World Savings & Loan Payoff Theft Fraud and Withholding fraudulent ripoff business Do not support this business buyer beware! Oakland & San Antonio California & Texas

My family and I recently closed on a refinance of a World Savings mortgage loan. That loan had a 7.7% interest rate at that time. Because rates had dropped, we had inquired whether they would agree to recaste the loan at a market rate of 6%. They did not take our offer seriously. So, we made the decision to review opportunities with other lenders. Chase offered us a fixed rate, over 30 years, of 6%.

Within a month, I was receiving phone calls from the World Savings Recovery Unit, and harsh letters demanding immediate payment. A Notice of Foreclosure was mailed to my business mailing address.

Our refinance closed, according to settlement documents, of February 7, 2003. World Savings claimed payoff amounts of $357,000 on a new first through Chase Mortgage allocated for $355,000. Among the fraudulent payoff amounts claimed:

Interest (February 1-February 13, 2003) $5,300
Escrow Advance $4,000
Prepayment Penalty $6,900
Late Charges $ 250
Recording Fee $ 54
Fax Fee 20


These costs were reiterated on official company letterhead by the Assistant Vice President of World Savings Bank, Judy Willis, out of the Oakland, CA, corporate office.

Completely vanished in the fraudulent itemized expenses was a minimum $8,000 in points that were to be rebated at the close of escrow as part of our negotiation and commitment from our new lender, Chase Mortgage.

World Savings also did not pay our property taxes that had an impound account set up for that purpose. World had been impounded $505 each month. Property taxes were $2,600 due February 2003 to the Los Angeles County Tax Collector. Those taxes went to delinquent status, and were only recently paid by our family under significant financial hardship. The tax collector still has a $300 outstanding late fee.

Cynthia Scott of World Savings in San Antonio is the Corporate Liaison in the Loan Servicing Department essentially lied to me saying that the reason why the property taxes were not paid was because they were due in March 2003. In fact, this payment was due in the office of the Tax Collector by February 1, 2003. Without answering my questions, Mrs. Scott hung up and intentionally terminated our phone conversation.

To my fellow consumers, get the word out that this is an evil corporate operation. There exists no commitment to the consumer, no value for ethics, fairness, responsible business operations. I can only wonder how many vulnerable, hard working American citizens have lost the shirts off their backs because of the fraud admiminstered against them by World Savings.

Get the word out that our money needs to be diverted away from corporate thieves. Do not support this institution. Buyer beware!!!

If you have a complaint against World Savings, notify the Office of Thrift Supervision, State Attorney General, and Better Business Bureau in your locality. Put the brakes on consumer abuse, and help to direct regulatory authorities to keep a watchful eye on this corporation. Golden West is their parent corporation.

God bless America.

Cyrus
Northridge, California
U.S.A.