Complaint Review: Home Loan Service - Pittsburgh Pennsylvania
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- Author Confirmed
- Home Loan Service 150 Alleghany Center Mall Pittsburgh, Pennsylvania U.S.A.
- Phone: 800-622-5035
- Web:
- Category: Bait-and-Switch
Home Loan Service AKA NationPoint Loan Services Modification of Loan- Does not return calls/ No Notification of Adjusting Rate Pittsburgh Pennsylvania
*Consumer Comment: I don't know if this helps.
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Our mortgage is due to adjust December 2008...we are trying to modify out loan to relock it and the modification department leaves you on hold several minutes and then only will tell you to call the person working on your claim back.... problem is I have left 5 messages for this person, has only returned 1 call and was not to the number I requested for him to call back at, so I did not get his call- I was at work when he called, so I did not get the call he made to my home number.
I have also left messages for his supervisor, still no return call.
If my mortgage adjusts it will create hardship for my family and our home will end up in foreclosure since out payment is due to increase....and the interest rate is going up 3%.
When we originally were pursuing the mortgage for our home, Martin Alvarado from California kept telling us we were going into a fixed loan.... we did not understand what we were signing- here it was for an adjustable rate mortgage. NOTHING BUT LIES....and we cannot get a return call.
Jenn
Cleveland, Ontario
U.S.A.
This report was posted on Ripoff Report on 10/28/2008 05:03 PM and is a permanent record located here: https://www.ripoffreport.com/reports/home-loan-service/pittsburgh-pennsylvania-15212/home-loan-service-aka-nationpoint-loan-services-modification-of-loan-does-not-return-call-385763. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Consumer Comment
I don't know if this helps.
AUTHOR: Nikki - (U.S.A.)
SUBMITTED: Tuesday, October 28, 2008
If your mortgage is supposed to readjust in December, your January 1 payment is the one that will go up. We pay our mortgage in arrears, which means December living is paid Jan 1. January living is paid February 1, and so on. So, you may have 1 month more than you think you had.
Some mortgage companies notify you when your mortgage will readjust (mine did). They tell you the interest rate and amt of your new payment.
Technically the sleezy mortgage broker who told you that you were getting a fixed mortgage wasn't lying. The mortgage is fixed, for 2 years, then it turns into an ARM.
Read your mortgage paperwork. Some of these mortgages give a cap against libor. It may state that your first readjustment will go up 3%, then another percentage every so often. However, the papers may also state that the rate will never be more than a certain amt of points over libor. For example, my paperwork stated that the first adjustment will go up 3%, but never more than 5% over libor. Right now, the libor rate is around 3.5% so even though a 3% adjustment would have been 9.99%, Libor being at 3.5% would have made my first adjustment actually at 8.5% rather than 9.99%.
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