to equal justice. Fight them with everything and win. If I hear about another Federal tax payer bail out for these slime I will vomit.

Art
Lombard, Illinois
U.S.A.